Philly companies will spend more on software in 2017: report

Get those pitch decks ready, B2B software companies: according to the latest numbers from the Federal Reserve Bank of Philadelphia and the Chamber of Commerce for the Greater Philadelphia, Philly-area companies are projected to spend more money on software in 2017.

Based on data from 146 companies, the survey projects capital expenditures in equipment and software are expected to climb by at least 5 percent following a double-digit contraction in 2016 from the previous year.

The 2017 report was presented on Wednesday morning by Elif Sen, a senior economic analyst with the agency, during the Chamber’s annual Economic Outlook event. Sen, after introducing the disclaimer that her opinions were her own and not those of the Philadelphia Fed, depicted the overall outlook for 2017 as “positive.”

.@philadelphiafed’s Elif Sen
reviews findings from the #EconomyPHL survey of Chamber members pic.twitter.com/QmrjUzp7fb

— The Chamber of Commerce for Greater Philadelphia (@ChamberPHL) January 18, 2017

“Almost 64 percent of the respondents are optimistic that business activity at their companies will increase in 2017,” said Sen in a press release. “More than 47 percent reported that they expect to hire more full-time permanent employees in 2017.”