GPD Growth in Philadelphia MSA Across Office-Using Industries

In 2023, GDP growth in office-using industries increased by $5.05 billion or 1.61%, rising from $312 million to $317 million. The information industry exhibited the most significant 12-month percentage growth, concluding 2023 with a 5.79% increase, from $29.6 billion to $31.3 billion.

Management of companies and enterprises, along with professional, scientific, and technical services, recorded the highest five-year annual growth rates, reaching 6.7% and 4.06%, respectively.

The information industry is anticipated to maintain its position with the highest 12-month GDP growth among office-using industries in the Philadelphia MSA, with a projected increase of 2.86% in 2024.

As office-using industries expand throughout the MSA, there may be a subsequent rise in demand for office space in the future, driven by the growth of these businesses in both physical presence and employee headcounts.

February 13, 2024

US-PA-PHL Philadelphia