The construction cranes that now dot Philadelphia are a welcome sign that some business is getting done, but the steel structures tend to distract the eye from the local economy’s challenges closer to the ground.
The latest quarterly reading of Select Greater Philadelphia‘s leading economic indicators points to mid-2014 as the earliest point when employment in the 11-county region will return to its prerecession level.
A separate analysis of the Philadelphia market by PNC Financial Services Group Inc. recently concluded that the region will continue to lag behind the nation in economic growth, job growth, and income growth.
What’s going on here? Don’t we have an emerging entrepreneurial tech community, a growing business professional services sector, and an enviable cluster of top-notch higher education and health-care institutions?