NY's Economy Ranks #47 In Nation For Pandemic Recovery: Report

LONG ISLAND, NY —Despite the fact that New York's coronavirus positivity rates have reflected a sharp decline and, after the state reached a 70 percent vaccination rate this week, virtually all pandemic restrictions were dropped — the economy is ranked #46 in the nation as far as recovery, a new report indicates.

A new 2021 Pandemic Recovery Index compiled by TOP Data states that New York's economy is "second from the bottom in COVID recovery. Despite being one of the better states in terms of social distancing and number of coronavirus cases, New York has failed to leap ahead in economic recovery so far."

According to TOP Data, the results are based on the analysis of "millions of data points across 23 key metrics organized into three key indicators of economic recovery," including consumer confidence, job market strength, and COVID-19 safety.

New York ranks 47th overall, 47th in consumer confidence, 46th in job market strength, and sixth in COVID-19 safety, the index states.

With a total score of 65.94 in all categories, Vermont is ranked as having the strongest nationwide recovery, the data indicates — while California is also struggling, coming in 35th.

Only one New York business has emerged ahead in the recovery process, the data indicates: With a 9.8 percent increase in visits to car dealerships, New York's auto industry has led the way in terms of recovery, the TOP Data report said.

However, the beauty industry, which has seen a 55 percent increase in visits nationwide, is down 33 percent in New York, the report said.

"We compared 48 states across 23 key indicators to determine the states that are leading the way in covid recovery. The data set considers a depth of topics, ranging from the number of visits to bars to social distancing rate, all the way through to the number of businesses being created during the pandemic," TOP Data said.

To view the full report, click here.