How the Economy Is Doing in 30 Coronavirus Hot Spots
How the Economy Is Doing in 30 Coronavirus Hot Spots ·GOBankingRates
Joel Anderson
Updated 8 min read
America is reeling from the impact of the coronavirus pandemic, with people everywhere finding themselves facing difficult choices about how to balance their health with the economic needs of their family. However, the twin threats of the crisis — the virus itself and the financial catastrophe of being unable to work — have hit different places in different ways. Depending on where you live, a coronavirus outbreak can land with much greater force on the local economy.
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To help illustrate this, GOBankingRates looked at the 30 counties with the most cases of coronavirus in the United States to measure how severe the accompanying economic decline really is. The study lays out where each county stands in terms of the unemployment rate and the percentage of families living there who are having trouble paying the rent or putting food on the table.
Photo disclaimer: Photos are for illustrative purposes and depict one major city in each country.
Methodology: In order to understand how the economy is doing in major coronavirus hot spots around the country, GOBankingRates first identified the 30 counties in the U.S. with the most confirmed cases of COVID-19, according to USA Facts data published on the Center for Disease Control’s COVID Data Tracker. Then, GOBankingRates found each county’s (1) total number of confirmed cases of COVID-19, (2) total population according to the Census Bureau’s 2018 American Community Survey 5-year estimates, and (3) June 2020 unemployment rate according to the Bureau of Labor Statistics. In order to provide a fuller picture of the local economy, GOBankingRates referenced the Bureau of Economic Analysis’ information on statistical area designation to find each county’s corresponding Metropolitan Statistical Area. For each MSA, GOBankingRates then found (4) the percent of households that reported experiencing housing insecurity as of the week of July 16-21, (5) the percent of households that reported experiencing food scarcity as of the week of July 16-21, and (6) the most up-to-date available data (June or July 2020) on the year-over-year percent change in the Consumer Price Index. Factors (4) and (5) were sourced from the Census Bureau’s Household Pulse Survey, while factor (6) was sourced from the BLS. Regional or state-level data was supplemented for select counties for which corresponding MSA data was unavailable. Counties are in order of the lowest number of confirmed cases of COVID-19 to highest. All data was collected on and up to date as of Aug. 17, 2020.
