Philadelphia regional job growth remains strong, and professional and business services overtake eds, meds, and beds
One year ago, Bureau of Labor Statistics data revealed that jobs had grown 1.8 percent between August 2016 and August 2017.
One year ago, Bureau of Labor Statistics data revealed that jobs had grown 1.8 percent between August 2016 and August 2017. With another year of data available (August 2017 – August 2018), analysis reveals that regional jobs again grew by 1.8 percent, keeping pace with the national growth rate and outpacing that of the New York metro area (1.5 percent) over the same period.
The industry-level data should be particularly encouraging to those in commercial real estate: while last year’s data showed leisure and hospitality to be the fastest-growing industry, the more recent numbers show that professional and business services are the fastest growing segment, along with education and health jobs, at 3.2 percent. This growth is slightly slower than the previous year’s 3.6 percent rate, but its continued strength over multiple years is notable given that office-occupying sectors have typically trailed the other pillars of the regional economy in the Philadelphia market. The eds and meds sector is growing faster this year than last, while leisure and hospitality and financial activities have slowed.
The headlines of 2018—AmerisourceBergen’s Conshohocken headquarters; growth at companies including Comcast, WuXi, and GoPuff; successful lease up at new construction, and a spec building in the Pennsylvania suburbs—suggest that momentum remains strong as we look ahead to 2019.
Source: JLL Research, Bureau of Labor Statistics