SYRACUSE — More than half (55 percent) of responding Central New York businesses reported a decrease in product demand during the coronavirus shutdown that led them to implement layoffs, reduced operating hours, shifts, or workdays. That’s according to a new survey from CenterState CEO, which also found 10 percent of firms are looking to hire […]
SYRACUSE — More than half (55 percent) of responding Central New York businesses reported a decrease in product demand during the coronavirus shutdown that led them to implement layoffs, reduced operating hours, shifts, or workdays.
That’s according to a new survey from CenterState CEO, which also found 10 percent of firms are looking to hire employees to meet new demand during the crisis. One out of five manufacturers reported an increase in demand requiring hiring.
Those findings are part of CenterState CEO’s Phase 1 COVID-19 Business Impact Survey of area businesses. The economic-development organization’s officials released details during a virtual media roundtable held April 16.
The survey found 34 percent of businesses saying that supply chain impacts are “high or of the highest impact.” That number is up from 15 percent on March 23, CenterState CEO said.
The survey’s first phase was available between March 19 and April 8, generating 263 responses in that time.
Robert Simpson, president and CEO of CenterState CEO, said his organization called more than 1,500 members in the upstate business community, “trying to understand … how they’re being influenced and impacted by the economic reality that we find ourselves in.”
In those conversations, Simpson said the organization heard “a lot of anxiety, a lot of concern, a lot of uncertainty, but also I think a very significant amount of care and concern for those business owners’ employees.”
CenterState CEO on April 9 launched the second phase of its COVID-19 Business Impact Survey. As of April 15, the survey’s second phase has generated more than 50 responses.
Survey’s second phase
Initial findings from the Phase 2 COVID-19 Business Impact Survey indicate that revenue and customers are “ongoing challenges,” and many companies have had to reduce payroll, but some firms are seeking to add employees.
The survey also found that 75 percent of respondents applied for the Paycheck Protection Program, which offers potentially forgivable, low-interest loans to help small businesses keep their employees.
CenterState CEO will continue to track responses to the Phase 2 COVID-19 Business Impact Survey and offer updates on its COVID-19 Business Resources page, the organization said.