AEDC Releases Results of COVID Business Impact Survey
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.”
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.
In This Issue
Alaska Problems Require Alaska Solutions
On January 16, a fire destroyed the water plant and washeteria in the southwest Alaska village of Tuluksak. For the village of about 350 people, it was a devastating blow. The water plant was the only source of drinking water in the village, in which the primarily Yup’ik residents lack indoor plumbing and rely on honey buckets, not uncommon in the flat, swampy region.