Businesses continue to start, stay and grow in Philadelphia
Philadelphia, January 7, 2014 – According to figures published today by the U.S. Bureau of Labor Statistics (BLS), the unemployment rate in the City of Philadelphia dipped to 9.5 percent in November 2013, the lowest rate of unemployment since May 2009 when the City recorded an unemployment rate of 9.3 percent. In addition, the number of jobs in Philadelphia is at its highest level since November 2008.
“The latest data from the Bureau of Labor Statistics points to a city economy that continues to grow after the devastation of the Great Recession. We see it in new construction all over the city, the arrival of new businesses in Philadelphia, and the expansion of existing companies,” said Mayor Michael A. Nutter. “While the indications are positive, we need to keep this modest improvement in context. There are still far too many unemployed people in this city, especially in the minority communities and among younger Philadelphians, and my Administration remains committed to job creation, workforce development, and expanding opportunities for all people in this city.
“We need Congress to extend unemployment benefits, an action that will help thousands of people in the Philadelphia region. We in Philadelphia need to focus on our tax policies in order to drive increased economic development; we need to invest in workforce development to assist those who want to enter the labor force or to change careers; and at the city and state levels, we need to invest in educating our children,” Mayor Nutter said.
During 2013 a number of existing Philadelphia companies announced expansion, such as Urban Outfitters, Beneficial Bank, and FMC; new companies such as Axalta Coating Systems, Brand.com, and NetPlus moved to Philadelphia; and Philadelphia startups such as Artisan Mobile, Curalate, and RJ Metrics experienced rapid growth. The Nutter Administration will announce a number of major business expansions and new companies coming to Philadelphia in early 2014.
In January 2008 when Mayor Nutter took office, the city’s unemployment rate stood at 6.9 percent. During the Great Recession, it grew to a high of 11.6 percent in July 2012. In October 2013, Philadelphia’s unemployment rate was 10.2 percent, dropping by 0.7 percent to the current level of 9.5 percent. The latest figures also show growth in the number of employed Philadelphians, the size of the labor force, and the number of jobs in Philadelphia.
To see the BLS data visit: http://www.bls.gov/eag/eag.pa_philadelphia_co.htm