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Which Industries Were Hit the Hardest by COVID-19?

In mid-March, President Donald Trump declared a national emergency due to the novel coronavirus pandemic (COVID-19). Because of the health risks involved, local, state, and federal governments have taken sweeping action to slow the spread of the coronavirus. As such, non-essential businesses have been shut down, schools have been closed and children switched to online learning, concerts and sporting events have been canceled, and even national parks have been closed.

Considering how millions of businesses in the U.S. have come to a grinding halt, it’s understandable how millions of Americans have found themselves suddenly unemployed. Across the nation, people have been divided into “essential” and “non-essential” workers, with non-essential workers being asked to stay home and work from home. However, not all non-essential businesses are equipped to continue operations as employees work from home. In effect, certain industries have been hit harder, much harder than others.

Industries Most Impacted

As state governments continue to ask people to stay home with the exception of essential travel to get food, buy groceries, pick up prescriptions, and attend medical appointments, much of the American economy has slowed down considerably. While virtually every industry is impacted by COVID-19, certain industries have been hit harder than others.

According to USA Today, 24/7 Wall St. reviewed data from various industry publications and the Bureau of Labor Statistics to discover which industries in the U.S. have been devastated the most by the global pandemic including:

  • The restaurant industry
  • The gambling industry
  • The airline industry
  • The hotel industry
  • Movie theatres
  • Live sporting events
  • Cruises
  • Shipping (due to China closing ports and sending factory workers home)
  • Film production
  • Automakers
  • Oil and gas
  • Retail
  • Tech (due to factory shutdowns in China)
  • Conventions
  • Foodservice
  • Theme parks
  • Construction

Are you a business owner whose company has been devastated by COVID-19 and now you’re considering filing a Chapter 11? Or, are you an individual who worked in one of the above industries who’s now out of work and considering a Chapter 7? To explore all of your bankruptcy options, we invite you to contact our firm for a free consultation.