Salt Lake’s diverse economy makes it the least vulnerable city in the U.S.
Apr 28, 2020, 11:49 AM | Updated: 1:10 pm
Air quality experts are calling the coronavirus pandemic a "once-in-a-lifetime" opportunity to study the impact of less cars on the road. So far, they say the positive influence is staggering. (PHOTO: KSL file)
(PHOTO: KSL file)
SALT LAKE CITY — While many are struggling economically during the coronavirus pandemic, Salt Lake City is actually doing the best out of all cities across the United States.
Research from LendingTree.com shows nearly 80% of Utah’s capital city was able to shift its workforce into other areas or have employees work remotely.
Salt Lake is unlike other cities that rely heavily on tourism or entertainment, like Las Vegas and Myrtle Beach.
Part of the reason Salt Lake is riding the pandemic storm so well is due to the city’s diverse economy. Salt Lake relies on multiple sectors to stay alive.
Senior Research Analyst at LendingTree, Derek Miller, said diversity is key. 21% percent of Salt Lake’s businesses are restaurants, theaters, and retail stores, which are the hardest hit industries across the world.
Myrtle Beach depends on nearly 36% of the most vulnerable businesses for its economy, making it the most at risk in the nation for an economic collapse.
Provo also fared well in the study. It ranked 18th highest in the country, with just over 22% of all establishments in the ‘risky’ categories.
Miller said it’s too soon to know how quickly some cities will bounce back after businesses begin to reopen, but “those with more diverse economies will do much better.”
