For immediate release

Contact: Rachel Brown, Media Relations, 215-574-3840

Philadelphia, PA — A Federal Reserve Bank of Philadelphia survey of Greater Philadelphia Chamber of Commerce members shows that business conditions improved in 2016 compared with 2015. Survey respondents expressed optimism that conditions will continue to improve in 2017.

The annual survey, now in its seventh 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 2016, polled 146 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.

“Almost 64 percent of the respondents are optimistic that business activity at their companies will increase in 2017,” said Sen. “More than 47 percent reported that they expect to hire more full-time permanent employees in 2017.”

Overall, respondents identified domestic competition, poor sales, and cost of wages as their most critical business issues.

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. 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.