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Philadelphia 10-year regional job growth lags most major metros but is ahead of LA and Chicago

  • ​Among the 10 most populous regions in the country, Philadelphia ranks seventh in the number of jobs located here (2.6 million), very close to the number of jobs in the Washington, DC region (2.62 million) and the Houston region (2.65 million).
  • Despite Philadelphia’s relative success in the late stages of this market cycle, 10-year job growth numbers suggest that we may have missed some of the upside of this recovery. While 10 year averages across these metros was 10.8 percent, Philadelphia added just 131,400 jobs above 2007 levels, or 5.3 percent. While this job growth was on par with Los Angeles and exceeded growth in Chicago, all other large metros experienced double digit growth figures, with Dallas-Fort Worth, Texas leading the way at 21.4 percent. 
  • As economic and real estate indicators suggest that the market is headed into the ninth inning of this cycle, it is clear that the Philadelphia commercial real estate market has been substantially solidified with new capital sources and tenants, but job growth in the next cycle will be important to maintain this real estate momentum.​

Source: JLL Research, Philadelphia Business Journal, U.S. Bureau of Labor Statistics​

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