A recent study from the Chamber of Commerce for Greater Philadelphia reported an unexpected 93% of young professionals currently living in Philadelphia said there is a good chance their next job would be in the area as well. Furthering the optimism, the same study also reported that 42% of the people who responded were homeowners and 29% plan to buy a home in the next three to five years.So why are professionals currently choosing Philadelphia as a place to call home?
A recent report could point to the answer. As PhillyMag states:
“Philadelphia is growing jobs at a faster pace than New York for the first time in at least 25 years, according to data complied by the regional chapter of the global commercial real estate firm CBRE.”
For a city that has long been an afterthought for millennial and young professionals settling down, this study brings extremely welcome news. The area is home to some of the nations top Universities such as Penn and Villanova, so it is no surprise the “Eds and Meds” sector is leading employment opportunities. Fast paced growth was also seen in the transportation and warehousing sectors.
As highly educated young professionals continue to stay the area, it seems as though the “Eds and Meds” model should continue to create employment growth in the area for years to come.
Adam Ozimek, a senior economist at Moody’s Analytics in West Chester, was recently interviewed by Philly.com and is excited by the growth in the Philadelphia area:
“There’s clearly optimism. It’s a very exciting time to be watching the Philadelphia economy, that’s for sure. It feels like there’s a possibility that Philadelphia could be like one of those mega-cities.”