Calculating the Costs of COVID-19 for Westchester Businesses

AdobeStock/daniilvolkov

COVID-19 has caused the Westchester business community to suffer lower revenues and profitability while causing major changes in the way they operate their businesses, according to a recent survey of Westchester CEOs by the Siena College Research Institute (SCRI) released by the Business Council of Westchester.

Seventy-four percent of the surveyed CEOs said the pandemic led to decreasing revenues; 66% of the CEOS reported decreasing profitability, and more than half (53%) said there was a decrease in demand for their product or services. Sixty-one percent say that COVID-19 increased the cost of doing business.

One third say they expect to survive the pandemic and be in a position similar to where they were before the virus hit; 10% say they “may or may not survive.”

- Advertisement -

The pandemic has also forced CEOs to evaluate their business operations. Eighty-two percent have increased the ability for their employees to work from home, and 63% of those surveyed plan to continue this indefinitely. Meanwhile, 28% reduced their office space, 16% plan to make this change within the next six months, and 55% do not plan to make this change. 

Looking ahead, 43% of the CEOs surveyed anticipate growing revenues; 27% say revenues will stay the same; 29% expect their revenue to decline.

SCRI conducted online interviews with 91 CEOs of Westchester companies from January 29 – February 16. CEOs were from the following industry sectors service, financial, engineering and construction, food and beverage, retail, and manufacturing.


 

Our Westchester Home Builders Awards take place on April 4!

Our Diversity, Equity & Inclusion Forum is March 14!

Unveiled: A Boutique Bridal Brunch is February 25!

Our Best of Westchester Elimination Ballot is open through March 6!

Holiday flash sale ... subscribe and save 50%

Limited time offer. New subscribers only.