Philadelphia's finance watchdog has just released a report showcasing the city's economic resilience, driven by its mainstay sectors and vibrant array of small businesses. City Controller Christy Brady, as per her recent "Municipal Money Matters" September release, provides an overview of the employment landscape, with a special emphasis on the 'Eds & Meds' — education and healthcare — that continue to dominate the city's workforce, according to a statement on the Controller's website.
Major players like the University of Pennsylvania, Thomas Jefferson University, Children's Hospital of Philadelphia, and others not only contribute significantly to the local economy but also reflect a nationwide trend where higher education and healthcare sectors are becoming increasingly influential. The growth of these sectors also mirrors the steady ascent of small businesses, which have seen an uptick from 27,395 in 2014 to 29,460 in 2023. These businesses, often seen as the backbone of Philly's local economy, employ a sizeable slice of the city's workforce.
Stability in the government sector also remains a bedrock for the local economy, with the Federal Government, the City of Philadelphia, and the Philadelphia School District altogether acting as key job providers for the city. SEPTA and American Airlines, significant to the region's transportation sector, also continue to employ thousands, contributing to a robust job market.
"Philadelphia’s economy is powered by our large institutions and the entrepreneurial spirit of our neighborhoods," Controller Brady said, as quoted on the city's official Controller page. Furthermore, while a city's population has remained relatively stable, quality of life markers — such as median income increase and unemployment decrease — have been moving in a positive direction. Median income has risen from $47,651 to $61,829, while the unemployment rate fell from 8.0% to 4.2% over the observed period.
This comprehensive economic report from the City Controller's office can be viewed in full detail on their website, where residents and interested parties can delve into how Philadelphia is laying down the groundwork for continued economic vitality and resilience.
