Published April 2026
Key Terms
Nominal GDP: The total value of goods and services produced in a geographic area over a set period.
Real GDP: The total value of goods and services produced in a geographic area over a set period, adjusted for inflation.
Private GDP: The total value of goods and services produced in a geographic area over a set period minus the government portion of GDP.
This report is focused on Chester County’s private industries. GDP totals reflect the sum of these non-government sectors only.
Location Quotient: Location Quotient (LQ) measures an industry’s concentration within a region in comparison to the whole of the state and is used to identify industries and occupations that have a higher specialization or concentration within that region.
Chester County industries / occupations with an LQ greater than 1.00 have a higher concentration locally than in Pennsylvania, suggesting a local specialization. An LQ of less than 1.00 implies a lower concentration than Pennsylvania.
The
Lead
In 2024, Chester County’s private sector economy generated $57,046,813,000, growing 1.8% year over year when adjusted for inflation.
The Chester County economy steadily expanded over the last 10 years, growing 21.3% from 2014-2024.
• The county’s 1.8% growth rate in 2024 was slightly below its 10-year average growth (+2.13%).
• Chester County has experienced year-over-year growth in eight of the last 10 years.
• 2018: Largest GDP growth (5.6%) in the last decade.
• 2020: Chester County’s largest contraction in the past 10 years, dipping 3.6% in the wake of the COVID-19 pandemic.
• In 2024, Chester County was the fourth largest contributor to Pennsylvania’s GDP.
In 2024, Chester’s economic growth outpaced that of the state, but lagged behind the nation.
• Year-over-year real economic growth in the private sector:
Private Real GDP Growth Comparison: Local, State & National (2014-2024)
Zooming out, Chester County has also outpaced the state over the last 10 years...
• Real private sector economic growth* from 2014 to 2024:
• Notable factors impacting this growth included:
• The Finance & Insurance sector, which has a higher concentration in Chester County than Pennsylvania, experienced an 11.0% increase – 10.1 percentage points greater than the industry’s growth across the state.
• Professional & Business Services – Chester County’s largest industry for both GDP and employment – contracted (-2.6%) in 2024 despite growing within both the state and national economies.
• Mining, Quarrying, & Oil and Gas remains a small industry within the Chester County economy, however the 277.0% growth in real GDP (+$77,091,000) in 2024 is notable, especially in contrast to the industry’s -7.6% contraction in PA.
• Over the last decade, Chester County has had the 12th highest growth rate among all PA counties.
...while remaining comparable with neighboring counties.
• Real private sector growth* of surrounding counties from 2023-2024:
• Lancaster County: 3.0% •
Top industries leading Chester’s economic growth in 2024:
Finance & Insurance
(+$672,863,000*)
The Finance & Insurance industry in Chester County surpassed pre-pandemic GDP levels in 2024, lagging behind the state’s recovery, which had occurred in 2022. The 2024 GDP is the highest on record for the Finance & Insurance industry in Chester County.
Retail Trade
(+$192,453,000*)
Retail Trade GDP in Chester County remained 12%* below 2019 levels, though growth in 2023 and 2024 signals continued post-pandemic recovery. At the state level, Retail Trade GDP surpassed 2019 levels by 15%*, indicating the industry in Chester County is recovering at a slower pace than the state.
Health Care & Social Assistance
(+$133,790,000*)
Health Care & Social Assistance GDP in Chester County reached a record high in 2024, following two consecutive years of growth Continued expansion is expected as an aging population drives sustained demand for health care and social assistance services.
Mining, Quarrying, and Oil & Gas Extraction
(+$77,091,000*)
Chester County’s second-smallest industry recorded the fourth-largest GDP growth in 2024 – a stark contrast to a 7.6%* contraction seen at the state level.
Construction
(+$44,938,000*)
Chester County’s Construction industry grew in line with the state in 2024 but remains below pre-pandemic output levels when adjusted for inflation. Commercial and institutional construction saw a 40% year-over-year increase in square footage built, despite a slight decrease in project count across both segments.
Top industries that saw economic contraction in 2024:
Professional & Business Services
(-$307,915,000*)
Chester County’s largest industry experienced the largest contraction in 2024, representing a slight pullback after three years of strong growth. Despite this short-term decline, the sector has expanded by 44.7%* over the past decade, reflecting strong long-term growth.
Information
(-$114,442,000*)
The industry recorded its second consecutive year of contraction in 2024 despite being Chester County’s fastest-growing sector over the past decade. In contrast, both Pennsylvania and the nation recorded growth in this industry in 2024.
Wholesale Trade
(-$48,394,000*)
This marks the 10th consecutive contraction for the Wholesale Trade sector, which has declined by 41.2%* since hitting its high in 2014. Statewide declines have been more limited at 9.9%* over the same period, highlighting a sharper contraction in Chester County.
Agriculture, Forestry, Fishing & Hunting
(-$20,556,000*)
After seeing large growth in 2020 (+35.4%*), this industry has experienced significant decline over the last four years (-69.2%*).
Educational Services
(-$6,393,000*)
A very steady industry in Chester County, Educational Services declined slightly in 2024 after growing the 3 previous years.
* Adjusted for inflation
