Thursday, November 18, 2004

Philadelphia's Regional Economy: "Most Improved"

According to the Milken Institute, Philadelphia is ranked "most improved" among the 10 largest U.S. metro areas as per Milken's economic-performance index. Among these 10 regions, Philadelphia is ranked number three overall - behind Washington and Atlanta. This index measures recent job and wage growth rates and also examines the concentration of high-tech industries. The jump is credited in large part to Philadelphia’s leisure and hospitality industries; fast growing segments of the region’s robust and diverse economy. One gain to the regional economy likely to provide lasting benefits? The recent arrival of Southwest Airlines, which dramatically lowered air transit costs - the kind of thing a business looks for when making location decisions.

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