More layoffs still to come, local business survey shows

Business

SAN DIEGO (CNS) – Despite the unprecedented downsizing of the last few weeks, a majority of layoffs are yet to come, the San Diego Regional Economic Development Corporation announced Thursday.

In a three-week survey of the economic impact of the COVID-19 pandemic and related economic slowdowns released Thursday, the survey indicated that while there a few local companies still hiring, the worst is still to come. Of 681 respondents, 379 employers plan to eliminate 14,524 jobs, approximately 68% of their total workforce.

The ZIP code with the largest loss of employment, perhaps unsurprisingly, is 92101, which encompasses downtown San Diego. That area is looking at 7,162 lost jobs and an average revenue decline of 60%.

The survey, developed in partnership with the San Diego Regional Chamber of Commerce, San Diego and Imperial Small Business Development Center, the Downtown San Diego Partnership and National City Chamber of Commerce, will remain open for the foreseeable future.

A San Diego Regional EDC  statement said the organization wanted to chart how businesses were feeling going forward, even into an eventually economic recovery.

The survey found that small businesses are more likely to embrace remote work, with 85% of those respondents using remote workers being small businesses. Overall, 42% of employers surveyed are having employees work remotely.

Despite the bleak picture, some companies are still hiring. According to the survey, more than 11% of firms are still planning to fill positions. Nearly 19% of those firms still hiring are in the professional service industry.

Information and communication technologies, healthcare, defense and “other,” make up another 43% of hiring respondents.

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