South Dakota Economy Ranked First in ‘Back To Normal’ Study
The toll that the COVID- 19 pandemic has taken on the U.S. economy as a whole has been devastating. Millions of Americans are unemployed, many local businesses around the country have closed their doors for good, employee benefits slashed, and a rollercoaster ride on Wall Street.
In times like these, it's hard to find a silver lining, but according to a new study, the state of South Dakota has weathered the storm better than any other state in the country.
According to an ongoing study done by CNN Business, the Mount Rushmore State ranks number one out of all 50 states in terms of economic recovery from the pandemic. Moody's Analytics, along with CNN Business, created a 'Back to Normal' Index for every state. In it, they have over 40 key indicators that can shed light on how well the economy is performing on a state by state basis.
In the study, the state of South Dakota stands out from the rest. The economy in South Dakota is currently operating at 93% of where it was at in the early part of March, at the onset of the pandemic here in the U.S. While losing 7% is certainly not ideal, South Dakota is in much better shape than other parts of the country.
What state has been hit the hardest (in economic terms) by the pandemic? Hawaii. A large part of the reason why is tourism. It's arguable that the state of Hawaii relies on tourism more than any other state, and because it's an ocean away from the rest of the states, no one is going there anytime soon.
Other states in the top five are Maine (2), Wyoming (3), Montana (4), and Idaho (5).