Pennsylvania is definitely on the rise with lots of industries brewing in the state. The state is known for a lot of things, like being the first to put their official website onto license plates or being the first to build a stadium. All these little details built up PA into one of the most progressive states in the country. With all that said, let’s take a lot into different industries on the rise in Pennsylvania.
Cannabis Industry
Like many other states, this industry is on the rise ever since the state legalized medical marijuana back in 2016. This legalization has allowed the industry to bloom and the number of sales has been drastically increasing.
Dispensaries have also been opened to cater to the public’s needs, especially patients with severe conditions. In 2018 alone, the state was able to have about $1 million in revenue from 2017/s $219,000. That’s a big leap, right?
The state is currently exploring the possibilities of legalizing recreational marijuana that could make the entire thing blow up to about half a billion dollars in revenue – if weed would be taxed at 35%. But there’s just so much surrounding the drug that’s it’s a complicated situation to get into. It’s a long way to go if the residents were to wait.
Food and Produce Industry
The food industry has always been here but it’s a different story in Pennsylvania. The job rates are going up to about 11%, much higher than the national rate at just 7%. While the world has been swept with organic production and anything related to that, the state is definitely reaping its benefits.
The state has always been one of the top agricultural states, giving lots of job opportunities to residents and one of the top income generating industries in the state. Being one of the most important aspects, its growth goes side by side with technological innovations that help the industry save and earn more.
Milk production in this state is also quite a significant commodity for the entire country because it provides about 5.5% of the entire supply. Mushrooms and vegetable supply also make Pennsylvania a very important state for the entire nation’s food supply. This industry won’t be seeing any end soon because the country’s definitely dependent on it for a lot of food.
Healthcare Industry
It might sound a little weird but the healthcare industry is one of the booming industries right now. The industry itself is producing around more than a billion dollars each year. Different health networks generate lots of income that take this industry a little higher year after year.
Though the Affordable Car Act has reconfigured a lot of things in the market, it’s still one of the top industries. Jobs are boundless for healthcare practitioners and salaries are sufficient for day-to-day living.
It’s important to note that this state is ranked second in the number of older adults, which is a big factor for the industry’s revenue. By 2020, the industry is expected to have an additional 1% to their employment rate and with an average of $68,000 yearly salary for nurses. That’s definitely a huge amount of money.
Advanced Manufacturing Industry
Technology is constantly updating itself which requires a frequent updating of skill sets and expertise. It doesn’t seem to be a problem for this industry because people are getting more adaptable to various situations. If the industry needs new skills, there are several employees skilled enough to do this.
That being said, the salary rates are also higher due to the special skills these people have. By 2024, it’s expected that the yearly salary for these jobs will be about $48,000. The industry has long been part of the important sectors for the state, constituting about 12% of the state’s economy.
It’s in the blood of the people in PA and their products have been great contributors for American landmarks. The industry is constantly trying to improve and do better to meet the demands of their loyal customers.
Travel and Tourism Industry
The state’s travel and tourism industry is one of the major employers and exporters. It’s highly significant because it drives lots of potential customers into town, which the entire state can benefit from. The place just has lots of destinations and attractions that keep pulling people to come to the state.
What’s good about this industry is that it keeps growing as other industries in the state grow. it’s kind of a win-win situation that won’t be dying down anytime soon. With growing businesses, there are just more jobs to offer, making the unemployment rate go down.
These rising industries have been doing their parts well in generating big revenues for the state. As technology will progress, surely these industries will learn to adapt, too, if they want to stay in the game.
Industries on the Rise in Pennsylvania