L’ORIGNAL – The United Counties of Prescott and Russell Economic Development and Tourism (PREDT), in collaboration with the eight municipalities of the region, has released a second report, “Evolution of the Impacts of COVID-19 on Prescott and Russell Businesses.”
This report outlines the results of a survey conducted from July 8 to 15 – to which 279 local entrepreneurs responded – and which followed an initial survey conducted in May 2020.
In general, businesses in the region seem to be regaining confidence in the future and many have resumed their operations either in their original form or in a completely new one. The number of entrepreneurs who indicate they have adapted to the current situation is up 21 percent from the survey results obtained in May.
“It was important for us to take the current pulse of the business community and ensure we had the most relevant data to properly plan and organize the economic recovery,” explained Carole Lavigne, Director of Economic Development and Tourism at the UCPR. “That being said, the Prescott and Russell Economic Response and Recovery Plan, which is based on the data collected through these surveys, is progressing very well and should be available by the end of the summer as planned.”
On the other hand, the most important risk currently facing Prescott and Russell’s entrepreneurs is the significant decline in cash flow. Several economic sectors such as retail, manufacturing, as well as arts, entertainment and recreation continue to describe the situation as critical.
Hiring projections are encouraging, however, with more than a quarter of employers surveyed planning to hire new employees over the next six years. On the subject of economic recovery, many local entrepreneurs are calling for more financial support, initiatives that promote local purchasing behaviour, and the importance of restoring consumer confidence.
The full version of the second report, “Evolution of the Impacts of COVID-19 on Prescott and Russell Businesses,” is available on the UCPR website or via this link: http://ow.ly/V67q30r1cdn.