People wearing face masks to curb the spread of COVID-19 walk past a window display at a store in downtown Vancouver, on Sunday, December 13, 2020. The association representing businesses across Metro Vancouver says the costs of COVID-19 continue to mount for its members.THE CANADIAN PRESS/Darryl Dyck

People wearing face masks to curb the spread of COVID-19 walk past a window display at a store in downtown Vancouver, on Sunday, December 13, 2020. The association representing businesses across Metro Vancouver says the costs of COVID-19 continue to mount for its members.THE CANADIAN PRESS/Darryl Dyck

Greater Vancouver business organization says members face uncertain outlook in 2021

Many Greater Vancouver businesses are barely treading water as they enter 2021

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.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Free Reformed Church is seen as people attend service, in Chilliwack, B.C., on Sunday, Feb. 21, 2021. Lawyers for the British Columbia government and the Justice Centre for Constitutional Freedoms are back in B.C. Supreme Court today, squaring off over the legality of COVID-19 rules that prohibit in-person religious services. THE CANADIAN PRESS/Darryl Dyck
B.C. top doctor has power to restrict access to a place during health hazard: lawyer

Under B.C.’s Public Health Act, Jacqueline Hughes says, Henry can restrict or prevent entry to a place

Photo by Dale Klippenstein
Two men taken to hospital after fight on Keeping Road in Abbotsford

One of the men suffers serious injuries in incident on Thursday night

Stattonrock Design + Build in Abbotsford won four awards at the recent Fraser Valley Housing Awards of Excellence, including for Best Renovation – Whole House and Best Kitchen Renovation over $50,000 for this house.
Abbotsford company wins four housing excellence awards

Stattonrock Design + Build’s honours include Residential Renovator of the Year

....
‘Basmodi Wave’ Indian farmers protest coming to Abbotsford on Sunday

200 pairs of shoes being placed outside Abbotsford city hall to represent deaths during protests

Chris Isfled (left) of Abbotsford and friend Shawn Bjornsson of Winnipeg ran 30 kilometres across Lake Winnipeg in 2020, raising $20,000 for the Save Your Skin Foundation. This year’s event is being held virtually and invites participation from the public.
Abbotsford cancer survivor holds virtual run fundraiser for Save Your Skin Foundation

Chris Isfeld, a survivor of late-stage melanoma, holds A Viking’s Challenge on March 6 and 7

B.C. Health Minister Adrian Dix and provincial health officer Dr. Bonnie Henry head for the B.C. legislature press theatre to give a daily update on the COVID-19 pandemic, April 6, 2020. (B.C. government)
B.C. nears 300,000 COVID-19 vaccinations, essential workers next

564 new cases, four deaths, no new outbreaks Thursday

The Netflix logo on an iPhone. B.C. delayed imposing sales tax on digital services and sweetened carbonated beverages as part of its response to COVID-19. Those taxes take effect April 1, 2021. THE CANADIAN PRESS/AP, Matt Rourke
B.C. applies 7% sales tax on streaming, vaping, sweet drinks April 1

Measures from 2020 budget were delayed due to COVID-19

Chief Don Tom of the Tsartlip First Nation was outraged after Green MLA Adam Olsen revealed on social media that the community had been experiencing a COVID-19 outbreak – a fact the First Nation had chosen to keep private to avoid racist backlash as experienced by the Cowichan Tribes when an outbreak was declared there in January. (Black Press Media file photo)
B.C. First Nation ‘outraged’ after Green MLA reveals COVID-19 outbreak

Tsartlip First Nation chief shares concerns about racist backlash, MLA apologizes

A lawyer wears a face mask and gloves to curb the spread of COVID-19 while waiting to enter B.C. Supreme Court, in Vancouver, B.C., Friday, Aug. 28, 2020. British Columbia’s highest court has sided with the land owner in a dispute over public access to public land. THE CANADIAN PRESS/Darryl Dyck
B.C. high court finds in favour of large landowner in fight over access to pair of lakes

The Nicola Valley Fish and Game Club launched legal action after the cattle company blocked road and trail access

Prime Minister Justin Trudeau holds a press conference in Ottawa Friday, March 5, 2021. THE CANADIAN PRESS/Sean Kilpatrick
Trudeau holds firm on premiers’ health-care funding demands, COVID-19 aid comes first

Premiers argue that the current amount doesn’t keep pace with yearly cost increases of about five per cent

A vial of some of the first 500,000 of the two million Oxford-AstraZeneca COVID-19 vaccine doses that Canada has secured through a deal with the Serum Institute of India in partnership with Verity Pharma at a facility in Milton, Ont., on Wednesday, March 3, 2021. THE CANADIAN PRESS/Carlos Osorio - POOL
B.C. dentists and bus drivers want newly-approved Oxford-AstraZeneca vaccine

BC Dental Association says dentists and their teams cannot treat patients remotely

Surrey Pretrial in Newton. (Photo: Tom Zytaruk)
B.C. transgender inmate to get human rights hearing after being held in mostly male jail

B.C. Human Rights Tribunal member Amber Prince on March 3 dismissed the pretrial’s application to have Makayla Sandve’s complaint dismissed

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

President of the BC Teacher’s Federation (BCTF) Teri Mooring is calling for teachers to be vaccinated for COVID-19 by summer. THE CANADIAN PRESS/Chad Hipolito
Why it’s ‘urgent’ B.C. teachers get vaccinated from COVID-19 before summer

President Teri Mooring says not enough is being done to prevent virus transmission in schools

Most Read