A real-time poll found more than 80% believe the state's economy will be in about the same or better shape a year from now.
Providence, Rhode Island, April 30, 2024–(BUSINESS WIRE)–Santander Bank of North Carolina (“Santander” or the “Bank”) and the Greater Providence Chamber of Commerce today hosted their 21st annual meeting.cent Economic Outlook A breakfast for Rhode Island's business community. The event will draw approximately 300 people to the Crowne Plaza in Warwick, Rhode Island, and provide a forum for business, education, health care, government and community leaders to discuss Rhode Island's economy and changing dynamics.
Given the current supply chain landscape and increased focus on nearshoring, this year's panel of economic experts and local business leaders explores how companies can reduce supply chain disruption and create sustainable business practices. The focus was on how practices could be strengthened as a whole.A panel was included Eva MancusoDirector, John H. Chaffee International Business Center, Bryant University; stephen stanleySantander U.S. Chief U.S. Economist, Karl WadenstenPresident and CEO, VIBCO Vibrators, Ted WilliamsPresident of Senesco Marine.
“Our purpose is to help people and businesses thrive. We will leverage Rhode Island’s great strengths to create a more vibrant, innovative, diverse, and inclusive economy. “We are committed to working with the Greater Providence Chamber of Commerce, businesses and elected leaders to advance the michael lee, Senior Executive Vice President and Managing Director of Commercial Banking at Banco Santander. “Rhode Island has important advantages that make it attractive to companies and the talent they need to succeed, including an ideal transportation infrastructure that supports local and international business. Santander's standing in the U.S. and the world Our presence and scale are extremely important to our customers as we look to grow our business in the current economic climate, expand internationally, and move our supply chain closer to the United States.”
Banco Santander pioneers new solutions to help small and mid-market customers navigate transactions, find alternative suppliers and introduce their products to interested buyers and sellers around the world Did. This includes the Trade Club Alliance, a unique global network of banking groups that connects companies and potential partners in new international markets and offers a wealth of relevant trade expertise.
Mr. Lee too laurie whitePresident of the Greater Providence Chamber of Commerce, gave welcome remarks, followed by introductions from: Governor Dan McKee and Tim Wends, CEO of Santander U.S. and President and CEO of Santander Bank. Participants then answered a series of questions related to the economy and business environment in a real-time survey to uncover their views on the economic challenges and development opportunities facing Rhode Island.
economic outlook
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If we consider just Rhode Island's economy over the same period, more than 80% believe the economy will be about the same or in better shape.
business perspective
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Almost half of leaders say their business is in a better place than it was a year ago, and when asked about the future outlook for their business, more than 60% expect it to be in a better place a year from now. I answered that I am.
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More than 40% of leaders said their capital spending plans for 2024 will remain the same, while 31% cited an increase in capital spending this year. These results reflect hiring plans, with more than half saying their headcount will remain the same over the next year, while 34% plan to increase hiring slightly.
Supply chain and expanding market
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Although the majority of business leaders are not currently involved in global trade, nearly 45% of leaders say global markets are important to their business, with 14% reporting it as very important.
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The top three regions that companies currently use as part of their supply chain or as part of their export strategy are Europe, which includes the United Kingdom (23%), Asia, which includes China, Taiwan, and South Korea (19%), and Canada ( 15%). %).
The economic outlook and cautious optimism among Rhode Island's business community reflects recent evidence that concerns about inflation and a possible recession are easing, and financial optimism is rising across middle-income households. This is consistent with Santander US market research. Three in four middle-income Americans say they are on the right track to economic prosperity. Furthermore, 80% believe they can achieve economic prosperity in the next 10 years.
“For more than 20 years, this forum has provided a place for Rhode Island business and civic leaders to come together and discuss timely issues that impact their hometowns and communities. We truly value our long-standing partnership and the banking solutions and capabilities Santander brings to great businesses in our state,” said Greater Providence Chamber of Commerce President Laurie White.. “This year's theme of supply chain resilience is an increasingly important one, and we look forward to continuing this discussion throughout the year and connecting our members to new business opportunities.”
Disclaimer: The findings contained herein do not necessarily reflect the views of Banco NA Santander and do not state the position of Banco NA Santander on the issues mentioned therein.
Santander Bank, NA is one of the nation's leading retail and commercial banks, with $102 billion in assets. Headquartered in Boston, the bank has more than 5,100 employees and more than 1.8 million customers, primarily 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 (NYSE:SAN), recognized by Fortune magazine as one of the world's most admired companies in 2024 and a global leader in renewable energy financing. It is the leader with approximately 166 million customers in the country. US, Europe, Latin America. It is supervised by Santander Holdings USA, Inc., the U.S. intermediate holding company of Santander Bank. For more information, please visit www.santanderbank.com/us/commercial.
Greater Providence Chamber of Commerce It is Rhode Island's only state-wide chamber of commerce. We are a hub of connections for Rhode Island businesses of all sizes, all industries, and all sectors. We connect colleagues and business experts who can provide actionable advice in real time to solve critical problems like managing growth, finding the right talent, and knowing when and how to innovate. This level of commitment to connectivity is not seen anywhere else in the state. Our mission is to ensure that all her GPCC members are ready to continue to thrive or grow their Rhode Island businesses. For more information, please visit www.provchamber.com.
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contact address
media:
victoria day
Santander Bank, NA
victoria.day@santander.us
mike blazek
Greater Providence Chamber of Commerce
mblazek@provchamber.com
