Philadelphia Market Report
Philadelphia Climbing Out of Spring Job Losses; Full Impact of Health Crisis Not Yet Apparent on Commercial Properties
Philadelphia’s economy slightly underperforms the nation. The metro’s employment base contracted 16 percent in March and April, 1 percentage point above the U.S. The market has since restored 50 percent of those losses, lowering the unemployment rate from a peak of 15.2 percent to 10.6 percent in August, above the national rate of 8.4 percent. The most jobs were recovered in the sectors hit hardest initially: leisure and hospitality, education and health services, and trade, transportation and utilities. Employment at entertainment venues, restaurants and hotels continues to be heavily depressed as forced shutdowns, capacity restrictions and less travel reduced consumer demand at these establishments. Staffs at government agencies and in financial activities faced less disruption, tempering the shock to the office-using segment of the labor pool.