Chamber members report that business conditions improved in 2021 from 2020, and may continue to into 2022.
Each year, the Chamber partners with the Federal Reserve Bank of Philadelphia to take a pulse of the region’s business community through a survey of Chamber members. The survey asks Chamber members to offer a perspective on the region’s economic competitiveness and the issues that will affect the business community in the coming year. The survey was conducted in December 2021 and polled 66 Chamber members.
Many respondents expect 2022 to yield higher business conditions than in 2021, with 68% of the respondents believing that the business conditions of our region will be higher into the new year.
Sales or Revenue Outlook
Many respondents also experienced increased orders in 2021 (54%), which they say also has the potential to continue to grow into 2022 (59%). Additionally, respondents believe prices paid will increase over 2022 (75%) as well as prices received (63%).
Biggest Problems Facing Chamber Members in 2022
When asked about the most important problems currently facing their businesses, the respondents identified a lack of labor availability and an increase in labor costs due to the pandemic
The survey is released in conjuncture with the Chamber’s Annual Economic Outlook program, presented by Dr. Patrick Harker, President, The Federal Reserve Bank of Philadelphia, and in partnership with Firstrust Bank. The program was held virtually January 14th and featured conversations between keynote speaker Phil Mackintosh, Chief Economist and Senior Vice President, Nasdaq, Chellie Cameron, Chief Executive Officer, Philadelphia International Airport, David M. Davis, Managing Director, Health & Public Sector, Accenture, and Steven Nichtberger, President & Chief Executive Officer, Cabaletta Bio, Moderated by Tim Abell, President, Firstrust Bank.
