Philadelphia regional manufacturing firms voiced optimism for continued growth as more manufacturers expect to expand their workforce in the next six months — a display of confidence from which the Philly industrial space market is well positioned to benefit.
The Federal Reserve Bank of Philadelphia’s September 2014 monthly survey of manufacturing firms in the Philadelphia region, which covers southern New Jersey, found that nearly 44 percent of manufacturers anticipate a rise in hiring in the next six months, up almost seven percent from the 37 percent of manufacturing companies that had forecast employee growth in August 2014.
“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.”
In addition, 59 percent of manufacturers predict increases in total production growth in the third quarter, while only 29 percent of manufacturers foresaw production declines, the bank’s survey noted. The average production growth in the third quarter is projected to be two percent.
For the fourth quarter, the optimism continues with 54 percent of manufacturing firms expecting production growth and 21 percent anticipating a decline.
“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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