Pennsylvania economy
Pennsylvania economic growth
Economic growth of the state of Pennsylvania is tracked by the GDP growth indicator. However, GDP is a lagging indicator since it reports what economic growth was in the previous quarter. MacroVar aims to predict what economic growth will be in six to twelve months. Consequently, MacroVar tracks the following leading economic indicators: Pennsylvania Leading economic index, Initial jobless claims, Building permits and Real Estate prices. Current economic growth conditions of the state of Pennsylvania are monitored using Pennsylvania coincident economic activity index.
| Indicator | Actual | Previous | M/M% | Y/Y% | Trend | ZS5Y | Trend | Update |
|---|---|---|---|---|---|---|---|---|
| Leading Index Pennsylvania | 0.9 | 0.34 | 165 | -46 | 100.0 | 20 | 2020-02-29 | |
| Coincident Economic Activity Index for Pennsylvania | 128.18 | 127.36 | 1 | 4 | UP | 71 | 2023-06-01 | |
| Initial Jobless Claims Pennsylvania | 11590 | 13194 | -12 | -22 | UP | 32 | 2024-04-13 | |
| Build Permits Pennsylvania | 2255.16 | 2131.83 | 6 | 46 | UP | 87 | 2024-02-01 | |
| Total Gross Domestic Product Pennsylvania | 987638 | 974558 | 1 | 24 | UP | 97 | 2023-10-01 | |
| Unemployment Rate in Pennsylvania | 3.4 | 3.4 | 0 | -3 | UP | 63 | 2024-03-01 |
Pennsylvania Unemployment
Pennsylvania unemployment is a very important economic indicator affecting the state’s economic condition. MacroVar monitors initial jobless claims which is reported every week and is an important indicator of current economic conditions. Pennsylvania unemployment is reported later in the month.
| Indicator | Actual | Previous | M/M% | Y/Y% | Trend | ZS5Y | Trend | Update |
|---|
Pennsylvania Real Estate
Construction activity is a very important economic indicator for the economy of Pennsylvania. MacroVar monitors the following indicators: Pennsylvania building permits, real estate prices, real estate rent and the house price index. Building permits is a leading economic indicator measuring the number of permits required to start construction. Hence, it predicts the construction activity in the state for the following year. When economic growth is strong and financial conditions are normal, developers are optimistic about future economic growth and they apply for new building permits to begin new construction projects and vice-versa.
| Indicator | Actual | Previous | M/M% | Y/Y% | Trend | ZS5Y | Trend | Update |
|---|---|---|---|---|---|---|---|---|
| Build Permits Pennsylvania | 2255.16 | 2131.83 | 6 | 46 | UP | 87 | 2024-02-01 | |
| Leading Index Pennsylvania | 0.9 | 0.34 | 165 | -46 | 100.0 | 20 | 2020-02-29 | |
| All-Transactions House Price Index for Pennsylvania | 604.89 | 601.39 | 1 | 33 | UP | 95 | 2023-01-01 | |
| Coincident Economic Activity Index for Pennsylvania | 128.18 | 127.36 | 1 | 4 | UP | 71 | 2023-06-01 |
Pennsylvania Cost of living
Pennsylvania cost of living is monitored using the following indicators: Real per capita personal income, Real trade-weighted value of the dollar, Pennsylvania Zillow rent levels, Regional price parities all items
| Indicator | Actual | Previous | M/M% | Y/Y% | Trend | ZS5Y | Trend | Update |
|---|---|---|---|---|---|---|---|---|
| Real Per Capita Personal Income for Pennsylvania | 57030 | 53615 | 0 | 0 | 0.0 | 0 | 2020-01-01 | |
| Real Trade-Weighted Value of the dollar for Pennsylvania | 122.717 | 122.193 | 0 | 0 | Down | 27 | 2023-05-01 | |
| Regional Price Parities: All Items for Pennsylvania | 97.564 | 97.91 | 0 | 0 | 0.0 | 0 | 2020-01-01 |
Pennsylvania Economic news
MacroVar monitors news and economic developments related to the Pennsylvania economy.
Economic Indicators Overview
- Leading Index: The leading index for Pennsylvania state predicts the six-month growth rate of the state’s coincident index. The indicator monitors the following variables leading the economy: state-level housing permits (1 to 4 units), state initial unemployment insurance claims, delivery times for Institute for Supply Management (ISM) manufacturing survey, and the interest rate spread between the 10-year Treasury bond and the 3-month Treasury bill.
- Coincident Index: The coincident economic activity index includes the following indicators: nonfarm payroll employment, the unemployment rate, average hours worked in manufacturing and wages and salaries. The trend for Pennsylvania state index is set to match the trend for GDP growth.
- Initial Jobless claims: An initial claim is a claim filed by an unemployed individual after a separation from an employer. The claim requests a determination of basic eligibility for the Unemployment insurance program.
- Building Permits: Pennsylvania building permits represents the total number of building permits for all structure types.
- GDP: The total value of goods produced and services provided in Pennsylvania during one year.
- Unemployment Rate: Pennsylvania unemployment rate is the proportion of the labor force that is not currently employed but could be.
- Real Estate prices (Zillow): MacroVar monitors real estate prices across Pennsylvania using current prices determined by real estate activity tracked by Zillow.
- House Price Index: Pennsylvania House price index summarizes real estate activity using estimated sales prices and appraisal data.
- Real trade-weighted value of the dollar: This index calculates the inflation-adjusted value of the US dollar against the currencies of countries to which Pennsylvania exports. The real exchange rates are aggregated across countries for Pennsylvania using the annual average export share to the country.
- Regional price parities: Regional price parities (RPPs) are regional price levels expressed as a percentage of the overall national price level for a given year. The price levels are determined by the average prices paid by consumers for the mix of goods and services consumed in the state of Pennsylvania. Taking the ratio of RPPs shows the difference in price levels across regions.