Discussion Paper

Firms and Artificial Intelligence: A Regional Update

Abstract: Similar to past technological developments, the productivity implications, labor market implications, and thus economic implications of Artificial Intelligence (AI) will evolve over time. A lot depends on who is using AI tools, when they are using them, and how they are using them. In the Richmond Fed's December business surveys — which were fielded between Dec. 1 and Dec. 17 — we asked firms if they have adopted AI and if so, how they were using it. Businesses reported that they were increasingly providing employees with access to AI tools to complete tasks but were less likely to have incorporated AI into their operations. In addition, using data from our June 2024 surveys, we learned that on average, firms were accurate in their assessment of when and how they would start incorporating AI technology into their businesses.

Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Regional Matters

Publication Date: 2020-60-20