The third round of results from the Economic Sentiment Survey has been released and it shows that most businesses in Flagstaff and Sedona are open, but not operating at close to full capacity. It also shows that many businesses that are critical to the economic health of the region, including those in tourism and adjacent industries, have experienced significant declines in revenue in the last three months. According to the latest results, eight percent of restaurants, or food suppliers, have closed permanently since the COVID-19 pandemic began. Forty-seven-percent of businesses are fully open, while 31 are just partially open. Open businesses are operating at 60-percent capacity and have seen a 44-percent decrease in revenue. The survey asked about the greatest hurdle to a full reopening. Business owners’ responses across several industries was a lack of tourists or customers, consumer confidence and keeping employees and customers safe. The survey also shows businesses in tourism, retail, food service and the hotel industry have seen the biggest hits in operating capacity and revenue. The survey is a joint effort between Northern Arizona University’s Alliance Bank Economic Policy Institute and Coconino County. The next survey is set to be released the week of July 6th.
May 07 2021