Coronavirus: Myrtle Beach economy among the worst impacted in the country, study says
Myrtle Beach is among the hardest hit areas in the country by the coronavirus economic downturn, according to a study of labor statistics.
MagnifyMoney, owned by Lending Tree, used the United States Bureau of Labor Statistics data to determine which areas were at most economic risk from measures designed to slow the spread of coronavirus.
The study found approximately 33 percent of 167,000 workers in the Myrtle Beach area work in retail, personal care or in food service. This was the highest percentage found in the country.
A breakdown of Horry County’s economy can be found on the South Carolina Department of Employment and Workforce website. While the numbers are slightly different, the SCDEW data reflects a similar percentage of employees working in service or retail industry.
A vast majority of these businesses were closed due to orders from Gov. Henry McMaster that followed federal social distancing guidelines.
Horry County as a whole has led the state in unemployment claim filings since March. Unemployment has been expanded as a result of the virus and many residents will receive a $1,200 federal stimulus check.
Hilton Head Island came in sixth with 30 percent of its workforce working in the hospitality industry.
Most of the other top 10 areas are popular tourist destinations like Las Vegas or Atlantic City, N.J. The full study can be found on MagnifyMoney’s website.
The study indicated that areas with a diverse economy, like larger cities, have a smaller percentage of its workforce tied to the industries hardest hit by the pandemic.
MagnifyMoney is a market research site and part of the Lending Tree Company. Lending Tree is based out of Charlotte, N.C., and helps borrowers find the most appropriate loans.
This story was originally published April 15, 2020 at 4:28 PM.
