Published by OneSource on June 2, 2018
The PA Dutch charm has made tourism as well as agriculture fundamental elements of our economical patchwork. But, in the last decade or so, major expanses in downtown Lancaster as well as growth in the suburban sprawl, has made Lancaster County’s economy flourish in surprising ways.
Downtown Lancaster’s Revitalization
Downtown Lancaster has been celebrated recently for it’s influx of hip drinking and dining options, coffee shops, and galleries making it a destination for young people from the suburbs. Accessibility throughout town has been growing too with implementation of things like new bike paths have been made it easier to travel throughout the town. Now, luxury condos are being constructed all over the town, the New York Times and Food Network are taking notice to our establishments like Luca, visitors are coming to stay in the hip digs at the Lancaster Art Hotel, and at least 9 huge brands are currently in the works right outside the city, including our first Whole Foods.
The Young Tech Expansion
With several small colleges located in the area, young professionals are paving the way for more innovative business growth than ever before. It might account for 8 local firms included in 2016’s Inc. 5000 List of Fast Growing Companies. And now, due to cheaper costs of living, some major tech companies are setting up shop in Lancaster instead of places like New York City.
Although Lancaster County itself still has an abundance of residents with that Germanic, heritage, the 7 square miles of Downtown Lancaster is far more diverse. From 2010 to 2015, the county grew by 13,003 people, but only 14% considered themselves non-hispanic white. Growing numbers of different ethnicities in the area have contributed to growing creativity and a new value on uniqueness in business that we haven’t always valued as strongly.
The Expanding & Changing Population
As areas of the city become more desirable to frequent, more corporations take notice and the population continues to flourish, too. Construction on fresh properties continue to pop up as more people flock to Lancaster. In fact, Lancaster is one of the fastest growing places in Pennsylvania. With a growth in residents, businesses are shifting their models to cater to the “modern person of Lancaster.” As we begin to bring in transplants from Boston, New York and Baltimore, we are seeing a change in what appeals to our ever-changing demographic. As we make way for Nordstrom Rack, a third Target, and a new $14 million hotel; other businesses’ doors have shuttered including Kmart, Sports Authority, and HHGreg.
Are you a business in Lancaster who wants to keep up with the times? Meet with us!