Customers of Provident Bank have a positive outlook about the next 12 months, according to an economic survey of 400 c-level executives and business owners in Pennsylvania and New Jersey.
The majority of respondents, approximately 86 percent, said their companies are fully recovered from the economic impact of the pandemic, and 60 percent project sales growth.
Over the next 12 months, 51.5 percent of the respondents said the majority of their staff will be working in the office.
The businesses also anticipate some challenges over the coming year.
Approximately 55 percent of respondents believe their businesses will encounter supply-chain delays and shortages. This was especially true for the construction, hospitality, and foodservice industries. These industries cited the rising cost of energy, fuel, goods, and services as major hurdles.
Cybersecurity was a top priority for approximately 57 percent of business owners.
More than 50 percent of respondents face a shortage of workers, and more than 45 percent of the companies plan to hire in 2022.
When asked what their top challenge is, respondents in Pennsylvania said not having enough people to fill open positions. Those in New Jersey cited a lack of affordable housing.
Provident Bank has branches in N.J.; Bucks, Lehigh, and Northampton counties, Pa.; and Queens County, N.Y.