I've mentioned demographic shifts before, but am curious to hear people's thoughts.
https://www.bls.gov/news.release/metro.t02.htm
Every month, a few weeks after the jobs report is released, statistics on state level employment trends follow. A few weeks after the state level statistics, metropolitan area statistics are released.
Last week, metropolitan area statistics were released for December 2019.
Some interesting callouts about Pennsylvania and Philadelphia in particular.
Although the unemployment rate is up year over year for the Philadelphia MSA and Philadelphia in particular, it seems not to be because of a slow down in job growth (at 1.8 percent YOY), but because of an acceleration in the growth/size of the workforce. Civilian Labor force in PA is up 100K people YOY or 1.7%. In Philadelphia in particular, labor force is up 30K YOY or 2.8%.
In comparison to NY (state), the labor force in the same period shrunk by close to 100K people and within NYC, it was essentially flat (Dec shows a YOY decrease, Nov shows a slight YOY increase).
1. This is great news for PA and Philly in particular.
2. My guess is this is being driven by growth in the life sciences industry in and around Philly.
3. Compounding #2, I think we're starting to see regional migrants seeking lower cost locales due to changes in the SALT deduction caps. PA is arguably the lowest tax/cost state in the Acela corridor with a major city. Although all of the media attention is on people moving to places like NC, GA, the mountain west, etc...it wouldn't be surprising to me to see shifts in "in region" migration. This benefits PA for sure.
4. With this late in the decade acceleration, compounded by the fact the YOY changes in urban populations are typically under-represented/counted, my guess would be that 2020 census will show Philly has surpassed 1.6 million people, perhaps not by a small margin, and that PA surpasses 13 million people.
I've long thought of PA as being alone with IL in the very top tier of states in terms of population, GDP, etc beyond the big 4 (CA, NY, TX, FL). This could be the decade, particularly with the stagnation in IL's population growth where PA sort of breaks away from Illinois. In the next decade, if Illinois continues to shrink and if PA continues to grow, you could population in PA surpass IL by 500K+ people.
Sort of eager to see what the census turns up.
And great news for prospects of construction of new commercial buildings.