National Survey by Provident Bank Finds Businesses Expect Economy to Improve in 2024 Despite Inflation
December 14 2023 - 8:00AM
Provident Bank, a leading New Jersey-based financial institution,
has released the results of its 2024 Economic Outlook Survey. The
survey polled owners and executives of businesses in the U.S. with
annual revenues over $1 million to explore predictions for 2024’s
economic outlook.
The survey was conducted by Pollfish, a market research
provider, on behalf of Provident Bank. The findings are based on
1,000 responses.
The outlook for both the U.S. economy and respondents’
businesses is positive, with 71% expecting their businesses’
overall outlook to improve and 62% expecting the overall U.S.
economy to improve in 2024.
A majority (61%) of respondents expect hiring to increase in the
new year due to projected sales growth (52%); reasonable labor
costs (39%); a need for skills not possessed by current staff
(36%); improved economic outlook (36%); expansion into a new
segment or market (33%); and inadequate staffing levels to meet
demand (32%).
In addition to inflation — which was ranked by 70% of total
respondents as one of the top three challenges facing the nation's
leaders — was climate change (44%); crime (32%); bringing
manufacturing back to the U.S. (31%); and national debt (29%).
“I’m pleased to see the positive sentiments reflected in our
annual economic outlook survey,” said Anthony Labozzetta, President
& CEO, Provident Bank. “This optimism is a testament to the
resiliency of our economy. As bankers, it is important that we have
conversations with our customers to identify potential challenges,
as well as opportunities in 2024.”
Additional survey findings include the
following:
- 72% expect to increase capital expenditures for 2024.
- The most widely anticipated challenges facing businesses in the
upcoming year include inflation (60%); rising wages (41%); supply
chain-related delays and shortages (34%); revenue and sales growth
(34%); attracting and retaining talent (29%); and corporate taxes
(21%).
- 89% of respondents said their businesses had been affected by
rising interest rates.
For the full survey results, please email Lauren Stralo at
lstralo@levlane.com.
About Provident BankProvident Bank, a
community-oriented financial institution offering “Commitment you
can count on” since 1839, is the wholly owned subsidiary of
Provident Financial Services, Inc. (NYSE: PFS), which reported
assets of $14.09 billion as of September 30, 2023. With $10.14
billion in deposits, Provident Bank provides a comprehensive suite
of financial products and services through its network of branches
throughout northern and central New Jersey; Bucks, Lehigh, and
Northampton Counties in Pennsylvania; and Nassau and Queens
Counties in New York. The bank also provides fiduciary and wealth
management services through its wholly owned subsidiary, Beacon
Trust Company, and insurance services through its wholly owned
subsidiary, Provident Protection Plus, Inc. For more information
about Provident Bank, visit www.provident.bank or join the
conversations on Facebook (ProvidentBank) and Twitter
(@ProvidentBank).
Media Contact:Lauren StraloPR
Supervisorlstralo@levlane.com484-747-0172
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7d7c6294-f3c4-4734-9185-dc851048e6b7
Provident Financial Serv... (NYSE:PFS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Provident Financial Serv... (NYSE:PFS)
Historical Stock Chart
From Jul 2023 to Jul 2024