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News/Resource- Headlines -- EOB10
Greater Providence Chamber of Commerce, Sovereign Bank Host Annual Economic Outlook Breakfast Forum
Local Business Leaders Discuss the Future of the Economy
The Greater Providence Chamber of Commerce, in partnership with Sovereign Bank, hosted the 10th Annual breakfast forum regarding the economic outlook for 2010 at The Westin Providence Tuesday, March 2. The results of a survey conducted by Sovereign and the Chamber were released at the breakfast, in which local business leaders and consumers examined the regional and national economy.
The overall response to the survey was optimistic, as more positive results were revealed for 2010 than 2009. More than 50% of the business leaders surveyed predicted the Rhode Island and U.S. economy to be in better shape this year, compared to the 37% expecting no economic change and 11% expecting poorer conditions. Business leaders’ concerns for 2010 are attracting new customers (65%, up one percent from last year), new government regulations (41%, up four percent from a year ago), and the cost of health insurance (69%, up six percent from last year). However, business leaders’ concerns on hiring qualified employees decreased (14%, down eight percent) and maintaining good employees decreased (14%, down two percent from last year).
Click here to download the survey results“Positive perspectives bring positive changes,” said Laurie White, President of the Greater Providence Chamber of Commerce. “The optimism demonstrated in this year’s survey is an encouraging sign of what is to come in 2010.”
Although Providence business leaders believe that the region will not attract, retain and expand business as well as other areas this year (83% up nine percent from a year ago), an increase in hiring plans (27%, up six percent) is predicted rather than a decrease (8% down seventeen percent from a year ago).
“Receiving such positive feedback from the country’s top business leaders gives us hope for our economy,” said Steve Issa, Market Director of Sovereign Bank New England South. “Sovereign is delighted to have the opportunity to host such a momentous event.”
The results of the survey were released today at an event hosted by Sovereign Bank and the Greater Providence Chamber of Commerce. Sovereign Bank New England South’s Market Director Steve Issa and Chamber President Laurie White welcomed attendees. Rhode Island Governor Donald Carcieri and Mayor of Providence David Cicilline presented their thoughts on the future economy, followed by a guest panel of six community business leaders who discussed the economic outlook for their respective industry sectors. The panel included Paul Rich, Chief Development Officer of Deepwater Wind Rhode Island, LLC; Karl Sherry, Society of Industrial and Office Realtors Partner of Hayes & Sherry Ltd.; Keith Stokes, Executive Director of the Rhode Island Economic Development Corporation; Max Winograd, Chief Executive Officer and Co-Founder of NuLabel Technologies, Inc.; Rhode Island College President Nancy Carriuolo and Steve Andrews, Senior Vice President of Capital Markets Group at Sovereign Bank.
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