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GREATER PHILADELPHIA REGION FARES WELL IN JOB GROWTH Every month since February 2008, the employment growth rate in the Greater Philadelphia region has been higher than the U.S. rate. In May 2008, the region's year over year job growth rate was nearly 0.25 percentage points above the U.S. rate. Also, the unemployment rate in the Greater Philadelphia region has been lower than the U.S. rate for 50 out of the last 53 months going back to January 2004. Both the employment and unemployment rates are based on non-seasonally adjusted data. The region's economic diversity has had a tremendous impact on its stability and prosperity. The fastest growing sectors in the region include education and health, leisure and hospitality, and professional and business services among others. According to Tom Morr, President & CEO of Select Greater Philadelphia, "health and education services were less affected by economic downturns than some sectors and provided the area with a pretty steady anchor." Looking at employment growth and unemployment rates, we've tended to perform better than the U.S. economy," said Morr. "The diversity of the local economy, which includes many sectors, and the strong education and health sector provide strong reasons for this success." |
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