The coronavirus pandemic has affected virtually every industry, business and city and town in the United States. Nowhere is immune to the ...
The coronavirus pandemic has affected virtually every industry, business and city and town in the United States. Nowhere is immune to the consequences of the deadly virus.
Most At Risk Businesses
However, cities that rely heavily on entertainment, retail, accommodation and food, are most vulnerable.
Cities Most at Risk from Pandemic
A study by LendingTree, America’s largest online lending marketplace, analyzed the cities to be worse hit by the pandemic. The study ranks the 100 metropolitans with the most retail establishments to determine which cities have been hit the hardest.
Myrtle Beach, South Carolina at Greatest Risk
The researchers found that mid-sized cities are at greatest risk from the affects of the pandemic. Myrtle Beach, South California, has the highest concentration of local businesses in retail, entertainment and food and accommodation sectors. Consequently, Myrtle Beach is the highest-ranking city in terms of being the worse affected by the pandemic.
This is followed by Salisbury, Maryland, where almost a third of businesses are in one of the most heavily impacted sectors. The third worse hit city is Scranton, Pennsylvania, where 28.8% of businesses operate in the most vulnerable industries.
Finding the Right Business Support
The research provides insight into how the ongoing pandemic is affecting small businesses and which industries are at greatest risk. It is important that small businesses stay informed about the economic and business impact of this unprecedented crisis. Knowing which industries and locations are worse affected will give businesses insight into the support that might be available to them.
Businesses operating in entertainment, retail, accommodation and food are proving most vulnerable to the consequences of the pandemic-induced lockdown. Myrtle Beach has the highest proportion of these types of businesses. This coastal city is therefore the most exposed to the economic slowdown. As the report’s authors write:
“Visitors to Myrtle Beach are crucial to the region’s economy, as they support jobs, businesses and residents’ quality of life. The area’s 20.4 million annual visitors make a $7 billion impact. On April 6, South Carolina joined the growing list of states to close non-essential businesses to the public…. As the summer months approach, Myrtle Beach and other US tourist towns may miss out on crucial revenue while these businesses stay closed.”
Salisbury is Second Most Affected City
With more than 32% of businesses in the most vulnerable industries, Salisbury is the second most heavily impact city by the pandemic. All non-essential businesses closed in Maryland on March 23.
The report directs businesses in Salisbury to the Salisbury Area Coronavirus Recovery Task Force. This resource provides a wealth of information to help support local businesses during these testing times.
Larger Cities are Less Vulnerable
The report shows that larger cities, such as Denver and Minneapolis are less reliant on retail, entertainment and food and accommodation. Subsequently, these cities are not being as adversely affected by the pandemic as other US cities.
LendingTree’s report highlights the importance for businesses to stay informed about the support resources available to them. Particularly those operating in the most vulnerable sectors.
Image: Depositphotos.com
This article, "These Cities Have the Most At-Risk Businesses During Coronavirus Pandemic Response" was first published on Small Business Trends
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