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For example, the auto industry is headquartered in Detroit, finance in New York, entertainment in Los Angeles, information technology in Seattle, and so on. Put simply, there is an economic benefit when firms producing similar goods are located near each other. We find that the cities with industries more acutely impacted have a higher concentration of Hispanic or Latino residents.Ĭities and metropolitan areas often specialize in select industries, creating agglomeration economies. We examine six metropolitan areas: three with heavy concentration in industries negatively impacted by COVID-19 (Las Vegas, Orlando, and Reno) and three with economies heavily concentrated in industries less negatively, or even positively, impacted by COVID-19 (Seattle, San Francisco, and Washington, D.C.). This piece explores the economic implications of the COVID-19 recession using select metropolitan areas (often referred to by the name of the metro’s primary city), identifying problems and offering policy responses.
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Overlaying geography with race reveals another under-appreciated impact of this recession: an increase in the economic hardship faced by Hispanic or Latino communities. Thus, the COVID-19 recession’s economic geography is uniquely impacted by the pandemic’s effect on a city’s primary industry. City economies are concentrated in different industries: Las Vegas and Orlando in travel and tourism, Seattle and San Francisco in technology, and Washington D.C. More so than any prior economic downturn, the COVID-19 recession has crushed certain industries-those that depend on the movement of people-while leaving others relatively unscathed-those that depend on the movement of information. City and metro economies before COVID-19.
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We conclude by recommending targeted federal policy to address the regions and communities most impacted by the COVID-19 recession. Further, we find the hardest-hit areas have larger Hispanic or Latino communities, reflecting the demographic composition of workers in heavily impacted industries and susceptible areas. We find that areas with economies that rely on the movement of people-like Las Vegas with tourism-faced substantially higher unemployment at the end of 2020 than cities with core industries based on the movement of information. In this paper, we consider the association between a city’s core industry, its economic susceptibility to the pandemic, and the recession’s racially disparate impact across six select metropolitan areas. As the United States prepares for a COVID-19 recovery, policymakers need to understand why some cities and communities were more vulnerable to the pandemic’s economic consequences than others.