Economic Development
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Elites, A-List Celebrities Are Finding Their New Escape in New Hope
As some of the most famous glamorous retreats like Aspen and Palm Beach start to lose their luster, the elite have found a new escape in New Hope, writes Maureen Coulter for Philadelphia Magazine. There has been an invasion of A-list celebrities in the charming Bucks County town, with big names including actor Bradley Cooper,…
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Philadelphia Releases New Impact Study on Planned Sixers Arena, Here Are Some Key Takeaways
A new study has been released that evaluates the potential impact that the new proposed Philadelphia 76ers arena in Chinatown would have on the neighborhood, writes Aaron Moselle for WHYY. Consultants on the study have come to the conclusion that the development “could potentially result in the loss of Chinatown’s core identity and regional significance.”…
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SEI Executive Sneha Shah Sees Bright Future for Philadelphia’s Startup Scene
Sneha Shah, head of new business ventures for SEI Investments, believes there is a bright future for Philadelphia’s startup scene, writes Ryan Mulligan for the Philadelphia Business Journal. People “outside of Philadelphia don’t understand how powerful this [startup ecosystem] could be,” she said. Shah used to be one of those people. Her career took her…
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As Wealth Migrates, Philadelphia Loses Income While Collar Counties Fluctuate
As residents continue flocking to the suburbs, Philadelphia lost the most wealth in total income from 2021 to 2022 in Pennsylvania, while Chester County is among the top gainers, writes Kyle Nguyen and Ryan Mulligan for the Philadelphia Business Journal. The latest data from the IRS and U.S. Census Bureau for the migration of wealth…
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Chester Pike Could Be Getting Facelift to Make It More Pedestrian, Bicyclist Friendly
Delaware County officials are considering upgrades to Chester Pike that would make the thoroughfare friendlier to pedestrians and bicyclists, writes Gabriel Donahue for WHYY. The proposed improvements, which include narrower car lanes, bike paths, and wider sidewalks, are part of a recommendation by Colliers Engineering to alleviate traffic woes. Roughly five years ago, Sharon Hill,…
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WSJ: U.S. Children Who Grow Up in Neighborhoods With More Employed Adults Are Often Better Off Economically
New research has found that children that who grow up in certain neighborhoods are more likely to achieve economic mobility than others, writes Justin Lahart for The Wall Street Journal. A group of Harvard University researchers who analyzed data covering a near universe of Americans born between 1978 and 1992 found that when employment among…
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Philadelphia is One of the Best Large U.S. Cities for Economic Growth, According to New Study
Certain U.S. cities have emerged as beacons of prosperity and growth as the nation continues to navigate the complexities of a post-pandemic world, writes Andreea Neculae for CoworkingCafe. Philadelphia is one of those cities, as it has ranked as the 8th best large U.S. city for economic growth. CoworkingCafe recently published a new study highlighting…
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Walter D’Alessio, Longtime Civic Leader Who Helped Shape Modern Philadelphia, Remembered
Walter D’Alessio, one of the most influential people in Philadelphia history despite never having held elected office, died on July 1 at the age of 90, writes Jake Blumgart for The Philadelphia Inquirer. D’Alessio was the head of the Philadelphia Redevelopment Authority and the Philadelphia Industrial Development Corp. in the 1960s and 1970s. During that…
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Washington Post: Rural Pennsylvania Facing Population Loss
The sharp decline in rural population has put Pennsylvania at the forefront of a national discourse on the viability of America’s small towns that have long been pillars of the country’s culture, writes Tim Craig for The Washington Post. Nationwide, 81 percent of rural counties have recorded more deaths than births in the last four…
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Center City Continues Finding New Ways to Thrive After Pandemic
While weekdays are still somewhat lagging behind, Center City has managed to fully rebound to the pre-pandemic numbers of people out and about on weekends, writes Laurel Wamsley for WHYY. A new report found that Center City now draws 85 percent of the total pedestrian volumes that it did in 2019. More good news comes…
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More Jobs Could Be Coming to Philadelphia Thanks to New Deal With Korean Shipbuilder
HD Hyundai Heavy Industries, the world’s largest shipbuilder, has partnered with Philly Shipyard to seek U.S. government shipbuilding and maintenance contracts, writes Joseph N. DiStefano for The Philadelphia Inquirer. The Korean company signed an agreement with Philly Shipyard, which employs nearly 1,000 at the former Philadelphia Navy Yard site, to “explore a potential business relationship”…
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Philly Lags Behind in Middle-Wage Jobs, But A Sense of Optimism Still Remains
A recent Pew Charitable Trust study found that Philadelphia has fewer middle-wage jobs — which pay between $18 and $27 an hour — than its peer cities, writes Kristen Mosbrucker-Garza for WHYY. In 2019, the density of middle-wage jobs in Philadelphia was 758 out of 1,000 working-age residents, according to U.S. Census data crunched by…
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Hardy Williams Academy Joins Forces with CHOP to Help Ensure Graduates Get Jobs
Hardy Williams Academy Mastery Charter School in Southwest Philadelphia and the Children’s Hospital of Philadelphia recently joined forces to help the school’s graduates secure full-time positions at the hospital, writes Stephen Williams for WHYY. The two institutions recently received a $19.6 million grant from Bloomberg Philanthropies that will be used to facilitate the development of…
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Fort Washington-based Toll Brothers Pulls Out of Apartment Development in Ardmore
Fort Washington-based Toll Brothers has decided to part ways with King of Prussia-based Piazza Auto Group on an apartment project in Ardmore, writes Jake Blumgart for The Philadelphia Inquirer. The development, which is slated to be Ardmore’s largest apartment building, would replace the Acura and Volkswagen dealerships owned by Piazza. The auto group does not…
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Philly Sees Decrease in Poverty and Violent Crime, But Challenges Remain, According to Pew Report
Pew Charitable Trusts has released its 2024 State of the City report outlining Philadelphia’s challenges and progress. While Philadelphia has seen tangible improvements in its poverty rate and violent crime statistics, challenges like the opioid epidemic remain a massive hurdle, writes Kenny Cooper for WHYY. “In 2023, the city’s unemployment rate was 4.2% on average,…
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Leonardo Helicopters US Showcases Philadelphia’s Appeal in New Momentum Makers Series
The Chamber of Commerce for Greater Philadelphia is making significant strides in attracting and expanding companies within the region, showcasing its impact on the local and global business landscape. Through a comprehensive regional marketing strategy, the chamber’s Economic Competitiveness team has been pivotal in promoting Greater Philadelphia as a premier global destination for business. This…
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Citizens Financial Group CEO Sees Great Upside For Philadelphia Economy, Eyes More Opportunities
Bruce Van Saun, CEO of Citizens Financial Group, sees a lot of upside for Philadelphia and its economy, and much of it is connected to its naming rights deal with the Philadelphia Phillies, writes Jeff Blumenthal for the Philadelphia Business Journal. This year marks the 21st year of a 25-year, $95 million naming rights agreement…
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Six Montgomery County Residents Make Forbes List of Richest People in World
Six Montgomery County residents have found their place on this year’s World’s Billionaires List, published by Forbes. Jeff Yass Bala Cynwyd billionaire and cofounder of Susquehanna International Group Jeff Yass ranked highest at No. 64. Yass, whose net worth is $27.6 billion, dropped down on the list from last year’s No. 28 ranking. Michael Rubin…
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