PA Chamber releases 28th Annual Economic Survey

The Pennsylvania Chamber of Business and Industry recently released its 28th Annual Economic Survey, which received responses from 650 Pennsylvania employers.

Employers reported high confidence in the state’s business climate and are making investments in their facilities and workers. Employers listed a jobs skills gap as the biggest hurdle facing their businesses and also cited concerns regarding the state’s tax structure and rising healthcare rates.

A record high 40 percent of employers said the economy has improved during the last 12 months, up from 25 percent last year. 26 percent of employers, another record high, rated Pennsylvania as “very” business friendly, up from 15 percent.

“The recent enactment of sweeping federal tax and regulatory reforms, combined with months of higher than expected revenue returns has resulted in a long-overdue surge of economic optimism here in the Commonwealth,” PA Chamber President and CEO Gene Barr said. “As we celebrate this improvement in employers’ future outlook, our organization continues to work toward enacting policies that will set Pennsylvania apart as an ideal business location and boost our competitiveness.

According to 66 percent of employers, controlling healthcare costs should be the top issue that business advocates and lawmakers should focus on, while 50 percent noted that the top issue should be cutting business taxes.

“We’re working to combat rising healthcare costs, which employers have cited as a major hurdle over the last ten years of economic surveys,” Barr said. “Expanding access to affordable healthcare coverage should be a universal goal, which is why it’s so unfortunate that the state Insurance Department is resisting allowing many small businesses to take advantage of the new federal rule on Association Health Plans. The goal of these plans is to achieve savings within the health care system and provide Pennsylvania employers with solutions to meet the needs of their workforce.”