Finance and management jobs have grown by 55 percent in Philadelphia’s PA suburbs since 2009
In an analysis of employment trends in eight PA Suburban Philadelphia zip codes, finance and management industries led overall job growth.
April 23, 2019
- In an analysis of employment trends in eight PA Suburban Philadelphia zip codes that comprise core and secondary submarkets, finance and management industries led overall job growth. Each sector has experienced over 50 percent growth since 2009.
- Finance workers earnings average $149,781, while management workers earnings average $183,349. The effect of well compensated employees is obvious: higher earners have more disposable income. Retailers have responded by providing higher-end retail options. Recent retail developments such as the King of Prussia Town Center, the repositioning of the Exton Square Mall, and the renovation of the Plymouth Meeting Mall demonstrate continuing retail momentum in high-earning areas despite disruptions posed by ecommerce.
- Given the job growth in these submarkets, it is no surprise that quality office space is also in high demand. For the first quarter of 2019, five submarkets, Bala Cynwyd, Conshohocken, King of Prussia/Wayne, Plymouth Meeting/Blue Bell, and Radnor, had direct Class A average asking rents exceeding $30 p.s.f. Developers will continue to respond to this demand for high quality office space by offering well located, new construction options, such as 650 First Avenue.
Source: JLL Research, EMSI