The Southeast Alaska Business Climate Survey invited Southeast Alaska owners and top managers to respond to 19 questions. The web-based survey was administered electronically from April 9th through April 23rd. A total of 440 regional business leaders participated in the survey.The survey results include the following findings:
Revenue Decline: Regional business revenue was down 42% on average so far due to the pandemic. By industry, the tourism and arts sectors have experienced the greatest revenue losses.
Risk of Closure: Nearly a quarter of respondents are at risk closing permanently, or have already closed.
Impact of Relief Funding: Nearly a third of businesses receiving COVID-19 relief dollars reported that they would have closed permanently without the funding. Nearly half of respondents said that the funding allowed their businesses to retain staff.
State of the Economy, and Outlook: 80% of respondents call the current economy poor or very poor, and 22% feel that the upcoming year will be worse.
Job Projections: Most business leaders (60%) expect to add or maintain job levels in the coming year, with 13% expecting to add employees. Employment reductions will be most concentrated in the food and beverage sector, seafood, and professional services.
This survey was developed in a partnership between Southeast Conference, Spruce Root, the City and Borough of Wrangell, the Petersburg Borough, the Sitka Economic Development Association, the Haines Chamber of Commerce, the Skagway Development Corporation, and the City of Ketchikan. Rain Coast Data designed the survey instrument on behalf of this partnership.
