For immediate release
Contact: Daneil Mazone, Media Relations Representative, 215-574-7163
Philadelphia — Business conditions improved in 2017 compared with 2016, according to a new Federal Reserve Bank of Philadelphia survey of Chamber of Commerce for Greater Philadelphia members. Respondents also expressed optimism that conditions will continue to improve in 2018.
The annual survey, now in its eighth year, offers a perspective on the region's economic competitiveness and the issues that will affect the business community in the coming year. The survey, which was conducted in December 2017, polled 124 chamber members. Elif Sen, a senior economic analyst with the Philadelphia Fed, presented the results today at the chamber's Economic Outlook event at the Hyatt at The Bellevue in Philadelphia.
"A majority of respondents (59 percent) think regional business activity in 2017 was higher than in 2016, and just over half expect increased regional activity in 2018," said Sen. "In addition, nearly two-thirds expect their company’s sales or revenues will be higher in 2018 than the previous year, and almost half expect to add more full-time employees."
When asked what are the most important problems currently facing their businesses, respondents identified domestic competition, labor quality, and the cost of wages and benefits as their top concerns.
For more information, visit the Chamber of Commerce for Greater Philadelphia’s website.
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. Serving eastern Pennsylvania, southern New Jersey, and Delaware, the Federal Reserve Bank of Philadelphia is one of 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System.