NVI Technical College Information

Economic Feasibility

Pennsylvania Economic Overview

Pennsylvania' Employment by Sector

In 2023, the state of Pennsylvania has a population of 13,059,291,

The Healthcare and Social Assistance, Retail Trade and Educational

having grown an annualized 0.4% over the five years to 2023, which

Services sectors contributed the most to employment in

ranks it 34th out of all 50 US states by growth rate. Pennsylvania's

Pennsylvania in 2023, representing a combined 39.6% of state

gross state product (GSP) in 2023 reached $736.3b, with growth of

employment.

23.5k% over the 5 years to 2023. Businesses in Pennsylvania

employed a total of 7,037,915 people in 2023, with average annual

Employment Trends

A

employment growth over the past five years of 2176.2%.

The state of Pennsylvania employs 7,037,915 people in 2023, which

ranks it 6th out of all 50 US states. Employment in Pennsylvania has

The top three sectors by total employment are Manufacturing, Real

grown at an annualized rate of 1.5% over the five years to 2023,

Estate and Rental and Leasing, Healthcare and Social Assistance,

overperforming the national average of 1.2%. Major sectors by

while the unemployment rate across the state in 2023 was 3.9%.

employment in Pennsylvania include Healthcare and Social

Assistance, Retail Trade and Educational Services, which employed

Pennsylvania' GDP by Sector

1,236,790, 782,349 and 769,620 people in 2023, respectively.

The Manufacturing, Real Estate and Rental and Leasing and

Pennsylvania's unemployment rate is 3.9% in 2023, which ranks it

Healthcare and Social Assistance sectors contributed the most to

40th out of 50 states. Pennsylvania's unemployment rate has

Pennsylvania's GDP in 2023, representing a combined 35.8% of state

trended downwards at a rate of -2.6% over the five years to 2023,

GDP.

overperforming the US economy as a whole.

Source: IBISWorld

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