One year after flood, 97 percent of businesses remain open
Posted on 7/19/2012
A recent survey of the Minot business community reports that 97 percent of businesses affected by 2011's unprecedented flood remain open today.
The survey reports only three percent of flood-affected businesses not in operation today is a highly favorable figure. Nationally, the business closure rate is 55 percent after three years.
Minot Area Development Corporation commissioned the survey so it can understand and help address Minot's business community needs.
The Minot business community has rebounded in general, the survey says. Yet ten businesses in operation in 2011 have now closed or moved to another city, and another 16 are not currently operating.
More than 350 businesses participated in the survey, a robust 42 percent of the 853 that received the survey in June 2012.
Additional findings show that about 800 employees permanently left the Minot area due to flooding. About one in three businesses surveyed report wanting more employees, which means community-wide, about 1,500 new employees are needed.
These findings highlight the importance of workforce and entry-level housing initiatives led by Minot Area Development Corporation. More than 1,000 fresh resumes are available to Minot employers on www.liveworkplayminot.com as part of MADC's workforce development program. Because new employees will need housing, MADC has formed a task force to help bring entry level housing to Minot.
This survey, commissioned, by MADC is a follow up to the survey conducted immediately after the flood in September by MADC, the Minot Area Chamber of Commerce and Minot Convention & Visitors Bureau. Many projections in the first survey were found to be highly accurate by this most recent survey. For example, the September report showed that 1.3 percent of businesses intended to close their businesses, and this report found that 1.2 percent of Minot businesses did close or relocate to another city.