News Release
09 Jan ’25
The Federal Reserve Bank of Philadelphia surveyed Chamber of Commerce for Greater Philadelphia members in November 2024. The survey found a third of members expected conditions will improve in 2025, while another third expected conditions will get worse.
For immediate release
Contact: Kelly Antonacci, Media Relations
Philadelphia, PA – Business conditions are expected to be mixed in 2025, according to Chamber of Commerce for Greater Philadelphia members surveyed by the Federal Reserve Bank of Philadelphia. Thirty-three percent of members expected that business conditions will improve in 2025, compared with 29 percent of members who expected business conditions will get worse.
The 15th annual survey was conducted November 7–25, 2024. The survey also found:
- Fifty-eight percent of members said they saw prices paid increase in 2024 compared with 2023. This share notably decreased from 2023, when 77 percent of members said they paid higher prices relative to 2022.
- Members’ most common problems were labor costs, financing and interest rates, and poor sales. In addition, 24 percent of members said that uncertainty about regulations and government policy has been a problem for them.
Roc Armenter, Philadelphia Fed executive vice president, director of research, and director of the Consumer Finance Institute, presented the survey results Thursday at the chamber’s annual State of the Economy event.
“Surveys like this bolster our understanding of the regional economy,” said Armenter. “The results are in line with what Philadelphia Fed researchers are seeing in other data and surveys, and what they are hearing from business and community contacts.”
Read the full survey.
Learn more about the Philadelphia Fed’s other regional research, including the Manufacturing Business Outlook Survey and the Third District Beige Book.
About the Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy; supervises state member banks, bank holding companies, and savings and loan holding companies; and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.
