Since its inception in 1887, the Greater Vancouver Board of Trade has borne witness to world wars, the Great Depression and shifting economic landscapes. But nothing in our 133-year history prepared us for the challenges that the last 12 months have thrown at us.
We began the year focused on improving collaboration, but little did we know just how vital this approach would be once COVID-19 arrived in our province. Since March we have worked tirelessly to unite the voice of our region’s business community throughout the pandemic, forming the COVID-19 Cabinet and joining the premier’s Economic Recovery Task Force in the process.
Our initial focus was on getting businesses the support they needed to survive this unprecedented threat, but as the pandemic has persisted it has become clear that companies will continue to need support as we move towards a new normal.
Since February, more than 5,500 businesses have been forced to shut their doors as a result of the pandemic, and many more are worried that they will be forced to close if Christmas doesn’t deliver the profits they have come to rely on in years past. Indeed, a survey of our members in October showed 26% of businesses said they do not expect to survive more than 12 months if economic conditions do not improve. This concern is being felt more acutely in Greater Vancouver, where the once-thriving downtown core has become a ghost town as office occupancy plummets and tourists are almost nowhere to be seen.
The pandemic’s impacts are far reaching, to the point that the virus is changing the fabric of our society. The rise of remote working, for example, has created a new normal that is driving people out of the city and towards the suburbs, where real estate prices have followed suit. A reverse in the trend for growing urbanization we have experienced over recent years, this could fundamentally shift the landscape of our city and potentially create strains on our road and transit networks.
Beyond businesses themselves, months of COVID-19-related stress has also begun to take its toll on people. Over recent months, the subject of mental health has been a recurring focus as the second wave has tightened its grip on people’s lives. According to our research, more than 60% of businesses have observed increased mental health concerns among their employees since the onset of COVID-19, with more than half of those questioned pointing to isolation and disconnection being their chief concerns. Add in factors such as fatigue, seasonal stress and economic anxiety, and it’s easy to see why there is a real concern that the situation could reach breaking point in the months ahead.
The arrival of a long-awaited vaccine means that there is finally a glimmer of light at the end of the tunnel, but its eventual rollout will not flip a switch on the hardships that businesses have faced over the past nine months. The long-term competitiveness of our region rests on the measures that will be implemented in the coming months. Business and government must continue to work together to find solutions, as they have throughout the pandemic. Now is the time to make it easier for businesses to operate, to reduce costs and red tape so that businesses not only survive, but also thrive for years to come.
As we deal with the challenges of today, it’s vital that we don’t lose sight of tomorrow. That’s why we must approach the next year with the same spirit of collaboration that has guided us through 2020. Collective action will be vital, whether it is in supporting local businesses or greater diversity and inclusivity within our communities, the only way forward is together. •
Bridgitte Anderson is president and CEO of the Greater Vancouver Board of Trade.
