Quantcast
Channel: Ray Keating – Small Business & Entrepreneurship Council
Viewing all articles
Browse latest Browse all 14

Covid-19 Economic Impact by County – Evidence of Resilience

0
0

by Raymond J. Keating –

The differences in economic performance across the country at the height of the pandemic were nothing less than stunning.

The U.S. Bureau of Economic Analysis (BEA) just released its “Gross Domestic Product by County, 2020” report.  Changes in real GDP for 2020 ranged from growth of 91.0 percent – that’s right, +91 percent – in Foard County, Texas, to a decline of 29.0 percent in Skagway Municipality, Alaska. 

According to the BEA, the utilities industry “was the leading contributor” to growth in Foard County, while the “arts, entertainment, and recreation industry” took the biggest toll in Skagway Municipality.

Foard and Skagway rank among small counties, however. Among the largest counties in the U.S., Santa Clara County, California, “was the fastest growing large county” at 4.4 growth with the information industry leading the way. At the other end of the spectrum, Queens County, New York, suffered the biggest decline among large counties at -11.2 percent, with the transportation and warehousing industry suffering the most.

Perhaps most striking is that while negative growth dominated the story, a considerable number of counties experienced positive growth in 2020.

Among large counties, 9 counties saw real GDP expand versus declines in 132. As for medium counties, growth was positive in 50, negative in 415, and unchanged in two. And among small counties, real GDP grew in 805, declined in 1,687, and was unchanged in 12.

By the way, according to this latest estimate, only two states experienced positive economic growth (barely) in 2020, with both South Dakota and Utah experiencing 0.1 percent real GDP growth.

The economy is 2020 was brutal. And the overarching story was deeply negative. At the same time, there were cases where entrepreneurs, businesses and workers continued to push ahead, that is, they persisted in producing, providing customer service, and innovating. Even in difficult times, American entrepreneurs, businesses and workers prove amazingly resilient.

Raymond J. Keating is chief economist for the Small Business & Entrepreneurship Council. 

 


Viewing all articles
Browse latest Browse all 14

Latest Images

Trending Articles





Latest Images