Greater Philadelphia’s economic growth has trailed many peer cities, driven by only modest increases in foreign-born workers between 2014 and 2024, write Ryan Mulligan and Joanne Drilling for the Philadelphia Business Journal.
Brookings’ annual Metro Monitor research examined how economic growth in the largest metropolitan areas across the country corresponded with the changes in their foreign-born, working-age populations over that period. The study found that metros that have the largest increases in foreign-born residents also experienced stronger economic growth, greater employment gains, and higher average wages, among other indicators.
Greater Philadelphia experienced a 2.7 percent rise in foreign-born workers between 2014 and 2024, increasing from 12.9 percent to 15.6 percent, which placed the metro in the midrange among comparable cities.
The Philadelphia metropolitan area ranked 32nd in overall economic growth out of 55 peer metros, while also achieving the top position among Northeast cities.
The region ranked No. 51 in prosperity among 55 peer metro areas, based on changes in average wealth and income, and also placed No. 51 for wage growth, with the average annual wage increasing 4.3 percent to $90,215.
Read more about Philadelphia’s economic growth compared to its peer cities in the Philadelphia Business Journal.
_____
