Chamber of Commerce for Greater Philadelphia Economic Outlook Survey

Business conditions improved in 2021 compared with 2020, according to a new Federal Reserve Bank of Philadelphia survey of members of the Chamber of Commerce for Greater Philadelphia. Most respondents also expressed optimism that conditions will continue to improve in 2022.

The annual survey, now in its 12th 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 2021, polled 66 chamber members. Patrick T. Harker, president and CEO of the Philadelphia Fed, presented the results at the chamber’s 2022 Annual Economic Outlook event.

“A full 56 percent of respondents reported either slightly or significantly higher volumes of new orders and 72 percent reported slightly or significantly higher sales or revenues in 2021 over the year before,” said Harker.

“When it comes to labor supply issues, 56 percent of respondents had difficulty hiring in the past three months due to lack of qualified applicants, while 29 percent said that candidates were not willing to accept the compensation levels they were offering,” added Harker.

For more information, visit the Chamber of Commerce for Greater Philadelphia’s website.