Provident Bank Economic Outlook Survey Shows Businesses Expect Significant Improvements in 2022

86% of business owners in NJ and PA reported to have fully recovered or expect to fully recover in 2022 from the economic impact of the pandemic

Iselin, NJ, Jan. 20, 2022 (GLOBE NEWSWIRE) -- Provident Bank, a leading New Jersey-based financial institution, today released the results of an economic survey revealing a positive outlook from businesses in NJ and PA over the next 12 months. 

Approximately 86% of the survey’s 381 respondents—C-level executives and business owners—reported that their companies have already fully recovered from the economic impact of the pandemic and are operating at or above their pre-pandemic levels expect to return to normal in 2022.

 One of the top challenges New Jersey and Pennsylvania businesses expect to face in 2022, according to the survey, is a lack of workers, with more than 50% of respondents saying there are not enough applicants to fill open positions. Despite this challenge, more than 45% of companies plan to increase hiring in 2022, with 60% of respondents expecting projected sales growth.

“Our survey found that businesses in New Jersey and Pennsylvania are not deterred by the economic challenges they faced over the past two years due to the COVID-19 pandemic,” said Anthony Labozzetta, President & CEO, Provident Bank. “New Jersey and Pennsylvania are resilient states, and even with the hurdles businesses have faced, there remains a lot of opportunity and capacity for growth. We look forward to continuing to meet the needs of small to medium-sized businesses of the region,” added Labozzetta.

Though the general outlook was positive, the survey found that about 55% of businesses think they will run into supply-chain-related delays and shortages this year, especially those in the food service, hospitality, and construction industries. The rising cost of energy, fuel, goods, and services were also cited as major hurdles to overcome for those industries specifically.

In New Jersey, lack of affordable housing was the top concern for challenges facing the state. In Pennsylvania, not having enough people to fill open positions was the number one response.

Additional findings include: 

• More than half (51.50%) of the respondents said the majority of their staff will be working in the office over the next 12 months
• Approximately 57% of business owners have made cybersecurity a top priority for their organization and are well prepared in this area
• About 25% of respondents were in the technology industry and about 14% were in retail

Methodology
Provident Bank surveyed 400 c-level executives and business owners in New Jersey and Pennsylvania between the ages of 25 and 90. A full research report is available upon request.

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 $13.39 billion as of September 30, 2021. With $10.84 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, as well as Bucks, Lehigh and Northampton counties in Pennsylvania and Queens County 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 SB One Insurance Agency, Inc. For more information about Provident Bank, visit www.provident.bank or join the conversations on Facebook (ProvidentBank) and Twitter (@ProvidentBank).