Select Greater Philadelphia Indicator Shows Economy is Improving

by Bernard Dagenais
Philadelphia Business Journal
Friday, November 20, 2009

A year after Select Greater Philadelphia created an index to predict economic trends in the region, the index is pointing up for the first time.

“The turning point in the regional economy seems to be near,” said Philip Hopkins, vice president of research for the affiliate of the Greater Philadelphia Chamber of Commerce that strives to attract businesses to the region. “It looks like we’re coming close to what economists call a trough.”

The Greater Philadelphia Leading Index, which was created by economic analysis firm IHS Global Insight under contract with Select, showed for the first time in August and September that key financial indicators are outperforming the 12-month average over the past year.

That would suggest a gradual recovery is likely to begin during the coming winter, and possibly in the fourth quarter of this year.