At the Greater Reading Chamber Alliance (GRCA), we are committed to providing data-driven insights that help businesses and community leaders make informed decisions. The Berks County Economic Intelligence Report for Q4 2024, produced for GRCA by the Lancaster EDC Center for Regional Analysis, offers a comprehensive look at key economic trends shaping our region.
Three Key Takeaways:
- Berks County’s labor market remains tight: Unemployment claims stayed near record lows, with a slightly lower average weekly unemployment rate in December 2024 compared to the previous year. Employers continue to seek workers but have become more selective in hiring for specialized skill sets.
- Businesses report steady demand, but inflation impacts wages: While regional non-manufacturing businesses saw increased sales and revenue from Q3 to Q4 2024, wages in Berks County did not keep up with inflation. The average hourly wage increased by only 0.2% over the year, while national inflation rose by 2.9%, reducing workers’ spending power.
- Consumer and business sentiment remains cautious amid inflation concerns: National consumer confidence improved over five consecutive months, but inflationary pressures persist. Businesses in Berks County continue to adapt, with non-manufacturing firms citing labor supply and access to capital as their biggest challenges, while manufacturers are constrained by labor shortages and supply chain issues.
By delivering timely and actionable economic data, GRCA helps businesses navigate challenges and seize opportunities that drive growth in our region. Download the full report to explore the latest economic trends and what they mean for Berks County’s future.
Questions? Please contact Aaron Gantz, VP of Economic Development & Strategy at agantz@greaterreading.org