Although the city of Philadelphia has faced some economic struggles, unemployment is on the decline and new businesses are creating job opportunities to put economic development on the rise. Banks are handing out loans for small business entrepreneurs, CEOs are creating sustainability within their organizations and new companies are setting up shop in Philly.
With Wolters Kluwer Health moving to Center City headquarters, job opportunities are opening up, according to the Philadelphia Business Journal. The multimedia company provides information to health care professionals in a variety of formats such as reference textbooks, software and internet programs. Wolters Kluwer Health will be hiring 119 employees for its Center City headquarters, with a new office space leasing this November.
The Philadelphia Business Journal also brings good employment news, as Faro Technologies Inc. is currently in the process of building its new headquarters in Chester County, creating new job opportunities for the technology industry.
The good news here is that Philadelphia’s unemployment rate is overall down compared to last year’s numbers, according to the Bureau of Labor Statistics. The unemployment rate in Philadelphia County dropped from 11.6 to 10.8 from July of 2012 to July of 2013. The auto industry is doing well, with even small businesses like Cherry Hill Autos, a full-service Volvo retailer, setting record profits for the last two years, according to philly.com.
Many other industries are seeing gains this year, as well. Orders for shipments in manufactured goods continue to grow, there were gains in products made by Philadelphia manufacturers of food, paper and fabricated metals. Overall, U.S. manufacturing is growing steadily, and Philadelphia manufacturers of auto parts and residential construction products are on the rise as well.
Additionally, the service industry continues to boom in Philadelphia as the rich history draws in tourists year round. This is no surprise, as Philadelphia is one of the oldest city’s in the nation, with historical landmarks and trending cultural scenes. So despite the blows dealt from the last few decades of economic decline, Philadelphia is coming back strong.
Michelle Perez is a freelance writer staying on the pulse of all that’s new and exciting. Her work can be found on Examiner.com.