After a tough, to say the least, 2020 for the economy things have started to turn around. Vaccination rates are rising leading to many local economies across the U.S. trending upwards. And just like in most situations, key economic metrics in some locations have been rebounding at a faster rate when compared to pre-pandemic levels. A new study by SmartAsset analyzed data for 49 of the largest U.S. cities to find which areas had the strongest economic recoveries post COVID-19 pandemic. They looked at the changes in consumer spending, small businesses open, small business revenue, and job postings between January 2020 and April 2021. The March 2021 unemployment rate also factored into the rankings. So how is Charlotte doing post-pandemic?
And good news! Charlotte cracked the top 20 cities with the strongest economic recoveries from the COVID-19 recession. Charlotte came in at number 17 on the list, which was topped by Salt Lake City, UT. Midsize cities seem to be recovering at a faster rate than the major metropolitan areas. The largest city to make the top 20 was Dallas, which came in at number 19. Another noteworthy finding is that small businesses are still hurting. The number of small businesses currently open and their revenue is still well below pre-pandemic levels. Small businesses took some of the hardest hits during the last year are such an integral part of the economy of our nation, hopefully, they will rebound soon.
The full report, including the methodology and key findings, can be found here.