Economic Growth In Philadelphia Remains Steady
Non-manufacturers, i.e. "service" industries, such as; teaching, nursing, hospitality or social work, continue to grow for the month of November in 2014, according the Non-manufacturing Business Outlook Survey. New orders, and sales are steady and companies surveyed feel the progress in the industry will continue for the next six months.
The hiring practices in the non-manufacturing field continue to rise from 11.8 to 14.7 for the full-time employees. Forty-one percent of the companies interviewed for the survey reported an increase in hiring part-time help.
Many non-manufacturing companies expect an increase in sales, improved positions financially, and a demand for skilled employees. Most companies in this sector expressed a desire to keep hiring and to keep operating costs down.
The retail industry appears to be doing very well according the Federal Reserve Bank Beige Book reports. The few cold days we had in the fall boosted sales for winter apparel. Mall management in the Philadelphia area have reported that traffic in the malls have improved from last year and customers are spending more this season. Management attributes this to both low gas prices and cold weather. Most retailers chose to start promotions earlier this year and began before Thanksgiving and will continue with promotions after the holiday season.
The Non-Manufacturing Business Outlook Survey for November 2014 shows continued growth in the Philadelphia region. General activity for both the company, new orders and revenue is looking up and growth is expected to continue for the next six months. Employment, more specifically for specialized area in full-time positions and part-time positions, will continue to grow.
The retail industry in the Philadelphia area is doing very well due to cooperating winter conditions and low gas prices. People are feeling more confident with their spending and are taking advantage of the plentiful promotions retailers are offering this season.
Christina Thompson is a freelance writer living in Philadelphia. Her work can be found at Examiner.com.
