New York GDP Generated By Highly Affected Industries

With the recent pandemic attack, many number of industries have been affected by the economical condition. New York is also ranked as 13th position in WalletHub’s list of states that are mainly exposed in both economical aspects. With the high-end portion of New York’s GDP has been greatly affected by the industries such as the arts, entertainment, educational services, recreation, and many other sectors.

Jill Gonzalez, an analyst with WalletHub states that there is a large share of employment mainly comes from major industries such as public relations, advertising, real estate, and transportation. Recently, WalletHub also compares the economic exposure of coronavirus based on the 2 metrics. Mainly, the highly affected industries along with the workforce especially double the weight that is given for its accommodation, recreation sector, Arts & Entertainments.

Impact On The Arts And Entertainments Sector:

Recent report from the State Comptroller Thomas P. DiNapoli states that there is higher job loss during the first 3 months of the pandemic and it also gives the way for the swift as well as deep approach. There are also many numbers of new data analyses that the industries have been widely affected by the statewide lockdowns frequently. Based on the report from the State Department of Labor states that more numbers of people have lost the job during the time and it has been mainly recovered now. Employment is mainly enabled with more than 1 million jobs below during the pre-pandemic levels.

Statics on the Arts & Entertainments industry states that there has been more number of losses in the sector due to the pandemic attack along with the lockdowns. The sector also especially recovered the largest number of jobs as more than 45% of its jobs are lost. There are also many numbers of industries such as educational services, financial activities and government also continue to have more number of job losses especially in the NY. Net job loss from February 2020 is about 10.8%.

Economic Impact:

New Jersey has been swimming in cash and still facing strong struggles with the recovery from the impact. The economic impact of the novel coronavirus pandemic has been greatly increased and many numbers of people have been affected by the condition. Based on the report by legislative budget and finance officer Thomas Koenig by the end of the year would gain $2.8 billion in surplus. These also create the best economic impact across the country in all the aspects with providing the awesome attribute.

Double The Weight:

Apart from all these, the state has been in the debt for Arts & Entertainments about $44 Billion and it is important to concentrate on the funds that need to be paid to off the debt. New Jersey avoided economic problems which have previously occurred last year. The city has been ranking at the 30th position and also ranked based on the 2 metrics. WalletHub evaluated the state’s resources available to help businesses recover as well as gives the double weight for the fund.