The United Counties of Prescott and
Russell Economic Development and Tourism (PREDT), in collaboration with
the eight municipalities of the region, has released a second report,
“Evolution of the Impacts of COVID-19 on Prescott and Russell
Businesses.”
This report outlines the results of a survey conducted from July 8 to
15 – to which 279 local entrepreneurs responded – and which followed an
initial survey conducted earlier in May.
In general, businesses in the region seem to be regaining confidence
in the future and many have resumed their operations either in their
original form or in a completely new one. The number of entrepreneurs
who indicate they have adapted to the current situation is up 21% from
the survey results obtained in May.
“It was important for us to take the current pulse of the business
community and ensure we had the most relevant data to properly plan and
organize the economic recovery,” explained Carole Lavigne, Director of
Economic Development and Tourism at the UCPR. “That being said, the
Prescott and Russell Economic Response and Recovery Plan, which is based
on the data collected through these surveys, is progressing very well
and should be available by the end of the summer as planned.”
On the other hand, the most important risk currently facing Prescott
and Russell’s entrepreneurs is the significant decline in cash flow.
Several economic sectors such as retail, manufacturing, as well as arts,
entertainment and recreation continue to describe the situation as
critical.
Hiring projections are encouraging, however, with more than a quarter
of employers surveyed planning to hire new employees over the next six
years. On the subject of economic recovery, many local entrepreneurs are
calling for more financial support, initiatives that promote local
purchasing behaviour, and the importance of restoring consumer
confidence.