The coronavirus has not only impacted the health of New Jerseyans, but also their wallets. However, some states are better positioned economically to deal with the pandemic.
A new WalletHub analysis showed New Jersey has one of the “most exposed” economies in the country to the novel coronavirus.
To determine the rankings, the personal finance website compared all 50 states and the District of Columbia across 10 metrics to determine economic vulnerability, including share of employment from small businesses, share of workers with access to paid sick leave and increase in unemployment insurance claims.
Here’s how New Jersey ranked in terms of COVID-19 impact, with 1 being the best and 50 being the worst.
No. 8 overall in state economies most exposed to coronavirus;
No. 1 in least prepared for digital economy ranking;
No. 3 in lowest state rainy date funds as share of state expenditures;
No. 4 in worst state fiscal condition index;
No. 15 in high impact industries and workforce;
No. 5 in resources for businesses to cope better with the crisis;
No. 29 in GDP generated by high-risk industries as share of total state GDP;
No. 7 in share of employment from highly impacted industries.
Here are the Top 10 state economies most exposed to coronavirus:
8. New Jersey;
5. New Hampshire;
2. Rhode Island;
To read the full methodology and findings, click here.