For Immediate Release:
March 1, 2012
Contact: Brian Dries
Philadelphia’s Manufacturing Jobs Down 18% Since 2007
Controller Alan Butkovitz’ economic report includes review of Philadelphia’s
employment conditions since December 2007
PHILADELPHIA – City Controller Alan Butkovitz today released his latest economic report that indicates the City of Philadelphia’s manufacturing industry lost 5,000 jobs over the last four years, marking a 17.6 percent decline.
In December 2007, there were 28,400 manufacturing jobs in Philadelphia. Since that time, manufacturing employment has declined every year to where it now stands at 23,400. The construction industry also declined by 18.6 percent, losing 2,200 jobs during this same period.
Other Philadelphia industries that have experienced declines in employment include: Financial Activities, down 10.3%; Professional & Business Services (includes Legal), down 9.3%; and Information Services, down 2.4%.
Overall, Philadelphia lost 9,100 jobs since December 2007. The total number of jobs lost was cushioned by 12,200 jobs that were gained in the education, health services and leisure and hospitality industries. These were the only industries in the City that increased employment over this period.
Along with reviewing Philadelphia’s employment conditions, the Controller’s economic report showed that monthly tax revenues for January, both City and PICA portions, totaled $235 million. Monthly sales tax collections totaled $20.3 million, marking the third-consecutive month of increases over the prior period.
The Controller’s economic report is compiled on a monthly basis and includes an Economic Snapshot and Forecast, as well as real estate information and other local statistics. These reports are circulated every month to assist key decision makers in understanding and anticipating local and national economic trends. The Controller’s economic report is a useful tool for policy makers and analysts in understanding our regional and local economy.