Philadelphia Commercial Real Estate Market Eyes Growing Manufacturing Sector
Optimism among Philly regional manufacturing firms continues to grow with more employers anticipating they will hire workers in the next six months. The continued confidence among manufacturers bodes well for the Philadelphia commercial real estate market as it positions itself to accommodate this growing sector.
“The regional survey’s broad indicators were all positive this month,” said Michael Trebing, senior economic analyst for the bank. “Most indicative of the optimism was the notable increase in firms’ hiring plans for the next six months.”
Close to 44 percent of manufacturing companies expect increased employment levels in the coming six months, according to the Federal Reserve Bank of Philadelphia’s September 2014 monthly survey of manufacturing firms in the Philadelphia region, which includes South Jersey. That finding was up almost seven percent from the 37 percent of manufacturing firms that anticipated employee growth a month earlier in August.
Fully 59 percent of manufacturers said they anticipated increases in total production growth in the third quarter, compared to only 29 percent of firms that anticipated production decreases, the Philadelphia Fed found. An average production growth of two percent is expected in the third quarter.
The optimism for continued growth extends into the fourth quarter 2014. The survey found that 54 percent of manufacturers anticipate increases in production growth in the fourth quarter, while only 21 percent said they expected a decrease.
“We’re getting comments that demand has picked up, and many of these firms are at the point where they have to hire additional workers to accommodate the increased production,” Trebing said.
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