COVID hits Washington state’s economy the least
WASHINGTON, D.C. – Washington state’s economy has weathered the COVID-19 pandemic better than any other state or the District of Columbia according to a newly released study by WalletHub.
The personal finance website looked at 13 metrics in determining its ranking, including the share of employment from small businesses to the share of workers with access to paid sick leaven, and the increase in unemployment insurance claims.
The reasons for Washington’s highest ranking included having one of the largest groups of workers who are able to work from home and a gross domestic product that is one of the least dependent on industries that are highly impacted by the pandemic.
Arizona’s economy was the second least affected by the pandemic and Oregon was third. Utah ranked fourth and Washington, D.C. rounded out the top five.
Louisiana was the state most damaged by COVID-19. Oklahoma was second, Hawaii was third, Ohio ranked fourth, and Nevada was fifth most damaged.
“The pandemic has changed our working patterns, and these patterns of remote working are likely to stay at least in part after the pandemic is over,” University of San Diego Professor of Law Orly Lobel said. “Companies have seen that they can reduce costs and increase the talent pool by allowing employees to work from home, and many companies have already announced that work will remain remote for the foreseeable future.”