(Alexandria, VA) — Businesses in Alexandria have been impacted by the events of September 11thand are adjusting to the new economics, according to a survey conducted by the Alexandria Economic Development Partnership, Inc. During mid-November, AEDP conducted an electronic survey of local businesses to determine the impact of the events of 9/11 on the local economy. The majority of the respondents (73%) indicated that they had been impacted and a majority (68%) indicated that they had revenue losses. Despite this, a majority (66%) indicated that they did nothave associated lays-offs, a majority (82%) did not foresee lay-offs in the coming months, and an unexpectedly large majority (85%) indicated that they did not need assistance from the City of Alexandria. These responses would suggest that although the businesses were impacted financially that at this time they do not need assistance from the local, state and national resources available.

The impact that was reported by the business was substantial in terms of jobs and revenue losses. In the two month period between 9/11 and the survey period, businesses reported revenue losses of between $1,000 to $5,000 (5.3%), $5,000 to $15,000 (11.4%), $15,000 to $25,000 (8.8%), $25,000 to $50,000 (6.1%), $50,000 to $100,000 (13.0%), Over $100,000 (22.8%) and no loss of revenue (31.6%). In terms of job loss it was very clear that the job loss was in the lower wage service sector with the majority of the job losses in the hospitality industry. The majority of respondents (66%) reported no job loss, 15% reported up to 10 jobs lost, 6% reported between 10-20 jobs lost, 6% reported between 20-40 jobs lost and 7% reported over 50 jobs lost. Only 7% of business responded that they had lost employees to military reserve call-ups. In forecasting the next 90 days, 83% of respondents did not anticipate losing employees.

The purpose of the survey was to determine the impact that the events of September 11th have had on businesses and business in the City. Over 1,000 emails were sent out to businesses and a response rate of 12% was achieved. The data collected from the survey shows that a cross representation of industry and geographic locations in the City participated in the survey. Of the industries represented, the responses included: Professional Service (31.0%), Association/Non-profit (17.5%), Retail (15.1%), Hospitality (9.5%), Personal Service (7.1%), Technology Company (7.1%), Real Estate related (6.3%), Restaurant (2.4%) and Manufacturing/Industrial (2.4%).

The survey will be followed up on in several ways. AEDP will identify those companies needing assistance and provide them with access to the programs available on the local, state and national level. At the same time a follow-up survey will be conducted in March 2002.

The complete results of the survey are available on AEDP's website www.alexecon.org

The AEDP is a public/private partnership, which plans, directs, manages and implements efforts to attract, expand and retain business operations in the City of Alexandria. AEDP has worked since 1981 as a facilitator to establish Alexandria as a nationally recognized community and business center. AEDP is located at 1729 King Street, Suite 410, Alexandria, VA 22314. 703-739-3820, alexecon@erols.com.
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For Immediate Release- 11/30/01

Contact: Eric Dobson
703-739-3820 xt. 14

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