Quarter of Greater Vancouver businesses don’t expect to survive the next 12 months: report

Study calls on the provincial government to do more to help economic revival.

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Study calls on the provincial government to do more to help economic revival

A survey released today by the Greater Vancouver Board of Trade in partnership with Mustel Group found that one in four businesses in B.C. don’t expect to survive more than 12 months. Also, only four in 10 expect to return to business as usual.

The poll was released in coordination with a GVBOT event called B.C. Election 2020: Priorities for our transformation and growth.

Unsurprisingly, survey respondents No. 1 concern in the October 24 election was economic recovery, with almost 70 percent calling it a top issue. Next: tax competitiveness, health care and fiscal responsibility, with jobs and employment rounding out the top five.

In the long term, 52 percent of businesses polled believe we’re on the wrong track when it comes to regional competitiveness.

Reducing permitting processes (62 percent), training the workforce (53 percent) and growing B.C.’s tech ecosystem (50 percent) were also flagged as areas for improvement.

Meanwhile, 62 percent of respondents think the provincial government should do more to prioritize major infrastructure projects, while two thirds aren’t confident in the current government’s economic recovery plan.