Philadelphia’s Unemployment Rate Drops To 6.6%

According to preliminary data released today by the U.S. Bureau of Labor Statistics, the unemployment rate in Philadelphia declined to 6.6% for October 2014, a 3.3 percentage point drop from October 2013 and the lowest unemployment rate since April 2008.  In addition, the number of jobs in Philadelphia increased by 8,500 from September to October to 672,500, and the number of Philadelphians employed is at its highest point for an October since 2000.

“Today’s news is just the latest signal that confidence in Philadelphia is growing, investment is being made in our city, and more and more Philadelphians are finding work,” said Mayor Michael A. Nutter.  “My Administration strives every day to make Philadelphia more business friendly, to attract new residents and companies, and to continue the growth that we have seen in recent years in neighborhoods across this city.  Word is spreading that Philadelphia is the place to be if you’re looking to start and grow a business.”

Over recent weeks, the Department of Commerce has made a number of announcements relating to the attraction of new businesses, expansion of existing companies, and support for small businesses and entrepreneurs, all as part of an ongoing mission to make Philadelphia a more business-friendly city.

§  Last week, Mayor Nutter and Alan Greenberger, Deputy Mayor for Economic Development, announced that Philadelphia would become a Kiva Zip City, a new program which provides 0% interest loans to small businesses in Philadelphia.

§  In November, Mayor Nutter announced that Startup PHL, a partnership between the Department of Commerce, PIDC and First Round Capital to support startups, had made a total of six investments in Philadelphia-based startups and would be making a new round of grants available to entrepreneurs through the Call for Ideas.

§  And in October, Deputy Mayor Greenberger joined Pennsylvania Governor Tom Corbett to announce that manufacturing company Dietz and Watson would expand its Philadelphia facility, retaining almost 700 jobs in the city and adding an additional 158 employees.

“With new businesses moving into Philadelphia and more to be announced soon, and an unprecedented level of construction in the city with more than $8 billion in projects completed since January 2014, under construction, or soon to start the signs are certainly positive for the economy in Philadelphia,” said Deputy Mayor Greenberger.  “As we move into 2015 we are excited to announce a range of new major projects for Philadelphia and to welcome even more companies into the city from around the country and the world.”

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