COVID-19: A quarter of Greater Vancouver businesses don’t expect to survive the next 12 months

Fully one-in-four businesses in Greater Vancouver do not expect to survive more than 12 months under current economic conditions.

For those that remain, it will be anything but business as usual in the wake of COVID-19. Indeed, only 40% of businesses expect to return to regular operations in the wake of the pandemic with layoffs (17%), limited capacity (26%), and reduced employee hours (17%) the most significant concerns facing Greater Vancouver’s business community.

With 150,000 jobs lost in Greater Vancouver since the start of the pandemic, it is no wonder Economic Recovery is the key issue for respondents (69%) as B.C. gets ready to go to the polls on October 24. While businesses want to know what B.C.’s next government will do in terms of immediate support, they equally desire a vision for the future of the economy.

This is the stark future that is being presented by a recent survey that was conducted by the Greater Vancouver Board of Trade (GVBOT) in partnership with the Mustel Group. The survey results were released today and presented to the leaders of B.C.’s three main parties at a special GVBOT event to discuss the ballot box issues facing B.C.’s business community ahead of the election on October 24.

See media release here
See full report here