A pedestrian walks past an empty store front in Montreal, Wednesday, Jan. 29, 2020. THE CANADIAN PRESS/Ryan Remiorz

A pedestrian walks past an empty store front in Montreal, Wednesday, Jan. 29, 2020. THE CANADIAN PRESS/Ryan Remiorz

More than half of Canadian companies seeing sales drop at least 20%: StatCan

Survey suggests nearly one in five businesses have laid off 80 per cent or more of their workforce

Statistics Canada reports nearly one-third of Canadian businesses who responded in a newly released survey have seen their revenues plummet by 40 per cent as a result of the COVID-19 pandemic.

A further one-fifth of businesses reported a revenue drop of between 20 per cent and 40 per cent, suggesting that more than half of Canadian companies have watched sales drop significantly since the crisis began in March.

That has led to widespread layoffs and furloughs, with the crowd-sourced survey results from more than 12,600 companies suggesting nearly one in five businesses have laid off 80 per cent or more of their workforce.

The highest proportion of businesses reporting heavy losses and large layoffs were in the accommodation and food services sector, as well as retail.

However, 62.3 per cent of businesses that took part in the survey say they could re-open or return to normal operations less than one month after public restrictions like physical distancing measures are removed.

The results are from an online survey this month done in tandem with the Canadian Chamber of Commerce. Statistics Canada says the study cannot be applied to the overall Canadian economy because the voluntary survey does not represent a random sample of the population.

In a statement, chief statistician Anil Arora says the results should help public and private sector decision-makers.

It has been some six weeks since public health officials asked Canadians to stay home and governments ordered the closure of non-essential businesses to slow the spread of the novel coronavirus outbreak.

The impact on the Canadian economy has been swift with more than one million workers losing their job at the outset of the pandemic, and more than two million having the hours reduced. Since mid-March, more than seven million people have applied for emergency federal aid.

Heading into the crisis, 42.2 per cent of businesses in the survey said they couldn’t operate more than 60 days without a source of revenue, the Canadian Chamber of Commerce notes in a release.

The chamber’s chief economist, Trevin Stratton, says in a statement the data suggest thousands of businesses are quickly approaching permanent closures the longer restriction stay in place.

He says policy measures like an emergency wage subsidy, which opened for applications this week, and federally backed loans will help many businesses who are “on the clock.”

The Canadian Press


Like us on Facebook and follow us on Twitter.

Coronaviruseconomy

Just Posted

Vehicles line up for the Greater Vancouver Drive-Thru Food Truck Festival at the Chilliwack Coliseum parking lot on March 27. The touring event comes to Abbotsford this weekend, May 15 and 16. (Photo: Jenna Hauck/Chilliwack Progress)
Drive-Thru Food Truck Festival takes place in Abbotsford

Event runs May 15 and 16 at Tradex, featuring 12 trucks each day

Mandarin Garden in Abbotsford had two event tents set up for outdoor dining. One of the tents, valued at more than $5,000, was stolen early Friday morning (May 14). (Submitted photo)
UPDATE: Dining tent stolen from Abbotsford restaurant is located

Owner says it would have cost more than $5,000 to replace the rented event tent

Chilliwack prolific offender Brian Stephan was wanted in late April 2021, but was arrested and charged after allegedly stealing a vehicle in Mission on May 5 and resisting arrest in Chilliwack. (RCMP file)
Wanted Chilliwack prolific offender arrested yet again

Brian Stephan allegedly stole a vehicle in Mission, committed a B&E, resisted arrest in Chilliwack on May 5

Trina Hunt's remains were found in the Hope area on March 29. Her family is asking the public to think back to the weekend prior to when she went missing. (Photo courtesy of IHIT.)
Cousin of missing woman found in Hope says she won’t have closure until death is solved

Trina Hunt’s family urges Hope residents to check dashcam, photos to help find her killer

The new emergency department at Abbotsford Regional Hospital and Cancer Centre is slated to open June 8. (Screenshot from Province of BC video)
Expanded emergency department slated to open in June at Abbotsford Regional Hospital

Project cost $15 million with an additional $1.25 million donated for equipment

Daily confirmed COVID-19 cases reported to B.C. public health, seven-day rolling average in white, to May 12, 2021. (B.C. Centre for Disease Control)
B.C. preparing ‘Restart 2.0’ from COVID-19 as June approaches

Daily infections fall below 500 Friday, down to 387 in hospital

Bradley Priestap in an undated photo provided to the media some time in 2012 by the London Police Service.
Serial sex-offender acquitted of duct tape possession in B.C. provincial court

Ontario sex offender on long-term supervision order was found with one of many ‘rape kit’ items

Rich Coleman, who was responsible for the gaming file off and on from 2001 to 2013, was recalled after his initial testimony to the Cullen Commission last month. (Screenshot)
Coleman questioned over $460K transaction at River Rock during B.C. casinos inquiry

The longtime former Langley MLA was asked about 2011 interview on BC Almanac program

Steven Shearer, <em>Untitled. </em>(Dennis Ha/Courtesy of Steven Shearer)
Vancouver photographer’s billboards taken down after complaints about being ‘disturbing’

‘Context is everything’ when it comes to understanding these images, says visual art professor Catherine Heard

Chief Public Health Officer Theresa Tam listens to a question during a news conference, in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Restrictions will lift once 75% of Canadians get 1 shot and 20% are fully immunized, feds say

Federal health officials are laying out their vision of what life could look like after most Canadians are vaccinated against COVID-19

Mike Farnworth, pre-pandemic. (File photo)
Surrey Police recruitment not distracting cops from shootings, Farnworth says

‘That’s simply not the case,’ Public Safety Minister Mike Farnworth told the Now-Leader on Friday

Police are at Ecole Mount Prevost Elementary but the students have been evacuated. (Kevin Rothbauer/Citizen)
Gardener finds buried explosives, sparking evacuation of Cowichan school

Students removed from school in an ‘abundance of caution’

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

Most Read