Earlier this week, Philly.com announced that for the first time, Philadelphia is beating out New York in job growth. According to analysis of U.S. Labor Department statistics that compare job growth in New York City with Philadelphia, the city of Brotherly Love is winning!
More specifically, payrolls in Philadelphia have expanded by an annual average of 2.8% between March 2016 and March 2017. In New York’s five boroughs, payrolls grew by 1.8%. In reality, this means that New York added 75,900 jobs, while Philadelphia’s 2.8% percent growth equals 19,200 jobs…but still!
This is a recent change in the tides. Between March 2015 and Mach 2016, New York’s growth rate was 2.8% while Philadelphia’s was 1.4%. The past twelve months marks a big improvement for our city. The recent growth is attributed to two factors: the financial industry in New York has been a bit “sluggish” recently, but more importantly for us Philadelphians, the growth can also be attributed to Philadelphia’s growing popularity which is encouraging employers to expand here.
When there is a boom, analysts always consider the possibility of a bust, of which Philadelphia has fallen victim in the past. Some analysts caution that Philadelphia’s traditional troubles- the wage tax and the school system- might stall momentum.
Two other specific factors can help to explain Philadelphia’s recent boost in job growth:
- The region has always relied on “eds and meds” to generate jobs. Regional hiring in that sector grew by 5 percent in recent months. Children’s Hospital of Philadelphia alone added 600 jobs in the last year. This level of growth is almost unheard of.
- Camden County. The recent development in Camden County has been adding jobs at a rate that outpaces Pennsylvania suburbs. According to analysts, Camden is just now reaching its pre-recession employment levels.
For more information on these findings, click here.