Four Industries Are Enjoying Continual Growth In Philadelphia
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Growth continues to rise in Philadelphia retail sales. According to Federal Reserve, children’s clothing and shoes showed the highest growth. Retail investments in strip center spaces is still rising, and the outlook is optimistic that retail sales will continue to grow throughout the year. There has also been a slight increase in general price levels and wages.
Auto sales were strong through June and continue to strengthen; they are projected to remain so until the end of the year. Sales are expected to exceed 2013 sales by 6 to 8 percent, according to dealers.
Despite winter storms that prolonged the school year for many families in the Philadelphia metro area, tourist destinations in the area show some growth rate for the summer season.
Financial firms have reported growth in consumer credit lines for credit cards and auto loans. Home equity lines of credit also grew in the Philadelphia area. A demand for commercial and industrial loans were also reported which coincides with the high demand for commercial real estate in the area. Overall credit quality has been reported to be improving.
The overall outlook for the Philadelphia metro area is moderate growth in the next six-month period in retail, manufacturing, real estate and finance. The general consensus is a positive outlook in the local economy.
Christina Thompson is a freelance writer living in Philadelphia. Her work can be found at Examiner.com.