A quarter of Greater Vancouver businesses do not expect to survive more than 12 months under current economic conditions, according to a survey by the Greater Vancouver Board of Trade.
Businesses that manage to hold on, meanwhile, will face a dramatically different economic landscape, according to respondents.
According to the survey, only 40 per cent of businesses expect to return to regular operations in the wake of the COVID-19 pandemic.
When asked to name their most significant concerns, 17 per cent cited layoffs while another 17 per cent reduced employee hours. Twenty-six per cent cited limited capacity.
Sixty-nine per cent said economic recovery was the key issue in this month’s provincial election.
Business owners want a clearer picture of immediate plans to support the economy, as well as a long-term vision of the B.C. economy, the GVBOT said in a statement.
The results of the survey were presented to the leaders of B.C.’s three main parties at a board event on Thursday.
Earlier in the day, BC Liberal Leader Andrew Wilkinson said if elected he will eliminate a two-per-cent small business income tax.
Wilkinson also promised to create a loan-guarantee program for the province’s more than 19,000 tourism and hospitality companies to help them pay fixed costs, given a downturn in business due to the pandemic.
On Thursday, NDP Leader John Horgan promised to complete a SkyTrain route from Surrey to Langley if re-elected.
He said the route would help bring jobs to people in the construction industry and lead to more infrastructure growth.
The project would cost an estimated $3.1 billion.
— With files from Richard Zussman
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