Philly Fed Assesses Small Business Conditions in Region

For the third year in a row, more than half of small businesses in Pennsylvania, New Jersey, and Delaware said their financial conditions were poor or fair. Their top operational challenges? Hiring or keeping qualified staff. Reaching customers or growing sales. Supply chain issues.

Distilling data from the Fed’s national 2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey, these briefs offer a view into business conditions in Pennsylvania, New Jersey, the Philadelphia metro, and the Third District states overall (Delaware, New Jersey, and Pennsylvania).

Additional findings from the survey for Delaware, New Jersey, and Pennsylvania:

  • More firms said they experienced no change in their revenues between 2022 and 2023 than did between 2021 and 2022.
  • Fewer firms carried debt, although about the same number of firms applied for loans, lines of credit, or merchant cash advances compared with the previous year.

Read the briefs.