Skip to main content

Houston Business Barometer Week 1: Most Working from Home, Nearly Half Say Outlook has Worsened

Published Apr 09, 2020 by A.J. Mistretta

H_GHP_Downtown_Freeways_2_2019

The pressure facing local small businesses continues to mount as social distancing measures and stay home orders necessary to stop the spread of COVID-19 approach mid-April. 

A total of 90 small business member companies of the Greater Houston Partnership responded to the first Houston Business Barometer survey conducted by the organization between April 3-6. An overwhelming majority of respondents (84.3%) said they have instituted work-from-home practices in their company while 22.5% have shut down whole or partial operations. 

Thirty-six percent of responding companies said they had enacted a hiring freeze and 56.7% indicated their revenues have declined since their last billing cycle. 

When asked about their firm’s short-term outlook during the week that ended April 6 compared with the previous week, 48.9% indicated it had gotten worse and another 44.4% said there was no change. 

Asked how the fallout from the pandemic has impacted their operations, 53.3% said their operations have been severely impacted while 28.9% said the impact has been moderate. 

Respondent firms’ top three concerns were revenue/sales (86.5%), employee well-being (59.6%) and profits (58.4%). 

The following breaks down how long firms believe they could remain afloat based on projected cash flow and without federal assistance:
   

Time Period                       Respondents
1-2 weeks                          0.0%
3-4 weeks                          6.7%
5-6 weeks                          6.7%
7-8 weeks                         12.2%
3-6 months                        26.7%
Longer than 6 months      40.0%
Don’t know                        7.8%

Visit the Partnership's COVID-19 Resource page for updates, guidance for employers and more information. And sign up for daily email alerts from the Partnership as the situation develops. 

Related News

Economy

Greater Houston Partnership Forecasts Over 71,000 Jobs in Metro Houston for 2025

12/12/24
HOUSTON (Dec. 12, 2024) — The Greater Houston Partnership has released its forecast for job growth in the Metro Houston area, forecasting the creation of 71,200 jobs in 2025.  The sectors expected to experience the greatest gains, in order, are:  Health care Construction Professional and technical services Government Restaurants and bars Click to expand Houston is projected to finish 2025 with over 3.5 million payroll jobs, setting a record for the region. Several factors support this growth, including the ongoing expansion of the U.S. economy, the continued decline in interest rates, increasing consumer confidence, and a steady influx of domestic and foreign companies establishing operations in Houston.  Additionally, a deep backlog of construction projects and local income and population growth contribute to the positive outlook for job creation. “Over the past two decades, Houston has experienced several recessions, devastating weather events and the COVID-19 pandemic, but despite these events, the Houston region’s economy has remained competitive,” Partnership Chief Economist Patrick Jankowski said. “Houston’s GDP has grown 70 percent after adjusting for inflation, and that growth is proof that our resilient economy will encourage continued growth for years to come.” According to the forecast, every sector except information is expected to experience job growth next year. The information sector has struggled for years, losing jobs in 12 out of the last 20 years, largely due to technological advancements and shifting consumer preferences.  The Houston region created 60,000 jobs in the 12 months ending October 2024. The region should end the year with 58,000 jobs. The national outlook is also looking positive. The probability of a recession over the next 12 months sits at 26 percent, according to The Wall Street Journal’s October survey of prominent business economists.  A sector-by-sector breakdown of the jobs forecast and the factors impacting each industry can be found in the full report. ### Media Contact    Brina Morales                                                 Director, Communications     [email protected]      
Read More

Related Events

Membership

30th Annual Golf Classic

The Greater Houston Partnership is excited to announce the 30th Annual Golf Classic, a milestone celebration of one of our most cherished events. Reserve your spot to join us at Memorial Park…

Learn More
Learn More
Executive Partners