Thursday, March 28, 2024
ADVT 
National

COVID-19 challenge unrelenting for B.C. businesses

Darpan News Desk The Canadian Press, 19 Jan, 2021 05:43 PM
  • COVID-19 challenge unrelenting for B.C. businesses

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.

Board president Bridgitte Anderson says the survey reveals many Greater Vancouver businesses are barely treading water as they enter 2021.

"The near-term outlook is uncertain, with many leaders anxious about what the future holds for their businesses," Anderson says in a statement.

"Our entrepreneurs are resilient and are investing and pivoting to digital as they forge a path that will help them not only navigate the pandemic but guide our region to prosperity in the future," she says.

The report is part of the board of trade's 32nd annual Economic Outlook Forum and was compiled from responses by 134 board members to a survey by the Mustel Group between Jan. 5 and 12.

 

MORE National ARTICLES

Blanchet's blocks limit free speech: experts

Blanchet's blocks limit free speech: experts
El Kadri tweeted at Blanchet to say the Canadian Arab Federation has been a secular organization under its constitution since it was founded in 1967.

Blanchet's blocks limit free speech: experts

COVID-19 vaccine delay temporary setback for B.C.

COVID-19 vaccine delay temporary setback for B.C.
B.C. has recorded 1,330 new cases of COVID-19 since Friday, including 301 in the last 24 hours — the lowest single-day infection rate in more than two months.

COVID-19 vaccine delay temporary setback for B.C.

Port in Prince Rupert, B.C., sets cargo volumes

Port in Prince Rupert, B.C., sets cargo volumes
The port says the high demand for thermal coal led to a 26 per cent increase at the Ridley Terminal, where rail cars with B.C. and Alberta natural resources are unloaded and the product is shipped

Port in Prince Rupert, B.C., sets cargo volumes

UPDATE: Toronto Police need public's assistance in locating missing man Vikas Dutta

UPDATE: Toronto Police need public's assistance in locating missing man Vikas Dutta
Vikas Dutta, 28, was last seen on Monday, January 11, 2021 in the area of University Avenue and Richmond Street West.

UPDATE: Toronto Police need public's assistance in locating missing man Vikas Dutta

27 year old man shot at and taken to hospital with serious injuries: Langley RCMP

27 year old man shot at and taken to hospital with serious injuries: Langley RCMP
The victim had sustained multiple gunshot wounds and was immediately transported to hospital with critical injuries.

27 year old man shot at and taken to hospital with serious injuries: Langley RCMP

No place for 'far right' in Conservatives: O'Toole

No place for 'far right' in Conservatives: O'Toole
The unusual statement follows the riot on Capitol Hill, which U.S. President Donald Trump has been accused of inciting and which has since been held up as proof of the dangers posed by right-wing extremists to Western democracy.

No place for 'far right' in Conservatives: O'Toole

PrevNext