Gloucester County’s economic production grew 28 percent between 2012 and 2015, while the City of Philadelphia grew only 2 percent
Gloucester County led the region in real GDP growth, surging 28 percent between 2012 and 2015.
- Gloucester County led the region in real gross domestic product (GDP) growth (the measure of the value of all goods and services produced in an area), surging 28 percent between 2012 and 2015. Gloucester County’s growth is more than three times the growth experienced by the next fastest growing county, Cecil County, where output was a mere $3.3 billion in total. The GDP in Philadelphia and Montgomery Counties, the region’s largest economic engines, grew by two percent and seven percent, respectively. Overall, regional output grew by three percent 2012-2015.
- While Gloucester County’s growth is impressive, what’s perhaps more notable is the slow growth in output in the region’s primary urban centers, Philadelphia, Wilmington (New Castle County), and Camden, all of which grew more slowly than the region overall, and in the case of Camden and New Castle, declined. While Gloucester County GDP increased an aggregate $2.9 billion, Philadelphia’s economic output increased only $1.9 billion.
- Overall regional growth was encouraging over this three year period, but cracks in national economic fundamentals (including a skilled labor shortage, tightening immigration policies, rising interest rates, and tariffs) will likely begin to slow economic output in the near future. We expect these conditions to impact the Philadelphia region sometime between 2019 and 2020.
Source: JLL Research, Bureau of Economic Analysis