Although two months of solid job gains are encouraging, it’s still likely to be a long, bumpy journey to the end of the pandemic tunnel for Canadian business-owners and their employees as the third wave of COVID-19 breaks across the country, threatening to disrupt the positive trends we’ve seen in today’s numbers.
(OTTAWA) – May 6, 2020 – The Canadian Chamber of Commerce’s Director of Workforce Strategies and Inclusive Growth Policy, Leah Nord, issued the following statement today regarding new data from the recent Canadian Survey on Business Conditions:
“The CSBC is the only large-scale survey to capture the impacts of COVID-19 upon businesses owned by diverse segments of the population, including women, Indigenous peoples, visible minorities, immigrants and people with disabilities.
The topline numbers suggest that COVID-19 had a more severe impact on diversity-owned businesses:
- 71.14% of diversity-owned businesses experienced a high drop in demand, compared with the national average (64.8%)
- 34.74% of diversity-owned businesses experienced a 50% or more decrease in revenue, compared with the national average (26.2%)
- 51.06% of diversity-owned businesses said they could remain open for no longer than 60 days without a source of revenue, compared with the national average (42.2%)
- 48.92% of diversity-owned businesses said they could remain open for no longer than 3 months amid social distancing, compared with the national average (39.7%).
However, if they can weather the crisis, the data indicate that each group expects to rebound in a similar time and fashion as other businesses across the country.
Further, there are several notable data points demonstrating innovation and ingenuity:
- Indigenous-owned and visible minority-owned businesses have tested or used R&D at a higher rate (11.1% and 8.6%) than national average (5.7%)
- 17% of businesses owned by those with disabilities tested or used e-commerce during the crisis compared to the national average (11.6%)
- Women-owned business have increased investment in training and education at a higher rate (16.2%) than the national average (11.3%)
The survey results are the first to demonstrate how diverse segments of business owners are experiencing the COVID-19 crisis. It shows their resiliency in adapting to new economic conditions. These findings will be useful for policy makers and business leaders to ensure an inclusive recovery.”
About the Canadian Chamber of Commerce – Because Business Matters
The Canadian Chamber of Commerce helps build the businesses that support our families, our communities and our country. We do this by influencing government policy, by providing essential business services and by connecting businesses to information they can use, to opportunities for growth and to a network of local chambers, businesses, decision-makers and peers from across the country, in every sector of the economy and at all levels of government, as well as internationally. We are unapologetic in our support for business and the vital role it plays in building and sustaining our great nation.
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