Photo by Ashley Low
When the virus began impacting Summit County in April 2020, Corry Mihm and her team scrambled to gather immediate data to show how the business community was impacted.
Mihm, who is the project manager for the Summit Prosperity Initiative, said when she and her team began launching these surveys, the goal was to see how businesses were coping and identify needs that could be met through the initiative and the Summit Chamber of Commerce.
The latest survey results were released Thursday, July 8. Mihm said the two biggest takeaways and news worth celebrating are that businesses are starting to report revenue gains and that owners are feeling more confident looking to the future.
Photo by Liz Copan / Studio Copan
The Summit Prosperity Initiative’s recent economic impact survey reflected worsening business conditions and found that overall business confidence is decreasing and that staffing is a major concern.
The survey results from Oct. 30 to Nov. 12 were grim, and that was before the county went into level red. Project manager Corry Mihm anticipates the November and December impacts likely will be worse than the study indicated.
Year over year, October revenue declined about 10%. That figure varies greatly across businesses with about 18% reporting flat revenue, about 6% reporting decreases of 80% to 100%, and 6% reporting their best October ever. According to the survey, November’s revenue decline is estimated at 20% and December revenue is estimated to decline 25%, but actual results likely will be worse due to new restrictions, Mihm said.