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Philadelphia’s competitive edge in the war for talent is attracting highly skilled labor faster than knowledge and tech hubs like Boston, Portland, Seattle, & San Jose

• In a full employment economy, talent becomes increasingly difficult to attract as competition for available workers increases. As a function of demand for talent outstripping supply, wages naturally rise as employers offer higher compensation to compete. While the latest unemployment figures across the country have been hovering around 4.1%, unemployment for individuals holding a bachelor’s degree or higher sits roughly at 2.1%. If it isn’t already, this lack of slack in the labor market will begin to impede overall economic growth as companies are unable to fill the roles they need to grow their businesses.

• Cities have emerged as the clear residential locations of choice in this market cycle, but not all were created equal in their ability to attract talent. Despite longstanding issues with entrenched poverty, safety, and public education, for the past five years, Philadelphia has been attracting highly skilled labor at the third fastest rate of any of the 20 largest cities in the country, on par with Washington, DC and edging out knowledge and tech hubs like Boston, Portland, Seattle, and San Jose. This competitive edge in the talent game will pay dividends for Philadelphia, and Philadelphia office owners and occupiers, for years to come.

Source: JLL Research

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