Although several states’ economies have already fully recovered — and are even outpacing
— their pre-Covid levels of economic activity, New York is by far the worst-performing state, according to the Back-to-Normal Index
created by CNN Business and Moody’s Analytics.
The index shows that the US economy as a whole was 93% back to normal as of June 18. But New York was only at 83%, leaving it with the furthest to go to get back into pre-Covid shape.
New York isn’t the only state below the 90% mark, though it is at the bottom of the list.
In 2019, before Covid hit, New York had the third-strongest economy among US stares, lagging only Texas and California. The state’s gross domestic product — the broadest measure of economic activity — was nearly $1.8 trillion, on par with the GDP of Italy. More than $1 trillion
of that came from economic activity in New York City. The state contributed more than 8% to America’s overall GDP that year.
In 2020, New…