PROVIDENCE, R.I., March 28, 2017 /PRNewswire/ -- Santander
Bank and the Greater Providence
Chamber of Commerce (GPCC) hosted their 17th annual
Economic Outlook Breakfast today for the state's business
community. This annual meeting gives Rhode Island's civic and business leaders a
forum to discuss the local economy and recent development projects
in the Providence area.
Approximately 350 corporate executives and business leaders were in
attendance and participated in a real-time survey about the local
and national economy in 2017 and challenges facing the Ocean
State.
"As the Rhode Island economy
continues to improve, it's important to bring together our leaders
to discuss ways to build upon this momentum to further promote
economic growth," said Mike Lee,
Head of Commercial Banking at Santander US. "Prominent companies
are moving or expanding in Rhode
Island and there are a number of development and real estate
projects in the Providence area,
signaling a positive shift in our local economy," he added. "With
its close proximity to Boston and
New York and a more affordable
cost of living, Rhode Island is
attracting big businesses and a young, skilled workforce who are
helping to stimulate the state's economy."
Governor Gina Raimondo delivered
welcoming remarks, marking the third year in a row that she has
addressed the audience at this popular event. Attendees then
responded to a series of economic and business climate-related
questions during a real-time survey.
The survey revealed that 60 percent of business leaders believe
the U.S. economy will be in better shape over the next 12 months,
while 28 percent believe it will stay about the same. Forty-six
percent of those surveyed cited revenue and sales growth as the
most challenging issues their businesses expect to face in the next
year, while 18 percent noted talent shortage, and 14 percent chose
regulatory requirements.
Thinking about their specific businesses, 61 percent of
respondents believe it is in better shape this year than last year,
while 11 percent said it is in worse shape today. More than 42
percent of those surveyed expect to increase their business's
capital expenditure spending this year, compared to 48 percent who
said it will not change.
More than 55 percent of those surveyed said that they will be
hiring over the next year. Twenty-five percent indicated they will
be hiring because current staffing levels cannot meet demand, while
19 percent cited projected sales growth, and another 15 percent
noted they would be hiring because their current staff does not
possess all of the skills they need. In terms of the current
workforce, those surveyed cited technology skills and team
building/group dynamics as the top two areas that need development
by 33 percent and 23 percent respectively.
"As confidence in the local economy continues to improve, we
must stay focused on helping businesses thrive in Rhode Island and maximizing the full potential
of our economic assets. Today's conversation underscores just how
vital a modern and efficient infrastructure, a healthy business
climate, private capital investment, outstanding higher education
and world-class research institutions are to propelling our state
forward," said Laurie White,
president of the Greater Providence Chamber of Commerce.
"Thanks to the collaboration between Santander Bank and the Chamber, we are able to
facilitate these important discussions among our leaders and to
gather real-time insights from the business community about what
they are seeing on the horizon."
Following the survey, White moderated a panel discussion about
regional business issues with panelists Iftikhar Ahmad, President and CEO, Rhode Island
Airport Corporation; Tom Dziki, SVP,
Real Estate and Sustainability, United Natural Foods, Inc.;
Richard Galvin, President and
Founder, CV Properties; Sylvia
Maxfield, Ph.D., Dean, Providence
College School of Business; and Peter Snyder, Ph.D., SVP, Chief Research
Officer, Lifespan Hospital System.
Santander - Greater
Providence Chamber of Commerce
2017 Economic
Outlook Survey Results
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1. Thinking
about the U.S. broadly, over the next 12 months how do you think
the economy will be in comparison to today?
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Responses
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Much better
shape
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|
10.27%
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|
Somewhat better
shape
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49.81%
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About the
same
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27.76%
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Somewhat worse
shape
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9.89%
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Much worse
shape
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2.28%
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Totals
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100%
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2. Thinking
only about Rhode Island, over the next 12 months how do you think
the economy will be in comparison to today?
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Responses
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Much better
shape
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25.18%
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Somewhat better
shape
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56.93%
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About the
same
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16.79%
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Somewhat worse
shape
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1.09%
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Much worse
shape
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0%
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Totals
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100%
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3. Thinking
only about your business today versus one year ago, is it
in:
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Responses
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Much better
shape
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22.80%
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Somewhat better
shape
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38%
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About the
same
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28.80%
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Somewhat worse
shape
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9.60%
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Much worse
shape
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0.80%
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Totals
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100%
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4. Thinking
only about your business a year from today, do you expect it will
be in:
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Responses
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Much better
shape
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20.16%
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Somewhat better
shape
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48.45%
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About the
same
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27.13%
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Somewhat worse
shape
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3.88%
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Much worse
shape
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0.39%
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Totals
|
100%
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5. Thinking
only about your business, what is the most challenging issue you
expect to face in the next year?
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Responses
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Revenue and sales
growth
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45.63%
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Managing labor
costs
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8.33%
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Talent
shortage
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18.25%
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Regulatory
requirements
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14.29%
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Cost of
borrowing/interest rates
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4.76%
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Managing "big data"
and cybersecurity
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2.78%
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Taxes
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5.16%
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Environmental
compliance
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0.79%
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Totals
|
100%
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6. Which of
the following best describes your hiring plans for the next 12
months?
