Philadelphia’s Fiscal Future

A special series on how the COVID-19 pandemic has affected the city’s economy and budget, and what may lie ahead for recovery and growth

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Philadelphia’s Fiscal Future
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Philadelphia’s economy was performing well in the decade before the pandemic—matching and, in some years, outperforming the nation in job generation. But COVID-19 halted that progress, and the city’s recovery has lagged that of the national economy. That’s especially troubling given that Philadelphia’s pre-pandemic job growth did not extend to workers of color in the city.

What caused the lag? And what does it mean for Philadelphians—especially those who have historically been left behind?

To look at Philadelphia’s changing economy and explore the range of opportunities, risks, and responses that city leaders face, The Pew Charitable Trusts, in partnership with the William Penn Foundation, has created “Philadelphia’s Fiscal Future.” This series of reports and analyses provides data and insight to inform the tough decisions and opportunities that lie ahead for city leaders—and for those who live and work in Philadelphia—especially when it comes to building a more equitable city. The series’ four primary reports are highlighted below, with other related research organized under specific categories.

A view of Philadelphia, Pa., west of the Schuylkill River on January 29, 2021
A view of Philadelphia, Pa., west of the Schuylkill River on January 29, 2021
Issue Brief

The Pandemic's Effects on Philadelphia's Economy and Jobs

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Issue Brief

As Philadelphia leaders try to predict what shape the city’s economy will take over the next few years, the biggest unknowns are how long, and in what ways, the COVID-19 pandemic will affect workers and residents.

Report

Philadelphia's Tax Burden Differs by Size and Sector

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Report

Business taxes are a perennial subject of debate in Philadelphia. Critics say they’re an obstacle to economic growth; defenders call them a way to make businesses pay their fair share. Underlying these arguments are basic questions about how the taxes impact various businesses: Are some industry sectors hit harder than others? Do small businesses bear a heavier tax burden than large corporations? How many pay no business tax at all?

Philadelphia crosswalk
Philadelphia crosswalk
Issue Brief

Employment Patterns and Philadelphia's Operating Budget

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Issue Brief

In the first of a series of briefs examining Philadelphia’s fiscal future, The Pew Charitable Trusts looked at how the COVID-19 pandemic has affected the city’s economy.

Looking up at Philadelphia buildings
Looking up at Philadelphia buildings
Issue Brief

5 Key Economic Trends for Philadelphia

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Issue Brief

This is a pivotal moment for Philadelphia. More than two years into the COVID-19 pandemic, the decisions local leaders make now—about attracting and retaining residents, bolstering the workforce, and adjusting tax structures to reflect new realities like remote work—will greatly affect Philadelphia’s ability to thrive and become a more equitable city.

City Budget and Tax Policy

Report

June 17, 2024

For Businesses, Philadelphia's Tax Burden Differs by Size and Sector

Business taxes are a perennial subject of debate in Philadelphia. Critics say they’re an obstacle to economic growth; defenders call them a way to make businesses pay their fair share. Underlying these...

Issue Brief

March 20, 2024

Philadelphia's Post-ARPA Fiscal Reality

The start of the COVID-19 pandemic in 2020 forced officials in cities throughout the country to deal with unexpected budget shortfalls quickly. To close a projected one-year gap of $649 million...

Article

September 14, 2023

Business Recovery Dashboard Illustrates Philadelphia's Pandemic Pain and Rebound

The interactive dashboard on Philadelphia businesses and jobs produced by The Pew Charitable Trusts for leaders and citizens during the COVID-19 pandemic offered a quarterly look at the city’s struggles...

The Health of Local Businesses

Issue Brief

February 22, 2023

How Philadelphia's Economy Is Recovering

In June 2022, The Pew Charitable Trusts assessed the status of Philadelphia’s economic recovery two years into the pandemic, identifying five key questions likely to determine the city’s future...

Issue Brief

March 29, 2022

How COVID Changed the Way City Governments Support Local Businesses

Since March 2020, businesses across the country have endured rolling economic shocks stemming from public health restrictions, shifting consumer behavior, and labor and supply chain disruptions brought...

Article

March 3, 2022

Financial Stability of Philadelphia Health Care Industry Suffered During Omicron Surge

Although the financial health of Philadelphia’s businesses remained mostly stable at the start of the COVID-19 omicron variant surge in December, there was one exception: health care and social assistance...

Have questions about Pew’s research on Philadelphia’s fiscal future? Contact us at philaresearch@pewtrusts.org.

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5.8%

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The percentage decline in the number of jobs in Philadelphia from December 2019 through March 2022. TWEET

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Before March 2020, Black Philadelphians held 29% of jobs in the city. TWEET

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As of September 2021, Black residents have experienced 35% of pandemic-related job losses. TWEET

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70,000

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The potential gap in the number of jobs in Philadelphia between the rosiest recovery scenario and the least optimistic one. TWEET
Philadelphia Skyline
Philadelphia Skyline
Data Visualization

Pew Dashboard Tracks Philadelphia's Economic Recovery

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Data Visualization

Philadelphia’s recovery from the economic impacts of the COVID-19 pandemic is a complicated and high-stakes journey for its residents, workers, employers, and policymakers. The city’s progress, including any growth, can be tracked by the ever-changing health of its businesses, the jobs they offer, the wages they pay, and what their customers spend. This dashboard provides 10 charts on local businesses and jobs at each quarter or month, starting before the pandemic-driven shutdowns in March 2020 and continuing to the present. They are assembled from various data sources and will be updated quarterly. The dashboard also includes two other charts for reference: profiles of the businesses and populations in each ZIP code area before the pandemic.