An online business survey conducted by Hamilton Economic Development shows the impact of the COVID pandemic on the Hamilton Economy. The survey, which is unscientific due to its methodology, nonetheless attracted over 1500 respondents. Of this sampling the responding businesses reported they employed 54,000 workers prior to the pandemic, but collectively lost 8,000 jobs during the shutdowns, representing a city-wide decrease of 14.5%.
Approximately 80% of respondents reported a decrease in revenue in 2020 due to COVID-19, with approximately 25% of respondents indicating that the decrease in revenue was 50% or greater when compared to the prior year.
Not surprisingly, the hardest hit sectors were accommodation and food services. Other service providers and retail trade. On a more optimistic note the business surveyed predicted their employment levels will return to pre-pandemic levels once the crisis has passed.
Looking ahead, more than a third of the businesses surveyed said they intended to increase the online presence of their businesses and a similar percentage said they would be increasing the marketing and promotional activities.
The full survey can be accessed here. https://investinhamilton.ca/wp-content/uploads/2021/04/City-of-Hamilton-2021-Business-Impact-and-Workforce-Needs-Survey-Report.pdf