Economic Outlook in Philadelphia

Periodically we at ProRentUSA use available government indicators to update the state of the Philadelphia economy.

The latest government figures show that Philadelphia, among the top five metropolitan areas in population, has the lowest unemployment rate. Its 5.3 compares to the national average of 6.0. The area’s total nonfarm employment for October gained 35,900 jobs since August.

The three sectors with the biggest growth during that three-month period were wholesale/retail trade, services, and government which accounted for 72% of the area’s total employment.

Growth in the manufacturing sector remains sluggish, but expectations over the next six months continue to be optimistic, with two out of three manufacturers planning additions to their workforce in the second quarter of 2003.

Philadelphia--one of the nation’s top manufacturing, commercial, financial, education, medical, and shipping centers--has emerged a leader in the high-tech revolution. It also is the center of a huge metropolitan area, which includes five Pennsylvania counties and four New Jersey counties. Its highly diverse economy embraces manufacturing, finance, healthcare, printing and publishing, pharmaceuticals, biotechnology, retail, and tourism. The area is served by excellent road and rail systems, the Philadelphia International Airport, and a major international port.

Visit the website of our local Philadelphia apartment locating expert.

Links To Great Web Sites!
A to Z Home Buying and Selling Real Estate Guide - Vendema
Abacus Real Estate Foreclosures Guide

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