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Redevelopment - News

Posted on: April 10, 2020

FGCU Coronavirus Economic Impact Study Report

Florida Gulf Coast University Coronavirus Impact Survey Results Image

Due to  unprecedented circumstances brought on by the COVID-19 outbreak, Florida Gulf Coast University’s Lutgert College of Business has created a survey to help understand the economic impact the pandemic is having on Southwest Florida. 

Small businesses are suffering the most due to COVID-19, according to an initial survey conducted to understand the economic impact of the coronavirus pandemic on Southwest Florida.

The COVID-19 Economic Impact Survey was designed to allow company executives to voice concerns about the impact of the pandemic on their business. 

A summary of results is as follows:

  • 61% of respondents reported that their sales revenue has declined over 50% because of COVID-19, with the loss in revenue even higher in companies with less than 25 employees.
  • 59% of business respondents believe the effects of COVID-19 will be temporary.
  • 65% of respondents said they have laid off under 20% of their employees.
  • 21% of small businesses (ones with less than 25 employees) laid off over 80% of their employees. In larger businesses with more than 25 employees, they only laid off 17% of their employees.
  • 60% of larger companies had developed a disaster plan to deal with the coronavirus, but only 32% of the small firms had a disaster plan in place.

CLICK HERE for the complete survey results.

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