BOSTON, April 18, 2019 /PRNewswire/ -- Santander
Bank and the Greater Providence
Chamber of Commerce (GPCC) today hosted their 19th
consecutive Economic Outlook Breakfast for Rhode Island's business community. This annual
event gives business and civic leaders a forum to discuss the local
economy and the changing dynamics of Rhode Island. Approximately 300 people
attended today's breakfast and participated in a real-time survey
about the local and national economy, and how it is impacting their
businesses.
"This meeting attracts leaders from a variety of industries
across the city and gives us a better understanding of how we can
stimulate the Rhode Island economy
and ensure that Providence remains
a desirable city in which to live and work," said Michael Lee, member of Santander Bank's Executive Management Committee.
"Providence is attracting and
retaining leading companies and top talent who are contributing to
the economic growth and development of the city and surrounding
communities," he added. "The Chamber shares our commitment to
helping people and businesses prosper, and this event gives us the
opportunity to collaborate on ways to support the state's economic
future."
Governor Gina Raimondo delivered
welcoming remarks, marking the third time in four years that she
has spoken at the Breakfast. Following her speech about the state
of Rhode Island, attendees
responded to a series of economic and business climate-related
questions during a real-time survey.
More than 20 percent of business and civic leaders surveyed
believe the U.S. economy will be in better shape over the next 12
months, while more than 50 percent believe it will be about the
same. Thinking only about the Rhode
Island economy over the same time period, 41 percent of
respondents believe it will be in better shape, compared to 44
percent who said it will be about the same.
When asked about their business today compared to one year ago,
57 percent said it is in better shape, 28 percent said it is about
the same and 15 percent said it is in worse shape.
Nearly 60 percent of those surveyed said that they plan to
increase their workforce over the next year. Forty-two percent
cited current staffing levels not meeting demand as the reason to
expand their workforce, while 28 percent selected projected sales
growth and 25 percent indicated they need skills not possessed by
current staff. When asked about their current workforce, those
surveyed cited team building and group dynamics at 50 percent and
technology skills at 48 percent as the top two areas that need
development.
Revenue and sales growth is the most challenging issue 44
percent of respondents expect to face in the next year, compared to
talent shortage by 28 percent, followed by managing labor costs by
10 percent.
"Thanks to the long-standing collaboration between Santander Bank and the Chamber, we are able to
provide a space for business and civic leaders to connect and
discuss timely matters impacting the local and regional business
community," said Laurie White,
president of the Greater
Providence Chamber of Commerce. "This year's focus on the
expanding innovation landscape in Rhode
Island is a credit to the many leaders in academia, business
and government who are committed to building the kinds of
partnerships necessary to drive growth and opportunity through
innovative ventures and ideas."
Following the survey, White moderated a panel discussion about
the impact innovation is having on the Rhode Island economy with panelists Dr.
David Dooley, president of the
University of Rhode Island;
Michael Hallock, CEO of RI
Agricultural Technologies; and Ji Mi
Choi, associate vice president, Office of Knowledge
Enterprise Development, Arizona State
University.
Santander Bank
- Greater Providence Chamber of
Commerce
2019 Economic Outlook Survey Results
1. Thinking about the U.S. broadly,
over the next 12 months, how do you think the economy will be in
comparison to today?
- Much better shape 3.8%
- Somewhat better shape 18.4%
- About the same 52.4%
- Somewhat worse shape 22.7%
- Much worse shape 2.7%
2. Thinking only about Rhode Island, over the next 12 months, how do
you think the economy will be in comparison to today?
- Much better shape 1.4%
- Somewhat better shape 39.9%
- About the same 43.6%
- Somewhat worse shape 13.8%
- Much worse shape 1.4%
3. Thinking only about your business
today versus one year ago, is it in:
- Much better shape 18.9%
- Somewhat better shape 38.3%
- About the same 27.9%
- Somewhat worse shape 12.4%
- Much worse shape 2.5%
4. Thinking only about your business
a year from today, do you expect it will be in:
- Much better shape 18.7%
- Somewhat better shape 38.9%
- About the same 29.8%
- Somewhat worse shape 10.6%
- Much worse shape 2.0%
5. Thinking only about your
business, what is the most challenging issue you expect to face in
the next year? Please select just one.
- Revenue and sales growth 43.5%
- Managing labor costs 9.7%
- Talent shortage 27.5%
- Regulatory requirements 6.3%
- Cost of borrowing/interest rates 4.3%
- Managing "big data" and cybersecurity 6.3%
- Taxes 2.4%
- Environmental compliance 0.0%
6. Which of the following best
describes your hiring plans for the next 12 months?
- Significant increase 6.4%
- Slight increase 52.7%
- No change 35.5%
- Slight decrease 4.4%
- Significant decrease 1.0%
7. If you plan to hire, what are the
most important factors behind this decision? Please select up to
three.
- Projected sales growth 27.7%
- Current staffing levels cannot meet demand 41.9%
- Need skills not possessed by current staff 25.0%
- Reasonable labor costs 2.0%
- Government incentives 2.0%
- Economic outlook has improved 4.1%
- Expanding into a new segment or market 21.6%
- Firm's financial health has improved 6.0%
- No plans to hire 17.6%
8. Which of the following best
describes your business's capital expenditure spending plans in
2019, taking into consideration the possibility of rising interest
rates?
- Significant increase 9.4%
- Slight increase 33.9%
- No change 46.4%
- Slight decrease 8.3%
- Significant decrease 2.1%
9. Thinking about your current
workforce, please select two top areas that need
development.
- Technology skills 47.9%
- Team building and group dynamics 50.4%
- Problem solving 36.8%
- Written and oral communications 26.5%
- Mathematical competency 8.5%
10. How recently has your organization
experienced a cyber-attack or data breach?
- Within the past month 28.6%
- Within the past 2 – 6 months 12.6%
- Within the past 7 – 12 months 7.4%
- In the past 1 – 2 years 11.4%
- Never/N.A. 40.0%
11. Are the Red Sox going to win the World Series
this year?
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.
Santander Bank,
N.A. is one of the country's largest retail and
commercial banks with $74.2 billion
in assets. With its corporate offices in Boston, the Bank's approximately 9,600
employees, over 600 branches, more than 2,000 ATMs and 2.1 million
customers are principally located in Massachusetts, New
Hampshire, Connecticut,
Rhode Island, New York, New
Jersey, Pennsylvania and
Delaware. The Bank is a
wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN)
- one of the most respected banking groups in the world with more
than 125 million customers in the U.S., Europe, and Latin
America. It is overseen by Santander Holdings USA, Inc., Banco Santander's intermediate
holding company in the U.S. For more information on Santander Bank, please visit
www.santanderbank.com.
The Greater Providence
Chamber of Commerce 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:
Laurie Kight
Santander Bank
214-237-3690
laurie.kight@santander.us
Nancy Orlando
Santander Bank
617-757-5765
nancy.orlando@santander.us
Mike Blazek
Greater Providence Chamber of
Commerce
401-621-6103
mblazek@provchamber.com
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SOURCE Santander Bank, N.A.