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

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

Just Posted

Singletree Winery in Abbotsford has opened two domes where customers can enjoy wine tastings and local goodies. (Photo by Megan Ashley Creative)
Abbotsford winery first in Fraser Valley to open wine-tasting domes

Singletree Winery offers two themed transparent enclosures

/ Kevin Mills Photo
Thousands participate in solidarity parade for transgender student who was bullied

Cars, horses and even planes passed by the Mission waterfront to show support

An amethyst rock was stolen from Swinstones Granite Shop’s showroom in Chilliwack on Yale Rd. West, and they are hoping it will be spotted and returned. They discovered their window smashed and the purple rock stolen on the morning of Jan. 17, 2020. Here a portion of it is pictured to the right. (Submitted image)
Amethyst stolen from Chilliwack stone shop’s showroom

Window smashed at business where purple rock has been on display for nearly 16 years

sdf
Another Mission student arrested for assault, in 2nd case of in-school violence this week

RCMP notified of local Instagram page with videos (now deleted) showing student assaults, bullying

Two people on a paddleboard take advantage of a calm Cultus Lake on Friday, Jan. 15, 2021. (Jenna Hauck/ Chilliwack Progress)
WEATHER: Forecast calls for lots of sun in Fraser Valley this coming week

Most of next seven days will be sunny for eastern Fraser Valley, according to Environment Canada

A scene from “Canada and the Gulf War: In their own words,” a video by The Memory Project, a program of Historica Canada, is shown in this undated illustration. THE CANADIAN PRESS/HO - Historica Canada
New video marks Canada’s contributions to first Gulf War on 30th anniversary

Veterans Affairs Canada says around 4,500 Canadian military personnel served during the war

Canada released proposed regulations Jan. 2 for the fisheries minister to maintain Canada’s major fish stocks at sustainable levels and recover those at risk. (File photo)
New laws would cement DFO accountability to depleted fish stocks

Three B.C. salmon stocks first in line for priority attention under proposed regulations

Trees destroyed a Shoreacres home during a wind storm Jan. 13, 2021. Photo: Submitted
Kootenay woman flees just before tree crushes house

Pamala DeRosa is thankful to be alive

Ridge Meadows Search and Rescue had a helicopter rescue in Golden Ears Park on Saturday. (Special to The News)
Helicopter Rescue in Golden Ears park

Ridge Meadows search team assists injured hiker

Gin, one of the Kantymirs’ two sheep. (Martha Wickett-Salmon Arm Observer)
Sheep start up ATV, sit in cars and go for walks in Salmon Arm

Until they bought two sheep, Ken and Karleen Kantymir didin’t realize just how social the animals are

Heather Lucier, a pastor at Kelowna Harvest Fellowship, speaks to an RCMP officer outside of Harvest Ministries on Sunday, Jan. 10. (Michael Rodriguez - Capital News)
Kelowna church fined 2nd time for violating public health order

Harvest Ministries in Kelowna has previously said they will fight the tickets in court

Powell River-Sunshine Coast MLA Nicholas Simons was appointed to the NDP cabinet as minister of social development and poverty reduction after the October 2020 B.C. election. (Hansard TV)
B.C. job training fund increased for developmentally disabled

COVID-19 has affected 1,100 ‘precariously employed’ people

B.C. driver’s licence and identity cards incorporate medical services, but the passport option for land crossings is being phased out. (B.C. government)
B.C. abandons border ID cards built into driver’s licence

$35 option costing ICBC millions as demand dwindles

Most Read