​2015 GDP Real GDP increased 2.4 percent in 2015 (that is, from the 2014 annual level to the 2015 annual level), the same rate as in 2014.

The increase in real GDP in 2015 primarily reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, residential fixed investment, private inventory investment, state and local government spending, and exports. Imports, which are a subtraction in the calculation of GDP, increased.

Comparing real GDP growth in 2015 with growth in 2014, real GDP increased 2.4 percent in both years, though there were offsetting movements in the components. Decelerations in nonresidential fixed investment and in exports and an acceleration in imports were offset by accelerations in PCE and in residential fixed investment, a smaller decrease in federal government spending, and accelerations in private inventory investment and in state and local government spending.

The price index for gross domestic purchases increased 0.3 percent in 2015, compared with an increase of 1.5 percent in 2014.

Antidumping/Countervailing Duty (AD/CVD) enforcement is a priority for U.S. Customs and Border Protection (CBP). CBP works closely with industry partners to level the playing field for domestic manufacturers. One of the best examples of CBP’s role in trade are its strong partnerships and efforts with the U.S. steel industry and partner government agencies to enforce AD/CVD orders on steel products.  CBP is actively enforcing 111 AD/CVD orders on steel products and looks to continue its work with the U.S. steel industry to prepare to enforce AD/CVD orders on steel products that result from the 42 new AD/CVD investigations that have been filed by the U.S. steel industry.

CBP Public Affairs
Contact Information for Media:

Phone: (202) 344-1780
Email: CBP Media Relations

​All Other Inquiries:
(202) 325-8000

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​"For the past several years we've worked with local small businesses to help them

navigate a very challenging economic environment," said Mike Carbone, Regional President for TD Bank, metro Philadelphia market. "It's encouraging to see confidence levels among this group rise as we enter 2016, for both the local small business marketplace and the Greater Philadelphia economy overall."

​Optimism about achieving 2015 revenue goals was particularly strong among respondents in specific sectors including:

• Manufacturing and Labor – 88 percent
• Tech and Information – 87 percent
• Service – 81 percent
• Professional – 73 percent
• Retail and Recreation – 68 percent

Looking forward, more than a quarter of area small businesses (26 percent) anticipate exceeding their revenue goals in 2016, the first increase in this category since 2013, when 19 percent of respondents expected to make similar gains.​

Local Impact: Taxes, Legislation, and Other Factors Remain a Challenge
Nearly one-third of respondents cited high local taxes as the biggest challenge of doing business in the Greater Philadelphia area.  Businesses in the retail and professional services sector feel particularly burdened, with 38 percent of those businesses naming local taxes as their top challenge.
Other often-cited local challenges include:

• Finding skilled labor – 16 percent
• Local or state governments not passing budgets or funding – 14 percent
• Finding affordable space or increasing rents – 12 percent

​Just 12 percent of area businesses agreed with the statement that the local economy was having a positive or somewhat positive impact on their business, yet 33 percent indicated they had benefited from low commodity (oil and gas) prices. Businesses in the service and manufacturing/labor sectors were most likely to cite the benefit of low commodity prices (42 percent) compared with other sectors.

Tri-State Small Businesses to Expand
Forty percent of small business owners said that expanding their product and service offerings was a top priority for 2016, up from 33 percent last year. Streamlining costs, the second highest priority named, will be slightly less of a focus in 2016 (24 percent) than it was in 2015 (27 percent).
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Reported hiring patterns have remained stable since 2013, with 72 percent of respondents indicating they would maintain their current employment levels this year. Nonetheless, only 17 percent of businesses said they expected to grow in size.

Federal Reserve's Interest Rate Policy May Dampen Appetite for Borrowing
Small businesses in the area are generally showing more confidence in applying for financing, with 31 percent of respondents saying they had either applied for credit in the past 12 months (20 percent vs. 12 percent last year) or would apply for credit in the next 12 months (13 percent vs. 8 percent last year). Yet 27 percent of business owners planning to apply for a loan or line of credit within the next 12 months reported they are less likely to do so now that the Federal Reserve raised interest rates.
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While area small businesses recently have become more receptive to re-entering the credit market, the Federal Reserve's recent interest rate hike may negatively impact that sentiment. 

About TD's Pulse Check 
2015 marks TD Bank's third annual Small Business Pulse Check, a regionally focused survey that includes questions on the challenges and opportunities facing small businesses in the Greater Philadelphia region. The survey polled more than 300 small business owners with revenue of $5 million or less in seven South Jersey counties (Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester and Salem), five Pennsylvania counties (Bucks, Chester, Delaware, Philadelphia and Montgomery) and three Delaware counties (Kent, New Castle and Sussex).​

“The Bank is proud to help level the playing field for American businesses who offer the world’s highest-quality goods and services to global markets,” said Fred P. Hochberg, EXIM chairman and president. “In the months ahead, we will redouble our efforts to ensure U.S. businesses – particularly small businesses – have every tool available to be on equal footing with their foreign competitors to win sales and create more jobs.” 

​​As a demonstration of their commitment to fair pricing and the value of strong partnerships, Cardinal Trade Associates is offering continuous bonds beginning at $299.