Analysts: Nevada likely hardest hit economically by COVID-19 pandemic
Moody’s Analytics, a nationally recognized economic analysis and research company, says Nevada is likely to be the nation’s hardest hit state by the coronavirus pandemic.
The company looked at six metrics that the virus would impact and Nevada is at the top in several categories. That includes demographics of the state, trade and travel disruptions and tourism.
It also looks at exposure to the virus and finance and commodities.
The report says Nevada and Hawaii are most likely to face more pain because of the “massive hit” to their tourism industries as most other states are discouraging travel and issued orders for people to stay at home.
Nevada is also one of the states that has issued emergency orders urging people to stay at home.
Gov. Steve Sisolak’s emergency order earlier this month basically shut down the hospitality industry including major resorts on the Las Vegas Strip.
But it also shut down all bars and restaurants. Restaurants such as pizza parlors can continue offering carry out that people can pick up after ordering online or by phone but they can’t serve people inside.
In the three weeks since the crisis hit, Nevada has seen more than 170,000 people, primarily in the hospitality industry, file for unemployment.
Moody’s Analytics Chief Economist Mark Zandi said that, unfortunately, the states that will recover most quickly are those that get hit least hard by the virus.