Bucks County Economic Overview September 2022
Bucks County is a dynamic region where demographics reveal an ever-changing economic landscape.
As of 2021, Bucks County's population grew to 629,530, an increase of 0.5% or 3,161 since 2016. The population is expected to increase by 0.3% between 2021 and 2026, adding 1,650. Concerning educational attainment, 25.3% of Bucks County residents possess a bachelor's degree (5.0% above the national average), and 8.3% hold an associate degree (0.4% below the national average). The median household income is $93.2K, which is $28.2K above the national median household income of $65K.
Most notably, the labor force participation rate decreased from 66.8% to 65.7% between 2016 and 2021 and is anticipated to decrease further by the end of 2022.
The U.S. Bureau of Labor Statistics and the Pew Research Center have identified current and long-term demographic trends contributing to a low labor participation rate. These trends include workers leaving to stay home and care for elderly parents, a state workforce that is shrinking and getting older, and the need to oversee children who are being home-schooled rather than in physical building. Additionally, many member of the workforce are concerned about the rising costs of childcare and concerns related to COVID transmission and long-term health issues.
Contact Brian Cummings (267-374-4773) at the Bucks County Department of Workforce and Economic Development for additional information and resources available to local businesses.
*Demographics cited in this overview are provided by Lightcast Q3 2022 Data Set.