For immediate release
Contact: Daneil Mazone, Media Relations Representative, 215-574-7163
Philadelphia, PA — A survey of Greater Philadelphia Chamber of Commerce members reported that business conditions improved last year compared with 2012. Members also expressed their optimism that conditions will continue to improve in 2014. The survey was conducted by the Federal Reserve Bank of Philadelphia’s Research Department.
Bank Economic Analyst Elif Sen presented the results today during the Chamber’s Economic Outlook breakfast at the Hyatt at The Bellevue in Philadelphia. The event was sponsored by Firstrust Bank.
The survey, now in its fourth year, was designed to offer a perspective on the region’s economic competitiveness and the issues that will affect the business community in the coming year. More than 150 chamber members participated in the survey, which was conducted in December 2013.
"Respondents experienced improved business conditions in 2013 over 2012 and are optimistic that conditions will continue to improve in 2014," said Sen. "About 43 percent of respondents reported that they expect to hire more full-time permanent employees in 2014."
About 64 percent of participants reported that they expect business conditions for their company to improve this year. Overall, participants identified poor sales, domestic competition, and costs associated with employee benefits as their most important business problems.
The Greater Philadelphia Chamber of Commerce is dedicated to promoting regional economic growth, advancing business-friendly public policies, and servicing its members through outstanding programs, benefits, and services. As an advocate for regional development, the Greater Philadelphia Chamber of Commerce is dedicated to supporting and encouraging the continued growth of each of its approximately 5,000 member companies together with the regional business community.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.