Over 300 Local Business Leaders Discuss Massachusetts Economy at Santander and Greater Boston Chamber of Commerce Event
Nearly 78% of Attending Corporate Executives and Business Owners Believe Economy in Massachusetts Will Continue Improving over Next 12 Months
BOSTON, April 2, 2015 /PRNewswire/ -- Santander Bank, N.A., and the Greater Boston Chamber of Commerce today hosted their 15th annual meeting for the business community focused on the region's economic outlook. Over 300 attendees were surveyed in real time regarding their expectations for the local economy in 2015 as well as plans for their respective businesses over the coming year.
"We are delighted to bring local business and community leaders together to discuss the challenges, trends and opportunities of the state's economy. These conversations are important as we work together toward enhancing the strong, vibrant business community that Massachusetts has to offer," said Roman Blanco, CEO of Santander Bank, N.A. "This year's record-breaking snow fall brought unique challenges at the start of 2015, but much opportunity awaits this resilient, talented and innovative business community."
Attendees of the annual Economic Outlook Breakfast responded to a series of economic and business-related questions during a real-time poll facilitated by Mike Lee, managing director of commercial real estate banking at Santander.
"The survey results show an overall positive view of the economic outlook for 2015," said Lee. "This survey helps us understand the challenges and strengths of local businesses of all sizes and disciplines throughout the Commonwealth."
Nearly 78 percent of respondents believe the economy in Massachusetts will improve over the next 12 months, while nearly 67 percent see their own businesses improving during the same period. Attendees used automated response devices to participate in the real-time poll. In addition to questions about the U.S. and Massachusetts economies, the survey queried attendees about their local and international business expansion plans, employer hiring plans and top business challenges facing the state.
To wrap up the survey, attendees were asked to make a prediction that reached beyond their business expertise – whether the New England Patriots will again be Super Bowl champions next year. Two thirds of the audience expressed confidence in the likelihood of another victory.
Following the survey, attendees listened to a panel discussion about regional business issues. The panel included Patrick Hughes, President and CEO, Fallon Community Health Plan; Christopher Anderson, President, Massachusetts High Technology Council, Inc.; Dr. Zorica Pantić, President, Wentworth Institute of Technology; and Thomas P. Glynn, Ph.D., CEO, Massport.
About Santander
Santander Bank, N.A. is one of the largest retail banks in the United States by deposits. Its main corporate offices are in Boston and it operates principally in Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island. Santander's 9,703 employees serve its 1.8 million customers through the Bank's 703 branches, 2,092 ATMs, call centers, website and mobile app. Supervised by the Office of the Comptroller of the Currency and a member of the Federal Deposit Insurance Corporation, Santander in the United States is a wholly-owned, financially autonomous subsidiary of Banco Santander (NYSE: SAN), a global commercial and retail bank. For more information about Santander, visit www.santanderbank.com or call 877-768-2265.
Santander - Greater Boston Chamber of Commerce
2015 Economic Outlook Survey Results
| 1. Thinking about the U.S. overall, over the next 12 months how do you think the economy will be in comparison to today? |
Responses |
|
| Much better shape |
10.86% |
|
| Somewhat better shape |
62.44% |
|
| About the same |
23.53% |
|
| Somewhat worse shape |
2.71% |
|
| Much worse shape |
0.45% |
|
| Total |
100% |
| 2. Thinking only about Massachusetts, over the next 12 months how do you think the economy will be in comparison to today? |
Responses |
|
| Much better shape |
21.30% |
|
| Somewhat better shape |
56.52% |
|
| About the same |
21.74% |
|
| Somewhat worse shape |
0.43% |
|
| Much worse shape |
0% |
|
| Total |
100% |
| 3. Thinking only about your business, over the next 12 months how do you think your business will be in comparison to today? |
Responses |
|
| Much better shape |
25.68% |
|
| Somewhat better shape |
41.44% |
|
| About the same |
30.63% |
|
| Somewhat worse shape |
1.80% |
|
| Much worse shape |
0.45% |
|
| Total |
100% |
| 4. Many economists are predicting continued economic growth for the nation and for Greater Boston in 2015. Thinking about your business, do you have plans to increase hiring this year? |
Responses |
|
| Yes, we expect to significantly increase hiring |
14.81% |
|
| Yes, we expect to somewhat increase hiring |
50.93% |
|
| No change |
29.63% |
|
| We plan to slightly reduce staff |
4.17% |
|
| We plan to significantly reduce staff |
0.46% |
|
| Total |
100% |
| 5. If you plan to hire, what are the most important factors behind this decision? Please select up to three. |
Responses |
|
| Projected sales growth |
21.55% |
|
| Current staffing levels cannot meet demand |
26.72% |
|
| Need skills not possessed by current staff |
15.73% |
|
| Reasonable labor costs |
1.51% |
|
| Government incentives |
0.86% |
|
| Economic outlook has improved |
8.41% |
|
| Expanding into a new segment or market |
15.09% |
|
| Firm's financial health has improved |
4.74% |
|
| No plans to hire |
5.39% |
|
| Total |
100% |
| 6. What do you think are the top challenges facing this state? Please select up to three. |
Responses |
|
| Attracting & retaining businesses |
9.15% |
|
| Unemployment/job creation |
2.66% |
|
| Affordable housing |
18.97% |
|
| The skills gap |
4.99% |
|
| Deteriorating infrastructure |
19.13% |
|
| Cost of fuel and energy |
3.16% |
|
| Cost of healthcare |
9.82% |
|
| Overall cost of living |
22.13% |
|
| Performance of public education |
2.66% |
|
| Total |
100% |
| 7. Thinking about your business, what are the most challenging issues you expect to face in the next two years? Please select up to three. |
Responses |
|
| Regulatory costs and burdens |
15.26% |
|
| Cost of fuel and energy |
2.94% |
|
| Transportation infrastructure |
6.99% |
|
| Cost of health insurance/other employee benefits |
11.95% |
|
| Attracting new customers |
23.71% |
|
| Retaining existing customers |
11.95% |
|
| Hiring qualified employees |
11.76% |
|
| Pressure from larger competitors |
12.68% |
|
| Corporate taxes |
2.76% |
|
| Total |
100% |
| 8. What might inhibit your international expansion plans? Please select up to three. |
Responses |
|
| Lack of access to local market intelligence in geographic target areas |
11.18% |
|
| Securing legal, accounting or financial experts who are experienced in foreign trade |
9.87% |
|
| Managing currency risk |
7.89% |
|
| Language barriers |
5.26% |
|
| Lack of available workers experienced in global trade |
9.21% |
|
| Geopolitical risks |
12.17% |
|
| We are already fully prepared to expand inter... |
13.16% |
|
| No plans to expand business globally |
31.25% |
|
| Total |
100% |
| 9. Will the Patriots repeat as Superbowl Champions! |
Responses |
|
| Absolutely!!! |
33.80% |
|
| Probably, but it will be close |
32.39% |
|
| Not sure, the odds are against it |
26.29% |
|
| No Way! |
7.51% |
|
| Total |
100% |
Corporate Communications
Nancy Orlando
Public Relations Manager
[email protected]
617.757.5765
SOURCE Santander Bank, N.A.
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