Philadelphia Shows An Increase In Employment Over The Past Year
The largest employers in Philadelphia are in the trade, transportation, education, healthcare and social services sectors. However only one of those sectors saw a significant increase in jobs over the summer months.
According the U.S Bureau of Labor Statistics, food service industry, financial fields, wholesale trade and retail trade, were the areas that most people found jobs.
Activity in manufacturing expanded in August, according to Business Outlook Survey. New orders by manufacturers in the Philadelphia area were positive for the third month in a row, which suggests continued growth in the short-term.
As the national job market continues its slow climb back to pre-recession levels, and people become more confident in the economy, the housing market will see an uptick in construction and sales.
Despite the national housing market index rising three points to 59, the highest increase since 2005 and the fourth straight increase, according to the National Association of Home Builders. The Philadelphia metropolitan area did not see such an increases in residential construction or house prices.
One area that should be a draw for job seekers is the Philadelphia metropolitan area ranks fifth in total income in the nation. And the average income rose slightly faster than the national average over the past 10 years.
Despite Philadelphia's economy focused on the trade, transportation, education, healthcare and social services sector; the area does have a large number of science, medical research, chemicals and technology companies.
Philadelphia is not quite as progressive in the areas of construction, manufacturing and leisure and hospitality. This may be the reason for the area being slightly less affected by the economic situation since those areas were hit the hardest. These trends fare well for the job market in Philadelphia and surrounding areas.
Christina Thompson is a freelance travel writer living in Philadelphia. Her work can be found at Examiner.com.
