The Chamber of Commerce for Greater Philadelphia (the Chamber) hosted its annual State of the Economy event on January 9, 2025, bringing together the region’s business community, including Chamber members and investors, to hear from local economists and leaders on industry insights, trends, and growth opportunities expected to drive the region’s economic performance in the year ahead.
The goal of the annual event, supported this year by title sponsor and Chamber member Firstrust Bank, is to help Greater Philadelphia businesses make informed decisions. It also provides a platform to present the Chamber’s annual regional State of the Economy survey report led by the Federal Reserve Bank of Philadelphia based on responses from Chamber member company leaders on perceived business conditions in 2024 and plans for 2025.
Roc Armenter, executive vice president and director of research at the Federal Reserve Bank of Philadelphia, was one of the panelists and shared key takeaways from the survey, including:
- Economic Activity: Respondents expect minimal change in overall activity for 2025, with an index of just 5, indicating no change or a slight decrease.
- Payroll Trends: Most respondents report a slight increase in their payrolls for 2025, indicating a healthy labor market.
- Expectations for 2025: 42% of business leaders plan to expand physically, with 14.5% expanding within the region. Additionally, nearly 64% plan to maintain their current footprint in the region, a testament to Greater Philadelphia’s rank in the top 25 global business startup ecosystem by Startup Genome.
Additional panelist and their key perspectives included:
- Roger Aliaga-Díaz, Ph.D. Global Head of Portfolio Construction and Chief Economist, Americas, Vanguard, a Chamber investor, opened the event as the keynote speaker sharing a snapshot of Vanguard’s 2025 global and national economic outlook and its implications for the Greater Philadelphia region.
- Chris Goodchild, Managing Director and Senior Partner, Boston Consulting Group, a Chamber investor, highlighted the transformative impact of generative AI as a trend lean into in 2025, noting that “companies embracing generative AI are growing their revenue 50% faster than their peers and providing 60% more value for their shareholders.”
- Jerry Sweeney, President & CEO at Brandywine Realty Trust, Chamber investor, shared his insights from lived experience as one of the region’s leading life science real estate developers, noting the importance of community involvement in real estate development projects early and often.
Looking Ahead to 2026
Also on the panel was Angela Val, President and Chief Executive Officer of Visit Philly, who spoke on the tremendous economic impact expected for Philadelphia in 2026 when the city hosts six FIFA World Cup 2026™ matches, the semi-quincentennial celebration of the United States, and the 2026 MLB All-Star Game.
Val noted that the FIFA World Cup 26 alone is expected to generate approximately $770 million for Greater Philadelphia, create 6,600 jobs, and generate $51 million in tax revenue, providing the largest financial boost from a single sporting event or celebration ever recorded in Pennsylvania.
Along with spotlighting what 2026 will bring in terms of economic impact, Val also stressed the importance of leveraging these events for long-term growth, citing Atlanta’s post-Olympics development as a model.
The Chamber is committed to Greater Philadelphia’s economic growth and development, including through its Select Greater Philadelphia (Select) initiative that positions the region as a leading destination for doing business and supports business and talent attraction here. For more information on the Chamber and Select’s work, visit selectgreaterphl.com or contact our Select Greater Philadelphia team.
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