Philadelphia is a city and port in southeastern Pennsylvania, United States. It is located at the junction of the Delaware and Schuylkill rivers.
Philadelphia has been regarded as both the lovely but cynical grand lady of American cities and the overgrown and unhealthy bachelor. A more rational view of Philadelphia, on the other hand, reveals it to be a very advanced and vibrant city, going to rise in magnanimous contrast to the deep tranquility of an older city that has supplied delicate but firm intellectual, economic, and philanthropic route to the nation at whose birth it served as midwife. With the headquarters of five Fortune 1000 businesses situated inside city boundaries, Philadelphia is the economic hub of Pennsylvania. The Philadelphia metropolitan region is expected to generate $490 billion in gross metropolitan product (GMP) in 2019, up from $445 billion in 2017, according to the Bureau of Economic Analysis. Philadelphia’s economy has changed to one centered on information technology and services. The metro’s economy is dominated by financial operations, and it is home to one of the country’s major health education and research institutes. The Liberty Bell, which had over 2 million visitors in 2010, is one of the most popular tourist attractions in Philadelphia. Higher education, manufacturing, oil refining, food processing, health care and biotechnology, telecommunications, tourism, and financial services are among Philadelphia’s economic sectors.
History of Philadelphia’s economy
Many of Philadelphia’s businesses date back to the 1700s, although the city’s economy has evolved significantly since then. Textile mills, a historic and once-dominant industry, faced strong competition from the South and from overseas. World War II boosted industry, but it later began to deteriorate, with thousands of employments lost in the 1960s. Non-manufacturing and service industries, on the other hand, remain to grow and now account for the majority of jobs in the economy. In the late twentieth century, high-tech sectors such as communications, computer software, and Internet commerce grew in importance.
Modern Economy of Philadelphia
Printing and publishing, as well as food processing, are important aspects of current marketplace in Philadelphia. Chemical, industrial equipment, manufactured metal goods, electronics, automotive parts, scientific instruments, textiles, packaging material, rubber and plastic items, and basic metals are some of the products manufactured. The movement of individuals and companies from the city to the countryside has been on the downturn. The navy yard, which engaged tens of thousands of people in its peak, was one of the pillars of the economy in Philadelphia and most of eastern Pennsylvania from before the foundation of the nation. In the late 18th century, shipbuilding became a significant component of the economy, and the Continental Congress encouraged it.
Benefits of doing business in Philadelphia
Philadelphia is a city based on ingenuity and hard labor. And she has a greater future than she has ever had. There has never been a good opportunity in Greater Philadelphia to start and develop a business, as well as to live, work, create, and innovate
A Quick Look at the Region
Among the major metros, it has the lowest office leasing prices. With a Gross Regional Product of $485 billion, it is the third biggest metro in the Northeast and with 6.4 million inhabitants, it has the sixth-largest population. With a workforce of little over 3.2 million people, it is the seventh biggest in the world, with highly trained workers in important areas such as life sciences, energy and manufacturing, technology, financial services, and more
Location is key
Ideally situated between New York City, the nation’s financial center, and Washington, D.C., the country’s legislative and regulatory capital. Philadelphia is in the center of one of the world’s greatest economic regions—if considered a single national economy, the entire gross domestic product within a 200-mile radius of our region would rank fourth in the world. A day’s drive will get you to 40% of the US population, and a 2-hour flight would get anyone to 60% of the US and Canadian population
Gaining Market Access
There are two Class 1 freight lines in the area. Three large maritime ports are located along the Delaware River, and the station is the third busiest Amtrak station in the United States. Within a 90-minute drive, there are five international airports and over 100 interstate highway interchanges