Close to 30% of Niagara's businesses are worried they will have to close their doors for good.
A second survey of over 1300 businesses, who represent 50,000 employees in Niagara, completed the survey by Niagara’s Economic Rapid Response Team.
Companies completed the survey between May 15th and June 5th.
745 respondents reported a combined loss of $425 million, and total revenue losses are estimated to be $7.8 billion.
7% of businesses say they are either at risk of permanent closure, and 28% say they are vulnerable to closure.
Niagara has since moved into stage two of the reopening of Ontario`s economy.
"There’s no question that Niagara has been hard-hit by the COVID-19 pandemic. These survey results will help to quantify that impact, design Niagara-specific solutions, and advocate for the supports and resources that will be essential to Niagara’s economic recovery." ~ Valerie Kuhns, Acting Director, Niagara Economic Development