More than 2,600 businesses respond to Region’s COVID-19 impact survey

Niagara’s Economic Rapid Response Team (ERRT) released the results of a region-wide survey of Niagara businesses Tuesday that gives an early picture of the local impact of COVID-19 on Niagara’s business community.

More than 2,600 businesses from all of Niagara’s municipalities completed the online survey, administered from March 20 to 30. The results represent over 66,000 employees from all sectors of Niagara’s economy, and provides a snapshot of the immediate effects of the first few weeks of the pandemic.

The survey results provide baseline data that will allow Niagara to track the ongoing impact of COVID-19. A follow-up survey, to be administered in the coming weeks, will provide a more fulsome picture of the long-term effects of the crisis.

This data will be invaluable as the ERRT works to design solutions to the unique needs Niagara businesses are facing during the pandemic. In March, Niagara’s Regional Chair and Mayors announced the creation of the team, composed of economic development staff from Niagara Region, Fort Erie, Lincoln, Niagara Falls, Port Colborne, St. Catharines and Welland. The ERRT will work beyond municipal boundaries to ensure that all local businesses receive timely, responsive support.

Key findings from the survey include:

• All sectors in Niagara have been negatively affected due to COVID-19, however the arts, entertainment, recreation; accommodation and food service; and retail trade sectors have seen a more pronounced effect;

• The negative economic impact on Niagara increases the longer COVID-19 remains unresolved. Survey respondents estimated a loss of $1.4 billion if COVID-19 is not resolved within a 12-month period. The full impact on all Niagara businesses is expected to be higher;