NVI Technical College Information

Economic Feasibility

Employment trends indicate the degree of tightness or slack in labor

Pennsylvania Construction & Building Trends

markets, in addition to the overall strength of an economy.

In Pennsylvania, non-residential construction was $11.3b in 2023,

which ranks it 13rd out of all US states. Residential construction was

Faster employment growth typically indicates a strong and growing

$111.9m in 2023, which places Pennsylvania 23rd in the United

economy, while lower unemployment tends to imply tightness in

States.

labor markets.

The number of building permits issued in Pennsylvania in 2023 was

A

Pennsylvania' Per Capita Disposable Income

11,401, representing a N/A annualized growth rate between 2018

Per capita disposable income, also known as disposable personal

and2023.

income (DPI), is the amount of money that the average person in an

economy has available for spending and saving after accounting for

Trends in the construction sector are important because it creates

income taxes. Pennsylvania's DPI in 2023 was , compared to the US

jobs, income and tax revenue for a state. In addition, construction

average of , which places it 0 out of all 50 US states.

sector activity impacts other sectors in its supply chain, including

manufacturing, wholesaling, warehousing, transportation, and real

Disposable income is regarded as a key economic indicator as

estate, rental and leasing services.

trends in disposable income are indicative of the level of aggregate

demand, the state of labor markets and the financial strength of

Therefore, construction trends are important indicators of the health

households.

of an economy.

Source: IBISWorld

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