2022 Economy Report
Posted February 27, 2023
Each year CCPC releases an economy report with information to help guide Chester County's future growth. The 2022 Economy Report highlights the county's strengths and weaknesses in regards to the six following areas; resident characteristics; employment characteristics; business characteristics; gross domestic product; key industrial groups; and real estate characteristics.
In terms of resident characteristics, the report indicated that Chester County's workforce remains highly educated and paid, with 54% having a Bachelor's degree or higher compared to the national average of 33% in 2021. The county also reported a large number of residents working in professional occupations which is reflected in the high median household income.
Overall, looking at employment in the county, Chester County's economy is diverse and not overly dependent on any one industry. The report showed the county's strong industries to include agriculture, finance and insurance, information, management of companies and enterprises, and professional, scientific, and technical services. However, certain business sectors that have been strong in the past, such as computer system design or electronic shopping, have seen declines in employment, and the county's employment was lower than expected given national norms in some industries including the restaurant and health care sectors. Chester County also had the highest employment growth rate from 2001 to 2021, at 10%.
As part of the Philadelphia regional economy Chester County has easy connections to major East Coast destinations such as NYC, Washington D.C., and Philadelphia, making it a desirable place to live. However, rising housing costs have made it difficult for many.
Overall, the report indicated that Chester County has a very strong economy which will help the county continue to recover from the COVID-19 pandemic well into the future.
The annual Economy Report is prepared by the Chester County Planning Commission with assistance from the Chester County Economic Development Council and other organizations.