The Red Deer & District Chamber of Commerce has released its results from two surveys completed by local businesses, which asked them to describe their current situation as it relates to the COVID-19 pandemic, as well as the collapse in oil prices.
One survey was from the Alberta Chamber of Commerce, which was followed up by another survey that focused on municipal issues.
When asked about layoffs as a result of the crisis, 59% said they had to make layoffs, with just 8% saying they plan to fully rehire once the pandemic is over.
When asked if they would be able to survive under current conditions prior to stage one of Alberta’s relaunch, 33% said they could remain open indefinitely and 66% said they could open for less than six months.
Over the next 12 months, 44% expected their business to contract, 46% predicted it to stay about the same and 10% predicted their business to expand.
In evaluating the municipal response, 26% found the city’s 90-day utility deferral to be very or somewhat helpful to their business, 25% for the property tax extension, 12% for the downtown business levy extension and 16% for the free downtown parking.
Respondents were also asked about the grant programs added to this year’s budget earlier this year. Depending on the particular grant, between 2% and 6% think they are very or somewhat helpful to their business.
80% thought forgiving utility payments would be very or somewhat helpful, 78% if there were no increase to property taxes in 2021, 82% if the city reduced property taxes, 69% for reductions in red-tape and regulations, and 63% thought investments in infrastructure would be very or somewhat helpful to their business.
Rick More, Chamber CEO: “We entered into the COVID pandemic with our economy already limping so we aren’t shocked by the results. Our local businesses are very concerned with their ability to recover given the strong headwinds they’re facing. This data will be invaluable as we work with our government leaders to promote sensible, broad-based policy solutions to facilitate the economic recovery. As the Chamber we feel it is exceptionally important to gain a solid understanding of the true impact this crisis has had on local business. This data will be essential in ensuring our decision-makers are properly informed and understanding of the depth and degree of the challenges our business’s are facing in order to make the best possible policy choices to support the economic recovery of our region.”
Graph and content courtesy of the Red Deer & District Chamber of Commerce
