The Texas Recovery Alliance (TRA) reported that COVID-19 shutdowns have wrecked the Texas' economy, causing businesses to permanently close and the state to eventually suffer long-term economic and reputational damage.

TRA noted in its report that the coronavirus pandemic presented the state with many challenges and the economy has suffered, and urges state leaders to fully reopen the economy and safe, critical industries on the verge of failing because of shutdowns.

"In Texas in particular, a challenge has grown that is equal to the safety threat of virus spread. The Texas economy, once the pride of all Texans and an engine for the nation, is suffering worse than in many other states," the report concludes. "Broad indicators make clear that, while the economy may be mending, it is still suffering in ways that should be addressed boldly. In addition, entire industries that are critical to the economic well-being of Texas are on their backs, through no fault of their own."

The TRA says that state leaders must reopen the economy and give full attention to restoring Texans' confidence in the state.

The report notes that Texas, suffered from a severe recession because of the shutdowns, with jobless claims rising and bankruptcies doubling since February.

The hotel industry alone was decimated because of government shutdowns, with revenues for hotels dropping by 90%. Approximately 40% of Texas hotels are currently in default, the report states.

The live events industry also took a major hit, with 75% of its employees now unemployed because of the shutdowns, the report notes.

The report also found that travel and tourism, especially the cruise industry, came to a screeching halt because of shutdowns. A vacation company, Vacations to Go, based in Houston, was forced to lay off 650 of its 900 employees because of COVID-19 and government shutdowns, the report states.