PHILADELPHIA UNEMPLOYMENT RATE CONTINUES TO DECLINE

The unemployment rate in the City of Philadelphia declined to 8% for March 2014, from 8.3% in February, according to preliminary data released by the U.S. Bureau of Labor Statistics.  The Philadelphia economy continued to add jobs – 4,000 last month – bringing the number of jobs in Philadelphia to its highest level for a March since 2003.

“Today, as we fight our way back from the recession, companies all across Philadelphia are hiring new people, winning new business, and growing in our city, and my Administration is committed to doing all we can to support that success,” said Mayor Michael A. Nutter.  “On Saturday, for example, I met with the latest graduates of the Goldman Sachs 10,000 Small Businesses Program who, because of this program, are transforming their companies and putting more Philadelphians to work.  These business owners, like so many others across our city, are investing in Philadelphia and are the reason why this city is on the right path.”

Other highlights from the recent BLS data include:

·         The number of employed Philadelphians is at its highest point for a March since 2001.

·         The number of unemployed Philadelphians is at its lowest point since December 2008.

·         Philadelphia’s unemployment rate of 8% in March 2014 is 2.1% lower than March 2013.

Last week Mayor Nutter and Deputy Mayor Alan Greenberger joined Joe Coradino, CEO of PREIT, to announce that New York department store Century 21 will lease 100,000 square feet of space on Market Street East, the latest example of an out-of-town retailer moving to Philadelphia.  Also last week, Deputy Mayor Alan Greenberger and PIDC President John Grady joined Liberty Property Trust to break ground on a new, 100% pre-leased, 75,000 square foot building at the Philadelphia Navy Yard which will be home to three international companies that are moving to, or expanding in, Philadelphia.

“From the largest corporations to the smallest startups, businesses are increasingly choosing to start, stay and grow in Philadelphia,” said Alan Greenberger, Deputy Mayor for Economic Development and Director of Commerce.  “After some tough years we are now seeing growth month after month and the long list of exciting projects in the pipeline gives me great confidence that we will continue to add jobs and attract businesses to our city.”

To see the BLS data visit: http://www.bls.gov/eag/eag.pa_philadelphia_co.htm

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