US: In a recent study of the United States Chamber of Commerce, the United States’ economic recovery from the COVID-19 pandemic continues to be uneven.
The survey includes answers from thirty-six business leaders over various industries, from healthcare to finance and energy to entertainment. Out of the 36 responses, 19 business leaders, or 53%, stated they are doing slightly or much worse than pre-pandemic compared to 15 business leaders, or 42%, who say they are doing little or much better and two, or 5%, who say they are doing the same.
Small businesses reported a similar split and K-shaped recovery. As per the most up-to-date MetLife & U.S. Chamber of Commerce Small Business Index, 48% of small businesses say their businesses’ health is average or low, and 50% of small businesses say their business is in good overall health. However, 80% or more of small businesses are concerned about the virus’s influence on America’s economy.
“Ten months after coronavirus caused an unprecedented disruption in commercial activity, some industries have fully recovered while others are in the equivalent of a depression,” Executive Vice President and Chief Policy Officer for the U.S. Chamber of Commerce, Neil Bradley, said in a statement “The full reopening of the economy that widespread vaccinations will make possible offers a light at the end of the tunnel, but we will be dealing with the result from the pandemic for years to come.
As we rally for recovery, policymakers must pursue pro-growth policies that can help business, families, and communities fully recover.”
The U.S. Chamber of Commerce’s study found that the areas seeing the slowest economic recovery include the airport, hospitality, housing, and gaming industries.
The airport industry assumes losses of at least $23 billion from March 2020 to March 2021.
As for the gaming industry, the closure of all 989 casino properties in the United States in 2020 impacted more than one million American gaming and small business employees and made a total economic loss of $43.5 billion.
Moreover, about 63% of hotels have less than half of their typical pre-crisis staff working full-time, and housing projections give up to $70 billion in rental debt has been incurred as of the end of 2020.