National Survey by Provident Bank Finds Businesses Expect Economy to Improve in 2024 Despite Inflation

Rhea-AI Summary

Provident Bank (PBNK) Survey: 61% of Businesses Expect to Increase Hiring in 2024

Positive

• 71% of businesses expect their overall outlook to improve in 2024
• 62% of businesses expect the overall U.S. economy to improve in 2024
• 72% anticipate increasing capital expenditures for 2024

Negative

• Inflation ranked by 70% of respondents as one of the top three challenges
• 89% of businesses affected by rising interest rates

The 2024 Economic Outlook Survey revealed 61% of businesses expect to increase hiring in 2024

ISELIN, N.J., Dec. 14, 2023 (GLOBE NEWSWIRE) -- 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 Bank
Provident 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 Stralo
PR Supervisor
lstralo@levlane.com
484-747-0172

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7d7c6294-f3c4-4734-9185-dc851048e6b7

FAQ

What are the key findings of Provident Bank's 2024 Economic Outlook Survey?

The key findings include 61% of businesses expecting to increase hiring in 2024, 71% expecting their overall outlook to improve, and 62% expecting the overall U.S. economy to improve.

What are the most anticipated challenges for businesses in 2024 according to the survey?

The most anticipated challenges include inflation, rising wages, supply chain-related delays and shortages, revenue and sales growth, attracting and retaining talent, and corporate taxes.

How many businesses were surveyed for the 2024 Economic Outlook Survey?

The survey was based on 1,000 responses from owners and executives of businesses in the U.S. with annual revenues over $1 million.

Who conducted the survey on behalf of Provident Bank?

The survey was conducted by Pollfish, a market research provider, on behalf of Provident Bank.

What percentage of respondents expect to increase capital expenditures for 2024?

72% of respondents expect to increase capital expenditures for 2024.