{"id":125370,"date":"2020-08-18T14:19:23","date_gmt":"2020-08-19T00:19:23","guid":{"rendered":"https:\/\/www.hawaii.edu\/news\/?p=125370"},"modified":"2020-08-18T14:19:23","modified_gmt":"2020-08-19T00:19:23","slug":"widespread-business-hardship-continues","status":"publish","type":"post","link":"https:\/\/www.hawaii.edu\/news\/2020\/08\/18\/widespread-business-hardship-continues\/","title":{"rendered":"Widespread hardship continues for Hawai\u02bbi businesses, UHERO<\/abbr> reports"},"content":{"rendered":"Reading time: <\/span> 2<\/span> minutes<\/span><\/span>

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A follow-up business survey in late July revealed no significant signs of economic recovery for the State of Â鶹´«Ã½<\/span>, according to the University of Â鶹´«Ã½<\/span> Economic Research Organization<\/a> (UHERO<\/abbr>) in UH<\/abbr> M\u0101noa\u2019s College of Social Sciences<\/a>.<\/p>\n

Results from 464 business owners indicated that most industries continued to eliminate jobs due to the COVID-19 pandemic, including double-digit declines in education services, arts and entertainment, and manufacturing. No industry category saw a meaningful increase from devastating April 2020 job numbers when the pandemic began impacting the economy, with the exception of jobs in information technology and other services.<\/p>\n

Neighbor islands heavily rely on tourism, therefore they remain more economically depressed than businesses on Oʻahu<\/span>. Maui County is the most adversely affected.<\/p>\n

Results showed that about 75 percent of businesses made staff cuts and other reductions, and roughly one-third anticipate deeper cuts in the months to come. Depending on when the pandemic is brought under control and when tourism can safely reopen, UHERO<\/abbr> said between 6 and 15 percent of businesses may need to close permanently.<\/p>\n

The reopening of the local economy seems to have halted the decline in food services, retail and real estate, although there is no sign yet of significant recovery, UHERO<\/abbr> said.<\/p>\n

UHERO<\/abbr> conducted the survey in partnership with the Chamber of Commerce Hawaii, Kauaʻi<\/span> Chamber of Commerce, Kona-Kohala Chamber of Commerce, Hawaii Island Chamber of Commerce, Maui Chamber of Commerce, Japanese Chamber of Commerce Honolulu, Â鶹´«Ã½<\/span> Farm Bureau, Â鶹´«Ã½<\/span> Restaurant Association and Retail Merchants of Hawaii.<\/p>\n

First survey in April 2020<\/h2>\n

UHERO<\/abbr> said these results do not reflect much change from the previous survey of businesses in April<\/a>. Results then showed the hardest hit industries were accommodations (hotels), down 83 percent in full-time employee reductions, and retail businesses, down 76 percent.<\/p>\n

Read more on UHERO<\/abbr>\u2019s website<\/a>.<\/p>\n