Santander Bank and Greater Providence Chamber of Commerce Host 19th Annual Economic Outlook Breakfast for Rhode Island Business Community

Real-Time Survey Shows that Nearly 60% of Those Surveyed Plan to Increase Their Workforce over the Next Year


Santander Bank and the Greater Providence Chamber of Commerce (GPCC) hosted our 19th consecutive Economic Outlook Breakfast for Rhode Island’s business community. This annual event gives business and civic leaders a forum to discuss the local economy and the changing dynamics of Rhode Island. Approximately 300 people attended the breakfast and participated in a real-time survey about the local and national economy and how it is impacting their businesses.

“This meeting attracts leaders from a variety of industries across the city and gives us a better understanding of how we can stimulate the Rhode Island economy and ensure that Providence remains a desirable city in which to live and work,” said Michael Lee, member of Santander Bank’s Executive Management Committee. “Providence is attracting and retaining leading companies and top talent who are contributing to the economic growth and development of the city and surrounding communities,” he added. “The Chamber shares our commitment to helping people and businesses prosper, and this event gives us the opportunity to collaborate on ways to support the state’s economic future.”  

Governor Gina Raimondo delivered welcoming remarks, marking the third time in four years that she has spoken at the Breakfast. Following her speech about the state of Rhode Island, attendees responded to a series of economic and business climate-related questions during a real-time survey.

  
Check out all the event photos (Courtesy: Constance Brown Photograher)

More than 20 percent of business and civic leaders surveyed believe the U.S. economy will be in better shape over the next 12 months, while more than 50 percent believe it will be about the same. Thinking only about the Rhode Island economy over the same time period, 41 percent of respondents believe it will be in better shape, compared to 44 percent who said it will be about the same.

When asked about their business today compared to one year ago, 57 percent said it is in better shape, 28 percent said it is about the same and 15 percent said it is in worse shape.

Nearly 60 percent of those surveyed said that they plan to increase their workforce over the next year. Forty-two percent cited current staffing levels not meeting demand as the reason to expand their workforce, while 28 percent selected projected sales growth and 25 percent indicated they need skills not possessed by current staff. When asked about their current workforce, those surveyed cited team building and group dynamics at 50 percent and technology skills at 48 percent as the top two areas that need development. 

Revenue and sales growth is the most challenging issue 44 percent of respondents expect to face in the next year, compared to talent shortage by 28 percent, followed by managing labor costs by 10 percent.

Click here for the complete survey results

"Thanks to the long-standing collaboration between Santander Bank and the Chamber, we are able to provide a space for business and civic leaders to connect and discuss timely matters impacting the local and regional business community,” said Laurie White, president of the Greater Providence Chamber of Commerce. “This year’s focus on the expanding innovation landscape in Rhode Island is a credit to the many leaders in academia, business and government who are committed to building the kinds of partnerships necessary to drive growth and opportunity through innovative ventures and ideas.”

Following the survey, White moderated a panel discussion about the impact innovation is having on the Rhode Island economy with panelists Dr. David Dooley, president of the University of Rhode Island; Michael Hallock, CEO of RI Agricultural Technologies; and Ji Mi Choi, associate vice president, Office of Knowledge Enterprise Development, Arizona State University.

Read the related coverage in the Providence Journal and Providence Business News