Live polling during forum hosted by Santander Bank and Greater Providence Chamber of Commerce captures Rhode Island business leaders’ views on navigating economic uncertainty, workforce planning, and growth priorities.
Business and civic leaders from across Rhode Island gathered at the annual Santander Bank, N.A. Economic Outlook Breakfast, held in partnership with the Greater Providence Chamber of Commerce, to discuss the forces shaping the state’s economy and outlook for the year ahead. For more than two decades, the event has convened leaders across industries for a data-driven discussion on economic conditions.
The program featured a keynote from Santander Chief U.S. Economist Stephen Stanley, offering perspective on the broader economic landscape. A panel discussion followed with industry leaders, including Ruth Benbow of Navigator Global, a Santander platform that helps small and mid-sized businesses expand into international markets, alongside Kelly Mendell of MIKEL and Erik Smith of Saab, Inc. The group explored Rhode Island’s competitive strengths and growth opportunities across key sectors.
As part of the program, attendees participated in a live audience survey capturing real-time sentiment on the economy, business conditions, and factors shaping the business environment.
Economic Outlook: Sentiment Remains Cautious
A majority of respondents expect the U.S. economy to worsen over the next 12 months, with 57% anticipating weaker conditions. By comparison, 25% expect improvement, while 18% expect conditions to remain about the same. Global uncertainty is a key concern for businesses, with 86% of respondents saying they are somewhat or very concerned about the potential impact on their operations.
Sentiment toward Rhode Island’s economy was more balanced. Approximately 42% of respondents expect conditions to worsen, while 39% anticipate no change and 19% expect improvement.
Business Conditions Reflect Stability Today, Measured Optimism Ahead
Current business conditions reflect relative stability, with 43% of respondents reporting their business is in better shape than a year ago and 38% indicating no change. By comparison, 18% say conditions have worsened. Looking ahead, sentiment remains slightly more optimistic. About 46% expect their business to improve over the next year, compared to 40% who expect stability and 14% who anticipate a decline.
Hiring and Investment Plans Signal a Cautious, Steady Approach
Survey responses suggest businesses are taking a measured approach to hiring and investment, pointing to a steady but cautious approach as companies navigate ongoing uncertainty:
- 32% plan to increase hiring, while 53% expect no change and 14% anticipate reductions.
- 46% expect to increase capital expenditure, compared to 39% who plan no change and 16% who anticipate decreases.
Growth Challenges and External Pressures Lead Business Challenges
When asked to identify the most significant challenge facing their business in the next year, respondents most frequently cited revenue and sales growth (44%), followed by global disruption (20%), and both talent/labor costs and technology integration at 12% each.
AI Seen as Critical to Future Competitiveness
Artificial intelligence is seen as an increasingly important driver of competitiveness, with 76% of respondents saying it will be critical or important to their organization over the next five years.
Defense and Innovation Sectors Seen as Key to Rhode Island’s Growth
These themes were further explored during the panel discussion, where leaders highlighted opportunities for Rhode Island to compete and grow in a changing economic environment. Survey respondents identified defense and national security (41%) as the leading opportunity for the state’s long-term growth, followed by the ocean/blue economy (28%) and life sciences/biotech (27%).
“In today’s environment, global dynamics are playing a larger role in local business decisions. What we are seeing is a business community that is adapting and looking for opportunities to grow and compete. Rhode Island has a strong foundation, and by connecting local businesses to broader markets and resources, we can help unlock the next phase of growth.”
Mike Lee
Head of Commercial Banking at Santander Bank
“This event brings together leaders from across Rhode Island’s business community to share perspectives, identify challenges, and focus on opportunities. The survey results reflect the real-world environment our members are operating in—one that requires adaptability, collaboration, and a long-term view on how businesses position themselves for the future.”
Laurie White
President of the Greater Providence Chamber of Commerce
Santander’s Economic Outlook Breakfast continues to serve as a key forum for Rhode Island’s business community to exchange insights, identify opportunities, and navigate an increasingly complex economic environment.
DISCLAIMER: The survey results expressed herein do not necessarily reflect the views of Santander Bank, N.A. and are not intended to represent Santander Bank, N.A.’s position on any of the issues referenced therein.