Survey: Year Of Growth In 2015 For Philadelphia Area Businesses
PHILADLEPHIA (CBS) -- Philadelphia area businesses reported a banner year in 2015 and they're looking forward to more growth this year. That's according the Federal Reserve Bank survey released at a Chamber of Commerce meeting Wednesday morning.
Fed analyst Elif Sen says 70 percent of local businesses reported growth in 2015.
"They're seeing demand for their goods, which we saw in the new orders for revenue and sales indexes....and they want to meet that demand and they expect that demand to continue so in order to do that, they're hiring and more people are working in our economy and it's a positive feedback cycle so it's going to hopefully carry over further, into this year."
Chamber members like Tom Ells of Main Street Development weren't surprised but were encouraged.
"Philadelphia still has a tremendous upside potential, so we're building."