How COVID-19 Has Impacted Regional Businesses: Survey Results Are In

Wednesday, June 24, 2020

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Economic developers and community leaders need to understand the extent of the impact COVID-19 has had on business operations, jobs, wages and productivity. The University of Wisconsin Oshkosh developed a survey to assess the Economic Impact of COVID-19. From June 1 - 13th, the survey was completed by 744 businesses in 72 counties. Detailed results are being sent to regional EDOs, chambers and community partners like Momentum West. The data will then be used to inform future decisions regarding programming, resources and funding. 

Businesses who wish to take the survey should click here.

Overall Economic Impact of COVID-19

Per survey respondents, the total income loss from COVID-19 has been $22 million with other financial impacts at $38 million. Supply chain loss, specifically, is at $6 million.

At these businesses, 2,650 employees have been laid off and $14 million in wages and productivity has been lost. 

  • 73 of the businesses who took the survey said that they cannot last longer than three months in the current circumstances;
  • 95 said they could last for three to six months;
  • 51 said seven to ten months;
  • 360 more than ten months;
  • and the rest were unable to say.

 A detailed breakdown of their responses, along with how much revenue has been lost per response category can be found here

Economic Impact: Momentum West Region

Within the Momentum West Region, 63 survey respondents reported the following:

  • 10 of the businesses said they could not last longer than three months in the current circumstances;
  • 9 said they could last for three to six months;
  • 1 said seven to ten months;
  • 31 more than ten months;
  • and the rest were unable to say.

These regional companies have lost $3 million in revenue with other financial losses of $485,000. They have laid off 93.5 employees and had $488,000 in wages and productivity loss. 31 businesses received some form of financial assistance, 6 did not and the remaining never applied for it. 

Of the 63 businesses, 54 have been able to reopen, while 8 either need assistance or are unable to open in these circumstances. 

12 regional businesses have been able to pivot by offering services or selling products online, with 3 reporting that the sales replaced up to 50% of their typical sales volume, with another 3 reporting that up to 75% of their sales were replaced with online orders. 

For more detailed information on the response from Momentum West businesses, click here.

Committed to Recovery

As an organization, and a community, we are committed to the economic recovery of the Momentum West region.  We will continue to provide support to local businesses and invite those needing information or assistance to contact us.

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