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Rhode Island Business Leaders Express Cautious Optimism About Economy During Annual Forum Hosted by Santander Bank and Greater Providence Chamber of Commerce
Rhode Island business leaders express cautious optimism about the economy during an annual forum hosted by Santander Bank and the Greater Providence Chamber of Commerce. Over 80% believe the state's economy will remain stable or improve in the next year. The event focused on reducing supply chain disruptions and promoting sustainable business practices. Business leaders are optimistic about the U.S. and Rhode Island economies, with a majority expecting their businesses to grow. Leaders also highlighted challenges in revenue growth, talent acquisition, and regulatory requirements. Despite being neutral about ESG frameworks, leaders are planning to maintain or increase capital expenditure and hiring. The majority of business leaders do not engage in global trade, but recognize its importance. The event reflects growing financial optimism in Rhode Island and aligns with Santander US market research findings.
I leader aziendali del Rhode Island mostrano un cauto ottimismo riguardo all’economia durante un forum annuale organizzato da Santander Bank e dalla Camera di Commercio di Greater Providence. Più dell'80% crede che l'economia dello stato rimarrà stabile o migliorerà nel prossimo anno. L'evento si è concentrato sulla riduzione delle interruzioni della catena di approvvigionamento e sulla promozione di pratiche commerciali sostenibili. I leader sono ottimisti riguardo all'economia degli Stati Uniti e del Rhode Island, con la maggioranza che prevede una crescita delle proprie aziende. Hanno inoltre evidenziato sfide nella crescita dei ricavi, nell'acquisizione di talenti e nei requisiti normativi. Nonostante un atteggiamento neutro verso i quadri ESG, i leader prevedono di mantenere o aumentare le spese in capitale e le assunzioni. La maggioranza dei leader aziendali non partecipa al commercio globale, ma ne riconosce l'importanza. L'evento riflette un crescente ottimismo finanziario nel Rhode Island e si allinea ai risultati della ricerca di mercato di Santander US.
Líderes empresariales de Rhode Island expresan un optimismo cauteloso sobre la economía durante un foro anual organizado por Santander Bank y la Cámara de Comercio de Greater Providence. Más del 80% cree que la economía del estado permanecerá estable o mejorará en el próximo año. El evento se centró en reducir las disrupciones de la cadena de suministro y promover prácticas de negocios sostenibles. Los líderes son optimistas sobre las economías de EE. UU. y Rhode Island, con la mayoría esperando que sus negocios crezcan. También destacaron desafíos en el crecimiento de ingresos, la adquisición de talento y los requisitos regulatorios. A pesar de tener una postura neutral sobre los marcos ESG, los líderes planean mantener o aumentar el gasto de capital y las contrataciones. La mayoría de los líderes empresariales no participan en el comercio global, pero reconocen su importancia. El evento refleja un creciente optimismo financiero en Rhode Island y está en línea con los hallazgos de investigación de mercado de Santander US.
로드 아일랜드의 비즈니스 리더들이 산탄데르 은행 및 그레이터 프로비던스 상공회의소가 주최하는 연례 포럼에서 경제에 대해 조심스러운 낙관론을 표현하였습니다. 80% 이상이 내년에 주 경제가 안정적이거나 개선될 것이라고 믿습니다. 이번 행사는 공급망 중단을 줄이고 지속 가능한 비즈니스 관행을 촉진하는 데 중점을 뒀습니다. 비즈니스 리더들은 미국과 로드 아일랜드 경제에 대해 낙관적이며, 다수가 자신의 비즈니스가 성장할 것으로 기대하고 있습니다. 리더들은 또한 매출 성장, 인재 채용, 규제 요건에 대한 도전을 강조하며, ESG 프레임워크에 대해 중립적인 태도를 보이고 있지만, 자본 지출과 채용을 유지하거나 증가시킬 계획입니다. 비즈니스 리더 대부분이 글로벌 무역에 참여하지 않지만 그 중요성을 인식하고 있습니다. 이번 이벤트는 로드 아일랜드의 금융에 대한 낙관적인 전망을 반영하며 산탄데르 US 시장 연구 결과와 일치합니다.
