COVID-19 impact: 24% of Vancouver-area businesses anticipate further layoffs, report says
Condo and office towers are seen in downtown Vancouver, with the snow-capped north shore mountains in the distance, on Saturday, Jan. 9, 2021. (Darryl Dyck / THE CANADIAN PRESS)
VANCOUVER -- The association representing businesses across Metro Vancouver says the costs of COVID-19 continue to mount for its members.
The Greater Vancouver Board of Trade has released its annual Region in Review report showing pandemic-related challenges obscure the path to economic recovery.
The survey shows many board of trade members have been hit, with 62 per cent still seeing decreased sales, 36 per cent reporting higher operating costs and roughly 30 per cent confirming layoffs or cuts in operating hours to make ends meet.
Seventy per cent of owners say they don't expect normal workplace routines until at least the summer, while 10 per cent predict the majority of their workers may never return to the office.
Although the survey shows 41 per cent of businesses are optimistic about recovery, only 49 per cent expect business as usual when government assistance ends.
The same number predict lower revenues through June, 24 per cent anticipate layoffs and 22 per cent plan to cut hours.