Job Growth, Construction Projects And Home Values On The Rise In Philadelphia
The year 2014 has been a good year for job growth and recovery for Philadelphia. So far we have seen major gains in construction projects around the city and a big demand for Class A locations. Due to the need for Class A construction goods, the market and manufacturing of these products is continually expanding. As we move forward into the end of 2014 and beginning of 2015, the market has not slowed down; it continues to rise steadily.
The job market continues to look positive in the Philadelphia area in business and construction. Xerox Corporation has recently announced its plan to add over 500 new jobs to its Philadelphia metro area facility by the end of 2014 and into 2015. The customer care positions that are being offered will include an annual benefits package. Most positions are temporary with the opportunity to change to full time in the future.
With a five billion dollar budget set for new roads and improvements in the Philadelphia area, there will be a great need for skilled workers. The project, which is set to start in 2015, will take four years to complete. Roads that have been neglected for a long period will undergo improvements, as well as bridges, tunnels and mass transportation. Approximately 50 percent of the five billion dollar budget will go towards SEPTA for routes, rails and station rehabilitation.
The real estate market is looking up as well, according to Zillow. The average value of a home in Philadelphia has risen 4.6 percent in 2014. The median home value in Philadelphia in July 2014 is over 13 percent higher than the national average. According to Zillow, the price of a home should rise 0.9 percent between July 2014 and July 2015.
The job market, construction projects and home values in Philadelphia will continue to rise steadily into 2018 and beyond.
Christina Thompson is a freelance writer living in Philadelphia. Her work can be found at Examiner.com.
