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Do You Understand Demographics Affecting Area Businesses?

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Do You Understand Demographics Affecting Area Businesses?

We live in a rapidly changing world. We reside in more ethnically diverse communities transformed by immigration and greater ethnic integration. Millennials have come of age and taken over leadership positions. Women have become a greater share of the labor force, and the gender pay gap has narrowed.

These changing demographics impact many areas of business, and companies must pay attention to them to thrive in this new environment. The Cumberland Area Economic Development Corporation offers a number of resources to help you learn more about your community in order to better live in, serve and connect with it. Take a look at these important things to know about the Cumberland Valley.

Economic Demographics for the Cumberland Area

Economic indicators in the area have been on the upward swing. Compared to metropolitan areas, the Cumberland Valley offers a much lower cost of living and has seen the unemployment rate tick down. Cumberland County has one of the lowest unemployment rates in the commonwealth, thanks in no small part to employment opportunities at the state capital and nearby military bases.

The National Association of Counties has gathered some impressive information about local employment, painting a rosy jobs picture for local demographics. According to the NAC:

  • The job growth rate has increased by 1.5 percent
  • The economic growth output rate has grown by 2.4 percent
  • The unemployment rate has dropped by 0.7pps

Housing and Jobs Data for the Cumberland County Area

As for the housing market, a critical indicator for companies looking to expand into a new area, Cumberland County has experienced an impressive rise of 4.3 percent in median home price. And that’s with a favorable cost of living, which in this area is five percent less than the national average, according to data from the Pennsylvania Department of Labor & Industry.

One final interesting data point involves the top industries for the area. CAEDC says they are:

  • Healthcare Real estate
  • Business services
  • Management and consulting
  • Federal government

Digging Deeper Into Local Community Profiles

An assortment of rich cultural heritages make up the Cumberland Valley area, including 33 unique townships and boroughs that all contribute to the area’s identity. Each boasts a unique demographic profile, and finding the one that matches your needs could make all the difference in your business venture. You can find profiles of each one from CAEDC, culling the information you need to make informed choices for your business. A sampling of locations includes:

An Expanding Population in Cumberland County

Perhaps the most important thing for businesspeople to understand about Cumberland County demographics relates to growth. This area continues to expand at a rapid rate, with people drawn to the convenience of the location, in part. You can drive to major metropolitan cities such as Baltimore, New York City, Washington, D.C., Philadelphia and Pittsburgh within a few hours while still enjoying the low cost of living and reasonable housing prices in the area.

The population has risen to 243,764, pushing the county’s designation from fourth to third class. There are only 12 third-class counties in Pennsylvania.

Use Demographic Trends and Data to Help Your Business

Understanding the demographics factors in businesses can give you an advantage in finding qualified workers, tailoring your offerings to the needs of the community and setting the right goals for the future. When you understand people and their concerns, you make connections that assist you in business. Utilize the resources offered by CAEDC and consider our programs to help you stay on top of developments and learn more about the Cumberland Valley region. Finally, get in touch with any questions.

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