Philadelphia businesses say they struggle with labor, access to money

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As shoppers perused the stalls of art and craft-makers inside the Philadelphia Christmas Village at City Hall just a few days before the holiday, about 300 business professionals gathered inside the Kimmel Center for Performing Arts several blocks away to discuss the regional economy.

Attendees reviewed the results of the annual State of the Economy report, commissioned by The Chamber of Commerce for Greater Philadelphia and conducted by researchers with the Federal Reserve Bank of Philadelphia.

Eighty-seven businesses, all members of the regional chamber of commerce, responded to the survey between Nov. 3 and Nov. 7. The report’s results were shared publicly for the first time Wednesday.

Regional surveys are conducted by the Federal Reserve Bank of Philadelphia on a regular basis. Responses were shared in aggregate and no individual business was identified. The questions included general economic sentiment, business growth outlook, plans for employment, capital investment, challenges, sales, and price data.

Chellie Cameron, CEO of The Chamber of Commerce for Greater Philadelphia, said the past year has been nothing short of a whirlwind.

“I feel like I’m sprinting to the end of the year, there’s so much happening,” Cameron told the crowd.

  • December 21, 2023
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