With states losing massive amounts of tax revenue while still having to support their residents during the coronavirus pandemic, the personal-finance website WalletHub today released its report on the States That Need the Most Financial Help Due to COVID-19, as well as accompanying videos.
To identify which states may need the most financial help due to the coronavirus crisis, WalletHub compared the 50 states across 18 key metrics. Our data set ranges from the state’s rainy-day funds and debt per capita to the share of the workforce in highly-affected industries. Below, you can see highlights from the report, along with a WalletHub Q&A.
Financial Need in Texas (1=Most, 25=Avg.):
- 39th – State Rainy-Day Funds per Capita
- 42nd – Unfunded Pension Liabilities as Share of GSP
- 13th – State and Local Debt per Capita
- 33rd – Unemployment Claims Increase Since the Beginning of the COVID-19 Pandemic
- 27th – GDP Generated by Highly Affected Industries as Share of Total State GDP
- 8th – State Preparedness for Severe Recession
