January 2018 — Celebrating an official 20 years as Philadelphia’s Garden District, Chestnut Hill now has something else to be excited about as it kicks off the new year.
A recently conducted Annual Economic Impact Snapshot reveals that Chestnut Hill has an approximate economic impact of $482 million on the five-county southeastern Philadelphia economy. This figure does not even include money spent by visitors who come to shop and dine in the Garden District.
The report was conducted by Econsult Solutions, which came up with the approximate number by analyzing a consortium of 10 nonprofit organizations based in Chestnut Hill. These 10 organizations represent a diverse group of economic sectors and industries; three of them are in education, one in healthcare, two in arts and culture, one in sports, two in gardening and natural resources and the last is the Chestnut Hill BID.
The 10 organizations provide a total of 3,480 jobs and $6.1 million in taxes for the city. The largest of the 10 — Chestnut Hill Hospital — employs 300 people and attracts various patients from neighboring cities. In fact, the City of Chestnut Hill is becoming a hub for residents of neighboring cities who are attracted by the schools, stores and arts and culture.
In terms of Chestnut Hill real estate, the report concluded that homes in the city sell for 136 percent more than average homes in the City of Philadelphia and represent a total of $2.1 billion in market value.
Moving forward, Chestnut Hill seeks to use this momentum to continue this positive pattern. Community institutions of Chestnut Hill are seeking investments from the state and surrounding areas in order to spur growth.
Invest: Philadelphia is keeping an eye on the up-and-coming Chestnut Hill neighborhood and is excited to see what the future holds for this city.
For more information on Chestnut Hill, visit their website: https://chestnuthillpa.com/