- 81 per cent of businesses reported a loss of revenue in 2020. 354 businesses reported a combined loss of $388.5 million in revenue, an average of $1.1 million per business.
- Businesses expect a prolonged recovery process, with 30 per cent expecting a recovery within one year, 22 per cent within two years, 24 per cent within three years, and 18 per cent in over three years.
- The top obstacles facing businesses included a slow return of customers, cash flow/increased debt loads, and hiring/training staff, among others
- Business indicated their immediate needs for the next six months included marketing and promotion, financial assistance, employee training, sourcing critical supplies, and hiring staff
- The top five factors reported that are negatively affecting workforces during the pandemic include employee mental health, ownership mental health, overall business stability, uncertainty regarding employment stability and demand for products and services
You can download the full report online.
“Niagara’s business community continues to struggle with the effects of COVID-19, and it is important that we continue to listen and respond to the needs and challenges they are facing. We have seen throughout this pandemic that our businesses are incredibly resilient, and given the right tools and support, have what it takes to thrive. I am hopeful that these results will give us the data we need to provide those supports.” ~ Regional Chair Jim Bradley
“We know Niagara businesses have been hit hard from the pandemic, and we still face a long and difficult recovery. Our hope is that this data, taken together with our previous surveys, will help us better understand the immediate needs of businesses, and inform our support and advocacy efforts going forward.” ~ George Spezza, Director, Niagara Economic Development