Philadelphia-area business leaders' outlook for 2022
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The unpredictability and changes brought about by nearly two years of COVID are among the top challenges businesses are facing in 2022, industry leaders told Axios.
State of play: Positive COVID-19 case counts have been rising for weeks in Philadelphia as the Omicron variant spreads.
- The city's new vaccine mandate for restaurants, sports venues and other establishments went into effect on Monday.
Yes, but: Many businesses have identified ways to overcome obstacles in the new year.
Axios asked local leaders what they have on their radar in 2022. Here's what they had to say:
The issue: The food industry continues to struggle with labor shortages, rising wages, inflation and supply chain issues caused by the pandemic.
- Restaurant-goers should expect prices to rise in 2022, warned Ben Fileccia, a spokesman for the Pennsylvania Restaurant & Lodging Association.
- "Prices have not significantly gone up on restaurant menus in 20 years," Fileccia said.
One solution: The association wants to ensure outdoor dining options for food establishments remain permanent throughout Pennsylvania in 2022.
- Of note: Philadelphia has already allowed some streeteries to stay in place.
The issue: The regional African-American Chamber of Commerce said many of its members have yet to fully recover from the pandemic-driven economic downturn.
- It's hindering businesses from planning for the future, the chamber's president and CEO Regina Hairston said.
One solution: Helping Black business owners attract equity capital, or outside investments beyond traditional bank loans, could make a difference.
- "There's a collaborative effort to move Black businesses in that direction for them to really have wealth in order for them to grow their businesses," Hairston said.
The issue: Rising costs and supply chain snags could sink development projects and push smaller developers out of businesses, said Gary Jonas, president of the Building Industry Association of Philadelphia.
- "When you have a rise in costs like we've had, at some point, it makes the building and development of properties unfeasible," he said.
One solution: Equitable housing is at the forefront of the group's efforts this year.