Rhode Island Business Leaders Express Cautious Optimism About Economy During Annual Forum Hosted by Santander Bank and Greater Providence Chamber of Commerce
Real-time survey uncovers that over
Given the current supply chain landscape and growing emphasis on nearshoring, this year’s panel of economic experts and local business leaders focused on how businesses can reduce supply chain disruptions and increase sustainable business practices overall. The panel included Eva Mancuso, Director, John H. Chafee Center for International Business at Bryant University, Stephen Stanley, Chief
“Our purpose is to help people and businesses prosper. We’re committed to working with the
Santander Bank pioneered new solutions to help small to mid-size middle market clients navigate trade, find alternative suppliers and introduce them to global buyers and sellers interested in their products. This includes Trade Club Alliance, a unique global network of banking groups that connect businesses with potential partners in new, international markets and offer a wealth of relevant trade expertise.
Lee, along with Laurie White, President,
Economic Outlook
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Over
70% of business and civic leaders surveyed believe theU.S. economy will be about the same, or in better shape over the next 12 months.
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Thinking only about the
Rhode Island economy over the same time period, over80% believe the economy will be about the same, or in better shape.
Business Perspective
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Almost half of leaders said their business is in better shape compared to one year ago, and when asked about the future outlook of their business, over
60% said they expect it to be in better shape a year from now.
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Revenue and sales growth (
39% ), acquiring talent and managing labor costs (27% ) and regulatory requirements (13% ) are the top challenges leaders believe they will face over the next 12 months.
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Leaders remain neutral about the importance of having an ESG framework in place over the next 12-24 months, with nearly
30% of leaders report it being an important aspect of their business.
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More than
40% of leaders said their capital expenditure spending plans in 2024 will remain unchanged, while31% cite an increase for this year. These results echo hiring plans – over half said that there will be no changes in their workforce over the next year, while34% are planning for a slight increase in hiring.
Supply Chain and Expanding Markets
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The majority of business leaders do not currently engage in global trade, while almost
45% of leaders said that global markets are important to their business, and14% report it to be extremely important.
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The top three geographies businesses are currently using as part of their supply chain or part of their export strategy are
Europe , including theUnited Kingdom (23% ),Asia , includingChina ,Taiwan andSouth Korea (19% ), andCanada (15% ).
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In regard to supply chain changes, almost half (
46% ) of business leaders have not changed key vendors and are not planning changes.
The economic outlook and guarded optimism of the
“For over two decades, this forum has provided a space for Rhode Island’s business and civic leaders to come together and discuss timely matters impacting the local and regional communities. We truly value our long-standing partnership with Santander and the banking solutions and capabilities they bring to the great businesses in our state,” said Laurie White, President,
DISCLAIMER: The survey results expressed herein do not necessarily reflect the views of Santander Bank, N.A. and are not intended to represent Santander Bank, N.A.’s position on any of the issues referenced therein.
Santander Bank, N.A. is one of the country’s leading retail and commercial banks, with
The
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430170594/en/
Media:
Victoria Day
Santander Bank, N.A.
victoria.day@santander.us
Mike Blazek
mblazek@provchamber.com
Source: Santander Bank, N.A.