Les leaders d'entreprise de Rhode Island expriment un optimisme prudent concernant l'économie lors d'un forum annuel organisé par la Santander Bank et la Chambre de Commerce de Greater Providence. Plus de 80 % croient que l'économie de l'État restera stable ou s'améliorera l'année prochaine. L'événement s'est concentré sur la réduction des perturbations de la chaîne d'approvisionnement et la promotion de pratiques commerciales durables. Les leaders sont optimistes quant aux économies des États-Unis et de Rhode Island, avec une majorité s'attendant à une croissance de leurs entreprises. Ils ont également souligné les défis en matière de croissance des revenus, d'acquisition de talents et de réglementations. Malgré une position neutre sur les cadres ESG, les leaders prévoient de maintenir ou d'augmenter leurs dépenses en capital et leurs embauches. La majorité des leaders d'entreprise ne participent pas au commerce mondial, mais reconnaissent son importance. L'événement reflète un optimisme financier croissant à Rhode Island et est conforme aux résultats de recherche sur le marché de Santander US.
Wirtschaftsführer aus Rhode Island äußern sich vorsichtig optimistisch über die Wirtschaft auf einem jährlichen Forum, das von der Santander Bank und der Handelskammer von Greater Providence veranstaltet wird. Über 80% glauben, dass die Wirtschaft des Staates stabil bleiben oder sich im nächsten Jahr verbessern wird. Die Veranstaltung konzentrierte sich auf die Verringerung von Lieferkettenunterbrechungen und die Förderung nachhaltiger Geschäftspraktiken. Die Wirtschaftsführer sind optimistisch in Bezug auf die Volkswirtschaften der USA und Rhode Islands, wobei die Mehrheit mit einem Wachstum ihrer Unternehmen rechnet. Die Führungskräfte hoben auch Herausforderungen im Bereich Umsatzwachstum, Talentakquisition und regulatorische Anforderungen hervor. Trotz einer neutralen Haltung gegenüber ESG-Rahmenwerken planen die Führungskräfte, ihre Kapitalausgaben und Einstellungen beizubehalten oder zu erhöhen. Die Mehrheit der Wirtschaftsführer ist nicht im globalen Handel tätig, erkennt jedoch dessen Bedeutung an. Die Veranstaltung spiegelt den wachsenden finanziellen Optimismus in Rhode Island wider und steht im Einklang mit den Marktforschungsergebnissen von Santander US.
Positive
Over 80% of business leaders believe the Rhode Island economy will be stable or improve in the next year.
Leaders are optimistic about the U.S. and Rhode Island economies, expecting growth for their businesses.
Business leaders are planning to maintain or increase capital expenditure and hiring, indicating confidence in future growth.
Despite challenges, leaders recognize the importance of global markets and supply chain resilience.
Negative
Leaders highlighted challenges in revenue growth, talent acquisition, and regulatory requirements, which may impact business performance.
The majority of business leaders do not engage in global trade, potentially limiting opportunities for growth and expansion.
While the event reflects growing financial optimism, concerns about inflation and a possible recession may still pose risks to economic stability.
Real-time survey uncovers that over 80% believe the state’s economy will be about the same, or in better shape a year from now.
PROVIDENCE, R.I.--(BUSINESS WIRE)--
Santander Bank, N.A. (“Santander” or “the Bank”)and the Greater Providence Chamber of Commerce today hosted their 21st Economic Outlook Breakfast for Rhode Island’s business community. Approximately 300 people gathered at the Crowne Plaza in Warwick, Rhode Island for the event, which gives business, education, healthcare, government and community leaders a forum to discuss the economy and changing dynamics of Rhode Island.
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 U.S. Economist, Santander US, Karl Wadensten, President & CEO, VIBCO Vibrators, and Ted Williams, President, Senesco Marine.
