The continued erosion of state taxes due to COVID-19 could lead to budget cuts and lost jobs, the report said. While the federal government can operate on a deficit, most state governments cannot.

"[G]overnment has lost relatively few jobs so far, but we could see massive layoffs of state employees if the federal government doesn't provide aid to states," the report said.

The report found the metros with the lowest concentration of durable jobs often have few government positions, and have a large service-oriented industry. Other especially affected industries include manufacturing and transportation.

"Las Vegas and Orlando, centers of tourism, have suffered among the highest job losses as the pandemic has ground travel to a near halt," the study found. "Milwaukee has high concentrations of jobs in trade and transportation and manufacturing, sectors that have had layoffs of more than 10% nationally in recent months."

The financial services industry has also helped to shelter certain metros. That sector makes up between 8.8% to 9.5% of the job market in New Haven, Connecticut; Dallas, Jacksonville, Florida; Phoenix and Tampa Bay. The report notes that while several of those cities are not considered to be traditional hubs for the financial sector, companies have been relocating there to cut down on costs.

"[T]hey reflect the growing trend of financial firms outsourcing low-cost labor positions to secondary and tertiary markets," the report said. "Conversely, metros such as San Francisco and New York remain centers of private equity and banking, but the high cost of office space and housing has prompted many firms to move jobs such as call centers and back offices to lower-cost locations."