According to a new Business and Industry Association survey on COVID-19’s impact on member enterprises, nearly 70% of respondents saw a reduction in revenue due to the COVID-19 pandemic
- 27% reported revenue losses of 10% or less
- 27% reported a 11-25% revenue loss
- 29% reported a 26-50% revenue loss
In April, over 80% of respondents reported lost revenue
- 13% reported revenue losses of 10% or less
- 41% reported a 11-25% revenue loss
- 17% reported a 26-50% revenue loss
Nearly 22% of respondents reported reducing staff as a result of the pandemic in the latest survey
Addirional survey highlights include:
- The majority of respondents (88%) have not reduced employee benefits. However, 40% of respondents are delaying salary or wage increases, with another 19% currently undecided. The majority (56%) of employers who are delaying salary or wage increases are unsure about when those increases will be reinstated.
- 60% of respondents were planning to add staff pre-pandemic. Of those employers, 59% put such plans on hold in the current survey, compared to 76% in April.
- Of respondents that reported trying to add staff during the pandemic, 49% are having a difficult time finding qualified employees. 17% say it’s harder to add staff now than before the pandemic.
- 28% of respondents reported that some employees have chosen not to work due to COVID-19 (compared to 43% in April). 88% of those not able to work say it is due to childcare issues (compared to 71% in April) and 41% say it is due to school-age children remote learning challenges (compared to 67% in April).
The survey was conducted October 15th through October 22nd, 2020; it was a follow-up to a similar BIA member survey conducted in April. Approximately 15% of BIA’s membership responded to the survey, covering a wide range of industries, particularly manufacturing (22% of respondents). Echoing the April survey, only 10% of respondents were shut down by Governor Sununu’s March 26th emergency order closing non-essential businesses.
“This survey provides a snapshot of the pandemic’s impact on essential businesses and leading employers in New Hampshire. It also illustrates the challenges they face in gaining their sea legs,” said BIA President Jim Roche. “In this uncertain environment, it’s critical for state policymakers to avoid economically harming businesses or the individuals they employ further through higher taxes, labor or environmental regulations that exceed federal standards, higher electrical energy costs, or anything else that creates a head wind for them,” Roche concluded.