For the first time in more than two decades, Philadelphia has surpassed New York City in job growth, writes Jane Von Bergen for the Philadelphia Inquirer.
“I was very surprised to see it,” said Ian Anderson, director of research and analysis in Philadelphia for CBRE Group.
When Anderson looked at the U.S. Labor Department numbers for the two cities from March 2016 to March 2017, he found that payrolls in Philadelphia grew by an annual average of 2.8 percent. New York City’s only grew by 1.8 percent.
This is even more surprising when compared to the previous period when NYC had annual payroll growth of 2.8 percent compared to Philadelphia’s 1.4 percent.
The research also showed hiring in Philadelphia’s education and medical sectors jumped by five percent in recent months, a number Anderson refers to as growth on steroids.
“The tables have completely turned,” said Anderson.
Both he and Adam Ozimek, a senior economist at Moody’s Analytics in West Chester, credit the growth to the growing popularity of Philadelphia.
“It’s a very exciting time to be watching the Philadelphia economy, that’s for sure,” said Ozimek. “It feels like there’s a possibility that Philadelphia could be like one of those mega-cities, possibly even like New York itself.”
Read more about the job growth in the Philadelphia Inquirer by clicking here.