Since 2013, job growth in Philadelphia’s tech sector has lagged the national average
Philadelphia and New Castle County were the only two markets in the region that have tracked close to the national average growth for technology jobs since 2013
June 19, 2019
- Philadelphia and New Castle County were the only two markets in the region (with significant technology job employment) that have tracked close to the national average growth for technology jobs since 2013. Large projects that have supported growth in these two markets include the Comcast Technology Center in Philadelphia’s Market West and JPMorgan Chase’s Technology Hub in Wilmington, DE, both of which are 100% occupied by two of America’s largest corporations. Whereas other regions across the nation have experienced a boom in new office development to support growth in tech sector employment, the demand here in Philadelphia hasn’t been enough to kick off major ground-up development projects at the rate being realized across other major metros.
- Between 2013 and 2018, technology jobs grew 17.3 percent nationally, more than double the 8 percent growth that occurred in the Philadelphia area. Going forward, we’ll be curious to watch whether Comcast’s ongoing hiring and the cell and gene therapy industries will help the region separate away from historical technology trends and finally grow tech jobs closer to the national average.
Source: JLL Research, EMSI