Florida and Nevada are among the states most vulnerable to an economic shock from the coronavirus pandemic, according to a recent study by Oxford Economics.
The research ranked the 50 U.S. states and Washington, D.C., by factors that economists say could affect the stability of the local economy, Reuters reported. These factors include how much of the population is above the age of 65 and how dependent the economy is on retail sales and tourism.
The most vulnerable state, according to the study, is Maine, because of its older population and high numbers of self-employed or small business workers. Nevada ranked in second place due to its casino-based tourism industry, followed by rural Vermont.
Florida sits in fourth place as the most at-risk heavily populated state because of its large older population and an economy that depends on retail sales and tourism.
The researchers wrote that the states that are being hit the worst by the pandemic right now, such as New York and California, are more economically resilient.
“Lockdown and containment measures are the key determinants of first-round economic impacts of the coronavirus, but structural economic vulnerabilities determine the severity of second-round impacts,” Oxford lead economist Oren Klachkin wrote, according to Reuters.
IHS Markit U.S. regional economist Karl Kuykendall also designated Florida as one of the most economically at-risk states when analyzing factors like expected employment and economic output decreases. Florida could lose about 8 percent of its jobs by the end of 2020, he said.
Kuykendall also predicted that the Rust Belt from Pennsylvania to Michigan will also experience tough economic hits.
Personal finance site WalletHub.com also analyzed work-from-home capacity and local financial strength for a ranking that found Louisiana most at risk and Nevada and Maine in the top four.
None of the studies took into account the $2.2 trillion coronavirus stimulus bill passed last month.
More than 6 million people filed for unemployment benefits during the week that ended March 28, with more than 3 million the week before.