People wearing face masks to curb the spread of COVID-19 walk past a window display at a store in downtown Vancouver, on Sunday, December 13, 2020. The association representing businesses across Metro Vancouver says the costs of COVID-19 continue to mount for its members.THE CANADIAN PRESS/Darryl Dyck

People wearing face masks to curb the spread of COVID-19 walk past a window display at a store in downtown Vancouver, on Sunday, December 13, 2020. The association representing businesses across Metro Vancouver says the costs of COVID-19 continue to mount for its members.THE CANADIAN PRESS/Darryl Dyck

Greater Vancouver business organization says members face uncertain outlook in 2021

Many Greater Vancouver businesses are barely treading water as they enter 2021

The association representing businesses across Metro Vancouver says the costs of COVID-19 continue to mount for its members.

The Greater Vancouver Board of Trade has released its annual Region in Review report showing pandemic-related challenges obscure the path to economic recovery.

The survey shows many board of trade members have been hit, with 62 per cent still seeing decreased sales, 36 per cent reporting higher operating costs and roughly 30 per cent confirming layoffs or cuts in operating hours to make ends meet.

Seventy per cent of owners say they don’t expect normal workplace routines until at least the summer, while 10 per cent predict the majority of their workers may never return to the office.

Although the survey shows 41 per cent of businesses are optimistic about recovery, only 49 per cent expect business as usual when government assistance ends.

The same number predict lower revenues through June, 24 per cent anticipate layoffs and 22 per cent plan to cut hours.

Board president Bridgitte Anderson says the survey reveals many Greater Vancouver businesses are barely treading water as they enter 2021.

“The near-term outlook is uncertain, with many leaders anxious about what the future holds for their businesses,” Anderson says in a statement.

“Our entrepreneurs are resilient and are investing and pivoting to digital as they forge a path that will help them not only navigate the pandemic but guide our region to prosperity in the future,” she says.

The report is part of the board of trade’s 32nd annual Economic Outlook Forum and was compiled from responses by 134 board members to a survey by the Mustel Group between Jan. 5 and 12.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Want to support local journalism? Make a donation here.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Canadian Reformed Church in Chilliwack. (GoogleMaps)
OPINION: Churches that defy the law and public health orders are in the extreme minority

The nature of news coverage means that aberrations from the norm are what make the headlines

Projects recently approved by council will tackle homelessness in Chilliwack. (Black Press file photo)
Latest projects taking on homelessness in Chilliwack focused on pandemic pivoting

4 key service providers will share a blended fund of almost $160,000 in Reaching Home funding

Free Reformed Church is seen as people attend service, in Chilliwack, B.C., on Sunday, Feb. 21, 2021. Lawyers for the British Columbia government and the Justice Centre for Constitutional Freedoms are back in B.C. Supreme Court today, squaring off over the legality of COVID-19 rules that prohibit in-person religious services. THE CANADIAN PRESS/Darryl Dyck
B.C. top doctor has power to restrict access to a place during health hazard: lawyer

Under B.C.’s Public Health Act, Jacqueline Hughes says, Henry can restrict or prevent entry to a place

These free, postage-paid postcards were sent to 13.5 million households across Canada. (Jennifer Feinberg/ The Chilliwack Progress)
OPINION: Singing the praises of these postcards of positivity

I typed this ode to the loveliness of hand-written notes on a computer but the point still stands

Snow is still coming down in Hemlock Valley. (Emil Anderson Maintenance/Twitter)
VIDEO: Spring is coming, but snow sticking around in Hemlock Valley

If you’re up the mountain, don’t put away your toques just yet

Provincial health officer Dr. Bonnie Henry updates B.C. on the COVID-19 situation. (B.C. government)
Dr. Bonnie Henry predicts a ‘post-pandemic world’ for B.C. this summer

‘Extending this second dose provides very high real-world protection to more people, sooner’

Malawian police guard AstraZeneca COVID-19 vaccines after the shipment arrived in Lilongwe, Malawi, Friday March 5, 2021. Canada is expecting its first shipments of AstraZeneca vaccine next week. (Associated Press/Thoko Chikondi)
B.C.’s daily COVID-19 cases climb to 634 Friday, four more deaths

Currently 255 people in hospital, 66 in intensive care

A crashed helicopter is seen near Mt. Gardner on Bowen Island on Friday March 5, 2021. Two people were taken to hospital in serious but stable condition after the crash. (Irene Paulus/contributed)
2 people in serious condition after helicopter goes down on Bowen Island

Unclear how many passengers aboard and unclear where the helicopter was going

Surrey Pretrial in Newton. (Photo: Tom Zytaruk)
B.C. transgender inmate to get human rights hearing after being held in mostly male jail

B.C. Human Rights Tribunal member Amber Prince on March 3 dismissed the pretrial’s application to have Makayla Sandve’s complaint dismissed

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Supporters rally outside court as Pastor James Coates of GraceLife Church is in court to appeal bail conditions, after he was arrested for holding day services in violation of COVID-19 rules, in Edmonton, Alta., on Thursday March 4, 2021. THE CANADIAN PRESS/Jason Franson
‘Law remains valid:’ Pastor accused of violating health orders to remain in jail

The Justice Centre for Constitutional Freedoms is representing the pastor

The Netflix logo on an iPhone. B.C. delayed imposing sales tax on digital services and sweetened carbonated beverages as part of its response to COVID-19. Those taxes take effect April 1, 2021. THE CANADIAN PRESS/AP, Matt Rourke
B.C. applies 7% sales tax on streaming, vaping, sweet drinks April 1

Measures from 2020 budget were delayed due to COVID-19

Chief Don Tom of the Tsartlip First Nation was outraged after Green MLA Adam Olsen revealed on social media that the community had been experiencing a COVID-19 outbreak – a fact the First Nation had chosen to keep private to avoid racist backlash as experienced by the Cowichan Tribes when an outbreak was declared there in January. (Black Press Media file photo)
B.C. First Nation ‘outraged’ after Green MLA reveals COVID-19 outbreak

Tsartlip First Nation chief shares concerns about racist backlash, MLA apologizes

A lawyer wears a face mask and gloves to curb the spread of COVID-19 while waiting to enter B.C. Supreme Court, in Vancouver, B.C., Friday, Aug. 28, 2020. British Columbia’s highest court has sided with the land owner in a dispute over public access to public land. THE CANADIAN PRESS/Darryl Dyck
B.C. high court finds in favour of large landowner in fight over access to pair of lakes

The Nicola Valley Fish and Game Club launched legal action after the cattle company blocked road and trail access

Most Read