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AEDC Releases Results of COVID Business Impact Survey

Apr 30, 2020 | COVID-19, Featured, News, Small Business

Anchorage Economic Development Corporation has released the results of its second round COVID-19 Business Impact Survey, showing recent effects from COVID-related changes to operations, closures, and more.

“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 percent felt that there was a risk of their business being closed permanently because of COVID-19, and 22 percent 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.”

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Alaska Business Magazine May 2020 Cover

May 2020

The survey ran from April 14-23 with over 250 responses. Highlights of the data are below:

  • 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

Questions were formulated by AEDC staff in partnership with the McDowell Group. 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.

 

Alaska Business Magazine May 2020 Cover

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May 2020

Few large foundations support “the general good” or social service projects in Alaska, so the Last Frontier has a pretty thin philanthropic layer, according to United Way of Anchorage Vice President Cassandra Stalzer. However, the oil and gas industry has a history of stepping in and filling the gaps in Alaska communities by providing money and volunteers for myriad charitable efforts in the state.

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