Chamber of Commerce for Greater Philadelphia Economic Outlook Survey

Thirty-seven percent of members of the Chamber of Commerce for Greater Philadelphia reported increased business activity in 2023 compared with 2022, according to a Federal Reserve Bank of Philadelphia survey of members. Many members expect activity to increase in 2024.

The 14th annual survey, which surveyed Chamber members in November 2023, also found that compared with 2022:

• Seventy-seven percent of members saw prices paid increase, and 69 percent see further increases in prices in 2024.

• Wage and benefit costs increased for 74 percent of members, and 70 percent expect trends to continue in 2024.

• Labor availability remains a top challenge for members in 2023, but an increasing share reported financing and interest rates were the most important problems they faced in 2023.

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