“Our purpose is to help people and businesses prosper. We’re committed to working with the Greater Providence Chamber of Commerce, as well as business and elected leaders in leveraging Rhode Island’s considerable strengths and promoting a more vibrant, innovative, diverse and inclusive economy,” said Michael Lee, Senior Executive Vice President and Managing Director of Commercial Banking at Santander Bank. “Rhode Island has key advantages that make it attractive for businesses and the talent they need to be successful, including an ideal transportation infrastructure to support local and international business. Santander’s position in the U.S. and global presence and scale is critically important to our customers that are looking to grow their businesses during current economic conditions, expand internationally, and bring their supply chains closer to the U.S.”
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, Greater Providence Chamber of Commerce, provided welcome remarks, followed by introductions from Governor Dan McKee and Tim Wennes, Santander US CEO and Santander Bank President & CEO. Attendees then responded to a series of economic and business climate-related questions during a real-time survey that revealed their perspectives around the economic challenges that Rhode Island faces, as well as the opportunities for development.
Economic Outlook
Over 70% of business and civic leaders surveyed believe the U.S. economy will be about the same, or in better shape over the next 12 months.
Thinking only about the Rhode Island economy over the same time period, over 80% believe the economy will be about the same, or in better shape.
Business Perspective
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.
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.
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.
More than 40% of leaders said their capital expenditure spending plans in 2024 will remain unchanged, while 31% 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, while 34% are planning for a slight increase in hiring.
Supply Chain and Expanding Markets
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, and 14% report it to be extremely important.
The top three geographiesbusinesses are currently using as part of their supply chain or part of their export strategy are Europe, including the United Kingdom (23%), Asia, including China, Taiwan and South Korea (19%), and Canada (15%).
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 Rhode Island business community aligns with Santander US market research that recently revealed financial optimism is increasing across middle-income households, as concerns about inflation and a possible recession are easing. Three in four middle-income Americans say they are on the right track toward financial prosperity. In addition, 80% believe they will achieve financial prosperity in the next 10 years.
“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, Greater Providence Chamber of Commerce. “This year’s theme of supply chain resilience has become an increasingly important topic, and we look forward to continuing this discussion throughout the year and connecting our members to new business opportunities.”
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 $102 billion in assets. With its corporate offices in Boston, the Bank’s more than 5,100 employees and more than 1.8 million customers are principally located in Massachusetts, New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania and Delaware. The Bank is a wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN), recognized as one of the world’s most admired companies by Fortune Magazine in 2024 and world leader in renewable energy financing, with approximately 166 million customers in the U.S., Europe, and Latin America. It is overseen by Santander Holdings USA, Inc., Banco Santander’s intermediate holding company in the U.S. For more information, please visit www.santanderbank.com/us/commercial.
The Greater Providence Chamber of Commerce is Rhode Island’s only statewide chamber of commerce. We are the hub of connections for Rhode Island businesses of all sizes, in all industries and in all sectors. We connect business professionals with peers who can provide real-time, actionable advice to help with significant issues like managing growth, finding the right talent, and knowing when and how to innovate. You won't find that commitment to connectivity anywhere else in the state. Our mission is to ensure every GPCC member is prepared to become or continue to be a thriving Rhode Island business. Learn more at www.provchamber.com.
What is the percentage of business leaders who believe the Rhode Island economy will be stable or improve in the next year?
Over 80% of business leaders believe the Rhode Island economy will be stable or improve in the next year.
What are the top challenges highlighted by business leaders for the next 12 months?
The top challenges highlighted by business leaders include revenue and sales growth, acquiring talent, managing labor costs, and regulatory requirements.
Do business leaders plan to engage in global trade?
The majority of business leaders do not currently engage in global trade, but recognize its importance for their businesses.
What are the key geographies used by businesses as part of their supply chain strategy?
The top three geographies used by businesses as part of their supply chain or export strategy are Europe, Asia, and Canada.
What is the overall sentiment of business leaders towards the future outlook of their business?
Over 60% of business leaders expect their business to be in better shape a year from now, indicating optimism and confidence in growth.
