Our business community has faced unparalleled disruption and uncertainty through the COVID-19 pandemic. To better understand the challenges they are facing, and the strategies they are deploying to adapt, we conducted a round of public opinion research.
An overwhelming majority of businesses in Calgary saw their revenues decrease on average by nearly half, and had to reduce their workforce and/or reduce hours and wages. To stay afloat, a majority of Calgary businesses leveraged government support programs such as the Canada Emergency Wage Subsidy and the Canada Emergency Business Account.
And while most feel prepared for a second round of public health restrictions, most Calgary businesses believe Alberta's economy is worsening. We do see Calgary's entrepreneurial spirit shining through when we consider the next three years, with most businesses feeling somewhat or very optimistic about Alberta's economic prospects.
One thing is clear. In times of crisis, businesses and government must work together. A majority of Calgary businesses gave all levels of government positive marks for the way they have handled the COVID-19 pandemic.