Economic Impact

Economic Snapshot

The BC Chamber of Commerce, together with its partners, surveyed businesses to understand the impact of COVID-19 on their business. That initial data is summarized here. Following this initial survey, biweekly follow up surveys have since been released on April 3 and April 21.
 

92%

of businesses have been impacted by COVID-19

77%

of businesses impacted are reporting a significant negative impact

73%

expect their revenues will drop by 50% or more

50%

of respondents say they will be temporarily closing their offices or workplaces

64%

of respondents expect to reduce their staff by over half

25%

of respondents expect to reduce their staff by 100%

 

Find the Source Data

Source: BC Chamber of Commerce Business Impact Survey, March 18, 2020. Filtered for: from Southwest BC/Mainland region, 3,000 responses.

 
The Vancouver Economic Commission (VEC) is monitoring the COVID-19 situation from an economic standpoint. The BC Chamber of Commerce, along with Small Business BC, Community Futures, and the BC Economic Development Association are surveying businesses on a biweekly basis about the impact of COVID-19 to their businesses. We and other industry partners have joined in promoting these short surveys, and the results will assist us in keeping pace with the business community’s rapidly evolving needs.

Nearly 8,000 BC respondents filled out the first survey, with more than 3,000 responses from Southwest BC/Mainland region. Preliminary survey insights confirm that the economic impact of COVID-19 is being felt by businesses of all sizes across the province. Survey results in aggregate are available online for the public to view.

Governments are already working to deliver some of the most requested supports and relief measures, with all levels of government announcing measures.

According to survey results, top requests from businesses include:

  • Flexibility around timelines for tax remittances
  • For governments to work with banks to offer zero-interest loans, loan guarantees or lines of credit
  • Enhanced EI access of wage replacement for employees
  • General tax credits and cuts
  • Payroll tax breaks

Refer to our page on government measures for employers.

Thank you to all who participated in the survey on initial impacts. The intelligence you shared is helping shape how our governments react to this pandemic crisis in real time.

As the situation changes on an hour-by-hour basis, we encourage you to continue to take part in all industry surveys. We invite you to share your updates with us so we may relay your needs.

 

How to Contribute

Help us understand how COVID-19 is impacting your job, business or sector by filling out these surveys (this list will updated weekly):

 

BC Business Impact Survey

BC Chamber of Commerce and partners are reaching out to BC businesses every two weeks with short surveys. Please fill them out to help us continue to stay on top of the business community’s evolving needs as COVID-19 health measures and government relief programs unfold.
 
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Creative BC Business Impact Survey

Creative BC is collecting data in order to better understand the impact COVID-19 has had on creative industry business activity, events and projects across the province.
 
Take the Survey

COVID-19 Cleantech Survey

This short survey by Foresight collects important data on how the cleantech industry is being impacted by the COVID-19 Pandemic. Analysis will be used to help government frame ongoing support and stimulus measures and planning in response to the COVID-19 crisis.
 
Take the Survey

GVPTA COVID-19 Impact Survey

This ongoing survey by the GVPTA is for all arts disciplines, artists, arts workers, cultural organizations, and museums across B.C. Analysis will be used to help governments frame ongoing support and stimulus measures and planning for the sector. It is updated monthly with new questions.
 
Take the Survey