The Northern Colorado Economic Development Initiative (NoCo REDI) conducted a COVID-19 business impact survey between 1/6/2022 – 3/2/2022 in an effort to continue to help catalyze resources and support tools for our unique business community. There were a total of 124 responses. Responses for this survey were slightly lower than the Q1 2021 survey, and overall survey responses have steadily decreased since the first survey was conducted from 3/31/20-4/10/20.
To further understand the unique hardships faced by the region’s business community, this survey was conducted with a focus on the opportunities and challenges faced by minority-owned businesses. This report examines the state of minority-owned businesses, offering insights on their performance, hiring practices, and future outlook.
There were 124 unique responses from businesses located in Northern Colorado communities, of which 61 identify as minority-owned. The sector with the largest portion of responses was the Accommodation and Food Services industry.
Summary Points
- 44% of all businesses, and 46% of minority-owned businesses, report no change in their employee headcount since early 2020. 35% of all businesses, and 31% of minority-owned businesses, have seen a decrease while 22% of all businesses, and 23% of minority-owned businesses, have seen an increase in employee headcount.
- 40% of total businesses surveyed report that sales revenue has decreased since early 2020. 42% of minority-owned businesses report that sales revenue has decreased since early 2020.
- The majority of businesses report changing their hiring practices to adjust to hiring challenges.
- 73% of total businesses, and 29% of minority-owned businesses, report experiencing supply chain issues.
- 38% of total businesses, and 40% of minority-owned businesses, report an increase in confidence in the recovery of the Northern Colorado economy over the next 6-12 months.
Download the entire business impact survey summary below to dive deeper into the specific challenges and opportunities facing Northern Colorado’s business community.
Download the May 2022 COVID-19 Business Impact Survey Summary
For additional COVID-19 economic recovery data and previous survey data, visit the Recovery Tracker.