Philadelphia Business and IT Primed for a Big 2025
Those of us in the Eastern Pennsylvania business ecosystem have a lot to be thankful for this holiday season, and much to look forward to as 2025 dawns. And that goes beyond the job growth across all key sectors data we shared recently.
With a gross regional product of $450 billion, the Philadelphia area’s economy has long had a healthy blend of large enterprise employment thanks to pharma, healthcare and finance. The educational sector and a strong government presence have supported career opportunities for decades. But the technology sector is creating consistent growth as well as employment, with over 100,000 jobs created by the tech sector and tech jobs at non-tech companies tagging on an additional 135,000 employees.
Driven by the health of our IT environment Philadelphia has been recognized as a Top 20 startup city. The report on that list shares that newly minted companies in our area are “booming, particularly in the life sciences sector” and “supported by a strong talent pool” that provides the foundation for their success.
All this vibrance doesn’t come without challenges, one of which is filling the jobs that are being created. The statewide unemployment rate has been a consistent 3.4 percent for nearly a year, which is far lower than the historical rate of around 6%.
But that low unemployment along with all of our growth and opportunity is attracting newcomers who will benefit from a lower cost of living than other eastern seaboard cities like New York, Washington DC, and Boston along with a high quality of life. Our education, business, culture, and sports all get high marks in national surveys that rank metropolitan areas. And how about recreation opportunities like the 75 mile Schuylkill River trail that traverses our region?
Startup growth, strong opportunity, economic vibrance, and plenty to do after work and on the weekends. More than ever before, in 2025 Eastern Pennsylvania will be a great place to live, work, and enjoy technology sector growth.