Job Market In Philadelphia Is Projected To Grow In All Sectors Through 2015
As the summer comes to a close, Philadelphia can reflect back on the efforts made to make it an enjoyable one for tourists and residents. With Pop-Up parks on Eakins Oval and Penn's Landing, a successful Made in America Festival and the opening of Dilworth Plaza, it was an exciting summer for all. Philadelphia is not only a wonderful place for tourism but has many thriving industries that contribute to the city's healthy economy.
We can credit the beautiful summer weather for a thriving 2014 tourism season. The hotel industry saw the most revenue, followed by restaurants and shops for the category. Staffing services and manufacturers are continuing to show active increase. Commercial and residential real estate are still in a steady growth period, according to Federal Governors of the Federal Reserve System Beige Book. Growth is expected to continue over the next six months in the Philadelphia area.
The manufacturing industry is reporting demands for auto, energy, aerospace and railroad car sectors, according to the Beige Book. New orders for housing construction and equipment for building repair is also in demand.
Although a beautiful summer boosted tourism, a cool August boosted retail sales and got shoppers in the spirit for back-to-school shopping. Sales were slightly slow in July for the retail industry which fueled local Philadelphia metro area malls to launch their back-to-school merchandise slightly early. According to Beige Book, retail is in better standings than before the recession. Some mall leases are contracted to 2016 and current retail occupants are holding onto existing leases.
Financial firms are showing increases in consumer credit lines for credit cards and auto loans. There is also an increase for home mortgages and home equity lines of credit.
Residential real estate sales are doing better than early 2014 and many real estate brokers remain optimistic for a healthy 2015. Mid-priced residential homes are moving quickly in the Philadelphia area. Commercial real estate is steady in industrial and warehouse projects. According to Beige Book sources, it has been an excellent summer for construction in this industry.
With a positive outlook in tourism, manufacturing, retail, finance and real estate, the Philadelphia metro area is projected to be on the upswing well into 2015. The job market in these areas will experience much growth due to the demand in these sectors.
Christina Thompson is a freelance writer living in Philadelphia. Her work can be found at Examiner.com.
