A new study released on Tuesday by WalletHub released its report on the States Hit Hardest by COVID-19’s Impact on Tourism, ranking the Sunshine State 6th.
As tourism suffers, workers will bear the brunt of the difficulty. According to data from the U.S. Travel Association and Tourism Economics, there could be as many as 5.9 million jobs lost due to declining travel by the end of April. However, the stimulus package signed by President Donald Trump may provide some aid to the industry in the form of business loans, tax relief and other financial support.
— WalletHub (@wallethub) April 14, 2020
To identify the states where tourism is most affected by COVID-19, the personal-finance website compared the 50 states and the District of Columbia across 10 key metrics. The data set ranges from share of businesses in travel and tourism-related industries to travel spending per travel employee and presence of stay-at-home orders. Below, you can see highlights from WalletHub’s report and a Q&A with WalletHub analysts.
Here are some of the biggest categories that contributed to Florida’s ranking.
COVID-19 Impact on Small Business in Florida (1=Most Affected, 25=Avg.):
- 3rd – Share of Travel & Tourism Industry Generated GDP
- 7th – Share of Employment in Travel & Tourism-Related Industries
- 4th – Default Probability on Loans of Businesses in Travel & Tourism Industry
- 1st – Travel & Tourism Consumer Spending per Capita
- 20th – Share of Consumer Expenditures on Travel
While the state performed well in certain categories, the state ranked in the top 10 in most metrics. Most notably, Florida ranked 1st in Travel & Tourism Consumer Spending per Capita.
Only five states — Hawaii, Montana, Nevada, Vermont and Massachusetts — ranked higher than Florida in WalletHub’s study.
For the full report, click HERE.