Economic Outlook Survey Highlights
About 500 business leaders attended the Chamber’s 9th Annual Economic Outlook, where Sovereign Bank presented the results of its annual economic survey, and experts in finance, transportation, education, healthcare, and technology discussed the most pertinent issues in their fields.
Each year, Sovereign Bank surveys the area’s business leaders to gauge their feelings about the national and regional economies, Greater Philadelphia’s business prospects, and the overall health of the region, and shares the results at the Chamber’s Economic Outlook Breakfast.
Of those who responded to this year’s survey, 75% predicted that overall financial health in the region will be stronger in 2007 than 2006, with 54% of respondents expecting a pattern of “slow growth.”
Respondents see Philadelphia’s location as its top strength, followed by cultural attractions and institutions of higher education. These responses highlight the successful efforts of Select Greater Philadelphia, which promotes the region’s location as a strategic asset in its marketing efforts and also the Chamber’s County Breakfast Series, which highlights the positive economic impact of Greater Philadelphia’s many institutions of higher education.
Taxes were identified as the top challenge facing our region, followed by local government leadership, and the cost of healthcare.
In addition to the survey results, the new head of the Philadelphia Federal Reserve Bank, Charles Plosser, delivered the keynote address, noting that with the risk of inflation increasing, interest rates may have to go up.
Mr. Plosser was joined by a distinguished group of panelists including Charles Isdell, director of aviation, Philadelphia International Airport; Ann Weaver Hart, President, Temple University; John Lynch III, President and CEO, Main Line Health; and John Zawad, PhD, Managing Director, University of Pennsylvania Center for Technology Transfer.
For more information on Mr. Plosser’s address or to view the results of Sovereign Bank’s survey, click here. |
