(AUSTIN) — Newly released survey results from ASSET and other leading business groups in Texas illustrate the pandemic’s profound impact on economic activity and employment in Texas.
The online survey of more than 500 employers in Texas was conducted between July and August 2020. It demonstrates the need for Texas legislators to take action during their ongoing session to remove some of the barriers preventing a full economic recovery.
The survey found:
- More than half of respondents worry that their business may not survive another year.
- Four in 10 respondents said their 2020 revenue, as compared to the previous year, would be down by more than 25 percent.
- Two out of every three businesses said decreasing business/sales is a major or moderate concern.
- More than half — 52% — said reduced access to customers due to state or local regulations is a major or moderate concern.
- Almost four in 10 — 39% — said not having the funds to pay their employees is a major or moderate concern.
Legislators have the opportunity this year to help Texas businesses, their employees, and the communities that depend on them by supporting policies and investments that promote economic growth — and removing barriers that stifle that growth.
“The pandemic continues to take a major toll on Texas businesses,” said ASSET spokeswoman Annie Spilman. “Employers are focused on getting people safely back to work and operations running at 100% in order to stabilize, rebuild, and grow our economy. This report identifies a clear expectation that the Legislature be an active partner in that process. We’re looking forward to working with our elected leaders to remove barriers to growth for the good of workers, customers, and communities.”
Notably, the survey offers some cause for optimism: 57% of respondents said they think their business could return to pre-COVID levels following a reduction in cases and government regulations.
The Alliance for Securing and Strengthening the Economy in Texas (ASSET) is a 501(c)(4), non-profit organization that advances policies that foster economic growth and allow the free market to operate without heavy government interference in business decisions. ASSET represents millions of businesses that provide opportunities for employees and are essential to Texas communities. For more information, visit www.ASSETtexas.com.