For immediate release
Contact: Daneil Mazone, Media Relations
Philadelphia – Members of the Chamber of Commerce for Greater Philadelphia reported strong activity across the region and in their companies in 2022 compared with 2021, according to a new survey from the Federal Reserve Bank of Philadelphia. However, regional expectations for 2023 were mixed.
Of the 64 chamber members who participated in the poll, 30 percent expect higher activity in 2023, while 31 percent anticipate lower activity across the region. Respondents also indicated that they were witnessing the effects of inflation, with 82 percent reporting higher prices paid in 2022 compared with 2021. Nearly all respondents reported slightly or significantly higher wage and benefit costs in 2022 relative to 2021.
Patrick Harker, Philadelphia Fed president and CEO, presented the survey findings on Friday at the chamber’s annual Economic Outlook event. The survey has been offering perspectives for 13 years on the region’s economic outlook and potential issues that could impact the business community in the coming year.
“Given this backdrop, it’s not a surprise that labor was cited as a top concern by many respondents. Chamber members also cited the availability of financing and interest rates as pressing concerns. This, too, is no surprise, given changes in monetary policy over the past year,” said Harker.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy; supervises state member banks, bank holding companies, 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 Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.