Businesses Expect a Slow Recovery According to Survey
Westchester businesses from across all sectors of the county’s economy said they are slowly recovering from the pandemic but expect to struggle for some time, according to a survey released on August 24 by the Business Council of Westchester’s Economic Recovery Task Force.
The survey asked BCW members to answer 20 questions assessing their status and ongoing needs.
Some findings of the survey included:
• Forty-four percent of businesses predicted that they would remain open but would continue to struggle over the next three months, with 17 percent saying they would thrive and 25 percent saying they would break even. Only 1 percent anticipated closing.
• About 53 percent of those surveyed said that business was down or significantly down compared with last year at this time, with 6 percent saying it was the same and 6 percent saying it was up. Thirty-five percent said it was not applicable or they didn’t respond.
• Forty-three percent of those surveyed said they were essential businesses and had never closed; 36 percent said they had reopened in phases 1-4. Only 3 businesses said they had not yet reopened.
• When asked what type of support would be most important, most businesses said obtaining grants and personal protective equipment, followed by marketing support.
• When asked if they needed PPE, a majority said they did with the most needed items being sanitizer and masks.
Those businesses sectors responding to the survey included Education, Energy, Health and Wellness (fitness, beauty salons etc.), Manufacturing, Not-for-Profit, Professional Services (PR/media, accounting, legal, finance), Real Estate/Construction, Retail, Technology, Transportation, Hospitality and Restaurants and Bars.
The survey is the latest communication from the Economic Recovery Task Force, a 47-member group of business leaders from across all sectors of Westchester’s economy. The Task Force recently released its second report to Governor Andrew Cuomo and County Executive George Latimer. The group’s findings are designed to provide guidance to state and county officials as they work to reopen New York’s economy from the pandemic.
“In addition to the two reports that the Task Force has issued since our formation in April, we will be providing officials with the results of this survey to help them better understand the state of Westchester business across many sectors and their continuing needs,’’ said Marsha Gordon, President and CEO of the Business Council of Westchester. “We hope this information will give our elected officials a glimpse into how our recovery is proceeding and what more they can do to assist the business community.’’
The reports and the latest survey results are available online at thebcw.org
The county’s largest and most influential business membership organization, The Business Council of Westchester is committed to helping businesses market, learn, advocate and grow. In addition, The Business Council of Westchester is actively involved in reviewing federal, state and county legislation and regulations in order to assess the potential impact on the business community and to influence the outcomes through advocacy when the business community’s interests may be affected. It also acts as an information resource for the business community and government leaders at all levels. Visit www.thebcw.org