CEDAR RAPIDS, Iowa, April 3, 2020 /PRNewswire/ -- The $75 billion North American wood products industry faces serious to major impacts from the corona virus outbreak, but surprisingly remains largely optimistic about a recovery. That's part of the findings of a new survey of the industry released by Woodworking Network and FDMC magazine, which paints a vivid picture of what woodworking businesses face and how they are dealing with the crisis, including how they are helping health workers cope.
Nearly three quarters of respondents say the virus outbreak is already having a serious to major impact on their operations. About one quarter of respondents (23.7 percent) said the outbreak is having only a minor impact on their business.
Some 69 percent of respondents said the outbreak has resulted in disrupted schedules. More than half (55.1 percent) said they already face a loss of business. And nearly half (46.8 percent) said they are dealing with disruptions in their supply chain.
Despite those issues, the industry generally has a positive outlook. Almost two-thirds (62.6 percent) see a significant impact short term, but they expect to recover long term. Fewer than 30 percent (28.5 percent) see major negative. However, 6.8 percent see major, permanent negative impacts, and 2.8 percent said they are actually already considering a permanent business shutdown.
Other findings in the survey include:
The survey was conducted online by the Woodworking Network to a sample size of 42, generating 562 completed responses, for a margin of error of 3.447 percent with a 90 percent confidence level.
See the full results of the survey at https://www.woodworkingnetwork.com/news/woodworking-industry-news/survey-woodworking-industry-faces-major-impacts-still-optimistic.
About Woodworking Network: Owned by CCI Media LLC, Cedar Rapids, Iowa, the Woodworking Network and FDMC magazine are the leading source for business information for the woodworking industry in North America.
William Sampson, editor
FDMC magazine and Woodworking Network
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SOURCE Woodworking Network; FDMC Magazine