Effects of Covid 19 on the Unemployment rate
The economic effects of Coronavirus are indeed pervasive. Although the pandemic’s immediate effects are centred on the health sector, it adversely affects the economy. This is due to the measures such as curfews and movement restrictions that were put in place to curb its spread. From the visuals, it is evident that the pandemic has had significant impacts on employment.
The visuals show the unemployment rate for the period 2012-2022. This is the pre and post covid 19. This aims to study the effects of covid 19 on the unemployment rate for the states chosen above (California, North Dakota and New York). From the visuals, before the covid 19 pandemic, the unemployment rate decreased in all three states. In the three states, the unemployment rate was the lowest in 2019. In 2020, there was a drastically high unemployment rate due to the covid 19. This high rate of unemployment is due to the effects of covid 19.
Effects of the Great Recession on Real estate
The housing industry mainly felt the effects of the Recession on numerous levels. When the GDP and financial economy of the most renowned and established economies fell, for example, the US GDP declined by around 3.6 per cent, construction product costs fell, followed by the usage of cheap alternative construction materials. Building and housing values declined, especially those built before the Great Recession of 2008. Furthermore, the drop in wood products and housing prices has reduced building permits (Ferrari, A). Many people who would have benefited from the construction of new structures to offer housing, particularly immigrants, have been denied the opportunity to do so. Individuals whose primary source of income was the issuance of permits, real estate operations, or the construction of new buildings were harmed by the Great Recession of 2008.
From the visuals, it can be seen that the housing price index fell for all three states due to the Great Recession. The Great Recession affected real estate investment mainly. Before the Recession, the housing index was at a high value due to the high demand for houses and the profitable real estate business. It can be concluded that the Great Recession greatly impacted real estate investments (both the rental vacancy rate and the housing index). The rental vacancy rate dropped.
In conclusion, Millions of people’s lives were upended during the Great Recession, as housing prices and stock portfolios plummeted and unemployment rates skyrocketed. Individuals who lost their jobs were the first to feel the effects of the Recession. The Recession was the worst because the impact was felt; even after the Recession was declared over, there was still a drop in employment.