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AEDC releases results of COVID Business Impact Survey
Measures preliminary impact of COVID on local business
Today, Anchorage Economic Development Corporation (AEDC) released the results of their second round COVID-19 Business Impact Survey, showing recent effects from COVID-related changes to operations, closures and more. Questions were formulated by AEDC staff in partnership with the McDowell Group.
“We see a lot of businesses that have witnessed very significant impacts to their finances, including substantial losses in revenue,” said Bill Popp, AEDC President and CEO. “Of the respondents, 16% felt that there was a risk of their business being closed permanently because of COVID-19, and 22% don’t know if they will close or remain open. That is a lot of businesses at risk of closing permanently, in a number of different sectors.”
“I want businesses and impacted employees to know that there is help. Whether you are an unemployed worker or a business dealing with major cash challenges, there are programs that are available – through unemployment or any number of different loan or grant programs.”
The survey ran from April 14-23 with over 250 responses. Overall results included:
- 31% of respondents have conducted layoffs
- 64% of respondents have seen losses in revenues. 70% of those reporting a loss saw losses of 50% or less and 30% saw losses of more than 50%
- 45% of respondents believe their revenues will be down significantly in the first half of 2020
- 16% of respondents believe their business is at risk of closing permanently because of the impacts caused by COVID-19, while 22% don’t know if their business will remain open or close
- 62% of respondents are confident their business will stay open
- Tourism, restaurants, retail, healthcare, non-profits, media/communications, and finance/insurance/real estate sectors are likely to be heavily impacted by COVID-related job losses
Online survey responses were solicited via direct email, AEDC’s electronic newsletter, social media, and the communications arm of the Mayor’s Economic Resiliency Task Force, which AEDC co-chairs.
AEDC is a private nonprofit corporation, operating since 1987. It exists to encourage growth and diversity in the Anchorage economy, promote a favorable business climate and improve the standard of living of Anchorage residents.