Fastest growing sector in the region is expected to be Health Care and Social Assistance with a +1.6% year-over-year rate of growth.
Projection: Healthcare and Social Assistance will overtake manufacturing as our largest single employment sector before 2025.
Over the next 10 years, employment in the Reading, PA MSA is projected to modestly expand by ~2,200 jobs.
•Average annual earnings continue to show solid growth and are now over $56,000 per year – outpacing inflation growth since 2004 as measured by the CPI.
•Manufacturing jobs typically provide excellent benefits packages bring total compensation above $75,000 /yr.
•Continued capital investment and productivity improvements can support continued average compensation growth over next decade.
These same changes require increased technical skills among our advanced manufacturing workforce.
•54% of Berks County manufacturing workers are age 45+. Most experienced and skilled workers are now retiring in large numbers
•Need ~ 7,000 replacements by 2026
Current acute skills shortages for technical occupations, particularly industrial maintenance/Mechatronics and precision machining will worsen
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