Page 14 - Guide to Greater Philadelphia
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Greater Philadelphia sees steady growth
Manufacturing in particular is on the upswing.
Employers across Greater Philadelphia are adding more full-time and part-time staff and increasing work time for their employees, according to the most recent economic-outlook survey by the Federal Reserve Bank of Philadelphia, published in April 2017.
Manufacturing, in particular, is on the upswing, with a growing number of employers reporting increases in new orders and shipments in 2016. “Overall, gains in activity were indicated by most major sectors, including the makers of lumber products, paper products, chemicals, primary and fabricated metal products, industrial machinery, and electronic products,” the FRBP’s survey noted.
Another strong sector: tourism. Philadelphia-area hotels reported strong demand in 2016 and early 2017 and broke occupancy records by topping the 42 million mark in 2016. The Fed also reported significant growth in the volume of commercial real-estate loans, along with slight growth in the number of residential mortgages. At the same time, homebuilders saw increases in contract signings, and anecdotal reports suggest more first-time homebuyers have been entering the market.
The science and technology sectors are key to Greater Philadelphia’s evolving transformation, as they continue to drive economic growth across the 11-county community. For example, the University City Science Center, a research park, has created 12,000 jobs — including both jobs at companies that still reside at the Center and at companies that have already graduated to new digs, according to the Society for Human Resource Management. Those employees and their firms, in turn, support another 28,000 jobs in the region, generating $12.9 billion in economic activity each year.
Median household income Per-capita income Median age
Median property value Overall turnover rate
321.4 million $55,775 $29,979 37.2 $194,500 19%
6.1 million $65,123 $34,414 38.6 $240,900 14%
The region’s population is wealthier and property values are higher than the U.S. average, according to data from the U.S. Census Bureau and other governmental and nonprofit organizations. At the same time, Philadelphia-area businesses are seeing lower turnover than companies elsewhere.
Kimpton’s Hotel Monaco Philadelphia
12 | Guide to Greater Philadelphia

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