Optimistic Outlook For Philadelphia Businesses In 2017
PHILADELPHIA (CBS) -- Philadelphia business leaders are predicting continued growth this year, according to the Chamber of Commerce's annual economic outlook survey. Companies expect to invest and hire more this year.
Businesses are looking up -- literally -- at the construction cranes on the skyline, which developer Bradley Korman says are likely to multiply in the coming year.
"We've seen growth and we've seen market conditions and trends that lead us to believe this will continue to be a strong sector for our region," Korman said.
Indeed the Chamber survey says a third of local businesses plan physical plant investments this year. They also project more hiring, more sales and Federal Reserve Bank senior analyst Elif Sen says they're reporting more new orders.
"That's a very encouraging result in my mind," Sen said. "That suggests if businesses are expecting increased demand for their product they might be more likely to make the investments needed to meet that demand."
The survey also asked businesses top concerns. Domestic competition led the list, outstripping taxes, government regulation and foreign competition combined.
