Employment among office using industries resilient in Philadelphia Market
Nearly 96% of all office-using jobs still intact following onset of Covid-19 pandemic.
August 17, 2020
Net employment change by industry: March 2020 - June 2020
- The unemployment rate in the Philadelphia MSA currently sits at 14.0% after peaking in April at 14.8%. Total employment increased 112,400 from May to June to 2,588,700 – still well below peak employment recorded in December 2019 of 2,889,100.
- Since March, unemployment has increased by 274,702, with an additional 39,850 individuals leaving the civilian labor force.
- Office using industries haven’t been hit nearly as hard as other industries during the Covid-19 pandemic. Professional and business services, financial activities, and information make up the bulk of office use in the MSA. Among the three industries, total employment has decreased 31,700, or 4.3%.
- Similar to the rest of the country, the leisure and hospitality industry has been decimated as a result of the pandemic. The industry as a whole has lost 88,200 jobs since January, representing a 34.1% decrease in total employment.
- The region’s leading industry, education and health services, has not been able to avoid job cuts despite being on the frontline fighting the pandemic. Total employment in the sector has decreased 54,300 (-8.0%).
- Our ability to avoid a second wave outbreak and find political resolutions will heavily influence the rate of our economic recovery.