BUFFALO (WBEN) - A study conducted by the Buffalo Niagara Partnership shows a deep economic impact from the Covid-19 pandemic.
In the survey, which was completed by roughly 1,800 businesses in Western New York, nearly every respondent reported a loss of revenue.
For those of us monitoring the fallout from Covid-19, the results of the survey are not shocking, but they are a stark indicator of how much work lies ahead for the public and private sectors as our community pivots to recovery," said President & CEO Dottie Gallagher.
- 93% of respondents are experiencing a decline in revenue related to Covid-19 (most report a loss of 50% or less of expected revenue)
- 3 out of 5 businesses have postponed investment, many of them indefinitely
- 75% of respondents have applied or are planning to apply for federal business assistance loans
- 51% of businesses are reducing variable costs
- 43% are reducing fixed costs
- 2 out of 3 respondents report implementing a staffing change including reducing positions or adjusting wages/salaries (more than 1/3 of businesses have reduced staff, mainly through temporary layoffs or furloughs)
- 60% of respondents have implemented a hiring freeze
"Covid-19 has brought about an unprecedented economic upheaval," continued Gallagher. "Recovery will largely depend on government, at all levels, responding to the needs and providing vital supports, while the the private sector must collaborate in new ways to ensure Western New York businesses, large and small, rebound as quickly as possible."
