Extreme Weather Puts Economic Chill on Michigan Small Businesses
Extreme weather events have been front-page news lately, especially with the U.S. experiencing record storms across much of the country and devastating droughts in the West. Research shows small businesses are especially susceptible to financial ruin after an extreme weather event.
It’s not surprising then that Small Business Majority's polling found nearly 1 in 5 Michigan small business owners had to lay off workers after they were negatively impacted by an extreme weather event.
Small business owners have laid off employees as a result of extreme weather events: Due to the devastating financial impacts of extreme weather on their businesses, nearly 1 in 5 employers (17%) have had to lay off employees. What’s more, 44% of respondents report they’ve had to close their business for up to a week after a storm, and some owners say they’ve had to close for as long as 14 to 30 days.
Nearly half of Michigan small employers have been personally affected by extreme weather events: More than four in 10 (43%) Michigan small business owners report they have personally seen examples of extreme weather financially impacting their own business or those around them. When asked whether it was their own or a nearby business impacted by extreme weather events, a vast 75% say that it was their own business that was affected.
Small business owners say they have seen a significant financial impact to their business as a result of extreme weather: A staggering 92% of small business owners say the financial impact to their business was significant, and more than four in 10 report damages between $5,000 and $25,000.
Michigan small businesses suffered economic hardships due to extreme weather