Evidence of job growth in Delaware Valley
Monday, July 20th, 2009
Job growth in the Delaware Valley's may still be uncertain, but some evidence suggests the market is showing signs of trying to right itself. Two jobs indicators shows some signs of life in the local economy.
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Payroll jobs are down 3.2 percent in the 11 county Philadelphia area. But the region's total jobs number, which include start-up businesses, consultants, and freelancers, is down just 2.8 percent.
Phil Hopkins is Vice President of Research for Select Greater Philadelphia. He says while the difference may sound slight, it's a sign that some people who have been laid off are trying to start their own businesses. Hopkins says these entrepreneurs might help the economy turn around.
Hopkins: You may have a long term benefit that they've started a business, and if things go well, they stay with that once the recession ends. They may decide that they're better off there than rejoining a company with a payroll job.
Hopkins says the regional credit market is still tight, and until more funding for small businesses is available, job growth will be slow.