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For immediate release
Contact: Katherine Q. Dibling, Public Affairs Specialist, 215-574-4119
Philadelphia, Pa. - The Federal Reserve Bank of Philadelphia’s Research Department conducted a survey of Greater Philadelphia Chamber of Commerce members to get their views and outlook on the local economy, and the Bank’s Regional Economic Advisor Luke Tilley, presented the results today at the Greater Philadelphia Chamber of Commerce’s Economic Outlook 2013 , held at the Hyatt Bellevue in Philadelphia. The event was sponsored by Firstrust Bank.
The survey was designed to give a perspective on the region’s economic competitiveness and the issues that will affect the business community in the coming year. During the survey’s period from November 28 to December 14, 2012, more than 200 chamber members participated by answering questions about business activity in the region; they also communicated their specific business challenges.
The survey’s participants were optimistic about business activity in the year ahead. About 66 percent of the survey participants said they expect business conditions for their company to improve in 2013. See Tilley’s presentation at the top right.
"The Philadelphia region, like the nation, is in a state of recovery. More than half of the respondents said that business conditions changed for the better in 2012 over 2011. Two-thirds of survey respondents expect conditions at their company to improve even further in 2013, and only 12 percent expect a decline," said Tilley.
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.