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Responses
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Significant
increase
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7.69%
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Slight
increase
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47.77%
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No change
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38.06%
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Slight
decrease
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6.07%
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Significant
decrease
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0.40%
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Totals
|
100%
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7. If you
plan to hire, what are the most important factors behind this
decision? Please select up to three.
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Responses
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Projected sales
growth
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19.20%
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Current staffing
levels cannot meet demand
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25.22%
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Need skills not
possessed by current staff
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15.34%
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Reasonable labor
costs
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3.50%
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Government
incentives
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1.45%
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Economic outlook has
improved
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6.77%
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Expanding into a new
segment or market
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9.81%
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Firm's financial
health has improved
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4.69%
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No plans to
hire
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14.01%
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Totals
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100%
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8. Which of
the following best describes your business's capital expenditure
spending plans in 2017, taking into consideration the possibility
of rising interest rates?
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Responses
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Significant
increase
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8.33%
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Slight
increase
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33.77%
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No change
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47.81%
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Slight
decrease
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8.33%
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Significant
decrease
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1.75%
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Totals
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100%
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9. How
likely are you to expand your business outside of the United States
over the next year in light of the new Administration's stated
opposition to existing trade agreements?
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Responses
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Highly
likely
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4.44%
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Likely
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4.89%
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Not sure
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16%
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We have no plans to
expand our business globally
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74.67%
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Totals
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100%
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10. What
might inhibit your international expansion plans? Please select up
to three.
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Responses
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Federal policies that
discourage foreign investment
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20.12%
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Lack of access to
local market intelligence in geographic target areas
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20.39%
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Securing legal,
accounting or financial experts who are experienced in foreign
trade
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9.10%
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Managing currency
risk
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10.75%
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Language
barriers
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9.27%
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Lack of available
workers experienced in global trade
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10.53%
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Geopolitical
risks
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10.86%
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We are already fully
prepared to expand internationally
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8.99%
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Totals
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100%
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11. Thinking
about your current workforce, please select two top areas that need
development.
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Responses
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Technology
skills
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33.16%
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Team building and
Group Dynamics
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23.27%
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Problem
solving
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18.90%
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Written and Oral
Communications
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19.22%
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Mathematical
competency
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5.46%
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Totals
|
100%
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12. Is the
country headed…
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Responses
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In the right
direction
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35.17%
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Down the wrong
path
|
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64.83%
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Totals
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100%
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13. T. F.
Green Airport is continually meeting with airlines in the effort to
bring more air service to the community. Which of the
following domestic destinations would you use, if offered from
Green Airport - PVD?
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Responses
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Dallas
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9.69%
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Houston
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6.10%
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Denver
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14.36%
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Phoenix
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9.33%
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Los
Angeles
|
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18.93%
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Minneapolis
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2.92%
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San
Francisco
|
|
19.04%
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Seattle
|
|
8.38%
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San Diego
|
|
11.24%
|
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Totals
|
100%
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14. Are the
Red Sox going to win the World Series this year?
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Responses
|
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Yes
|
|
69.88%
|
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No
|
|
30.12%
|
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Totals
|
100%
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DISCLAIMER:
The survey results expressed herein do not necessarily reflect
the views of Santander Bank, N.A.
("SBNA") and are not intended to represent SBNA's position on any
of the issues referenced therein.
About Santander Bank
Santander Bank, N.A. is one of
the country's top retail and commercial banks by deposits and a
wholly owned subsidiary of Banco Santander, S.A. - one of the most
respected banking groups in the world. With its corporate offices
in Boston, Santander Bank's more than 675 branches and
nearly 2,100 ATMs are principally located in Massachusetts, New
Hampshire, Connecticut,
Rhode Island, New York, New
Jersey, Pennsylvania and
Delaware. The Bank's 9,500
employees are committed to helping our 2.1 million customers make
progress toward their financial goals with the support of our call
centers, interactive online banking platform and easy-to-use mobile
app. Madrid-based Banco Santander
(NYSE: SAN) serves more than 125 million customers in the U.K.,
Europe, Latin America and the U.S. Through its local
affiliates, including Santander
Bank, Banco Santander is the largest corporate contributor
to higher education in the world, investing over $165 million annually in colleges and
universities across more than 20 countries, including the U.S. For
more information on Santander Bank,
please visit www.santanderbank.com.
About Greater Providence
Chamber of Commerce
The GPCC is Rhode Island's only statewide chamber of
commerce. We are the hub of connections for Rhode Island businesses of all sizes, in all
industries and in all sectors. We connect business professionals
with peers who can provide real-time, actionable advice to help
with significant issues like managing growth, finding the right
talent, and knowing when and how to innovate. You won't find that
commitment to connectivity anywhere else in the state. Our mission
is to ensure every GPCC member is prepared to become or continue to
be a thriving Rhode Island
business. www.provchamber.com
MEDIA CONTACTS:
Ann Davis
Santander Bank
Senior Media Relations Manager
ann.davis@santander.us
617-757-5891
Nancy Orlando
Santander Bank
Media Relations Manager
nancy.orlando@santander.us
617-757-5765
Mike Blazek
Greater Providence Chamber of
Commerce
mblazek@provchamber.com
401-621-6103
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/santander-bank-and-greater-providence-chamber-of-commerce-host-economic-outlook-meeting-for-rhode-island-business-community-300430722.html
SOURCE Santander Bank