Writer: Joshua Andino
3 min read December 2022— Philadelphia is doing better than ever, and much like the Eagles, its economy is on the right trajectory heading into 2023.
While a number of urban centers across the United States are grappling with a confluence of factors, particularly housing costs, public safety and transportation, Philly’s unique position with robust industries and redevelopment opportunities mean that the city, and the wider region around it, is poised for continued growth and new opportunities.
Beginning with housing, comparatively speaking, Philadelphia remains more affordable than its neighbors to the north and south. New York is considered one of the most expensive cities to live in the country, and Washington D.C. remains not far behind. While a housing correction is slowly rolling back the massive price increases that the last two years have brought, particularly in Sun Belt states, Philadelphia proper’s flat population means the market has remained relatively stable, with neighboring Chester and Montgomery counties having driven the region’s population growth.
Despite what some would consider to be weak growth, Philadelphia is seeing a number of massive developments that would provide denser, more walkable mixed-use communities. Bolstering the city’s international profile, Philly will play host to the World Cup in 2026, with a number of big-name events in the lead-up to the even bigger game. Further spurred on by the opportunities provided by the city’s educational and life sciences ecosystem, developments such as the Philadelphia Industrial Development Council’s (PIDC) Navy Yard projects, Schuylkill Yards, Pennovation Works, 2300 Market Street and a host of others across the city means that cranes will continue to rise across the City of Brotherly Love.
Earlier this year, Susan Jacobson, Board Chair of the Greater Philadelphia Chamber of Commerce told Invest:, “Eds and meds is who we are. We have fantastic top-tier education institutions and the best medical institutions in the country. For example, we have Penn State and Drexel, two institutions that are completely revitalizing the sector. The western part of Philadelphia is undergoing huge investment in the area of life sciences, which will rejuvenate that entire area as well. There’s a total transformation going on there.”
Connecting many of these projects will be the SEPTA’s regional public transportation network. While the sixth-largest transportation network in the country remains popular, infrastructure across the state remains in need of maintenance work, with Philadelphia no exception. The state received a “C-” from the American Society of Engineers, with their assessment detailing that “progress is real, but challenges remain. Pennsylvania has some of the oldest infrastructure in the country. Substantial maintenance backlogs have accrued in several areas as recent investment runs into new challenges such as inflation and resiliency to withstand climate change.”
SEPTA’s annual maintenance blitz has been effective in mitigating, restoring and improving several of the transit network’s systems, but work remains to be done as federal infrastructure dollars flow into the public coffers. Philadelphia’s position on the Northeast Corridor also means that access to other regional markets both north and south will continue to drive opportunities, with easy access to Boston, New York and Washington D.C.
With a number of projects and initiatives underway, political stability will be crucial in ensuring funding continues. While Democrats secured a majority in the PA House over the last cycle, three open seats from Allegheny County have opened up, leading to a political brawl that will determine control of the House even as the State Senate remains in Republican hands, 28-22.
Despite Harrisburg politicking, the Governor’s Residence remains in Democrat hands, with Gov.-elect (and rising party star) Josh Shapiro set to be sworn in Jan. 17. Shapiro will remain as attorney general in the meantime, and upon acceding to the governorship, will see oncoming fights with state Republicans, with SpotlightPA noting fights over education, environmental regulation and voting rights to come.
As the waning days of 2022 give way to a busy 2023, Philadelphians can remain confident in the knowledge that there remains much to look forward to, and despite whatever potential controversies may transpire in other parts of the state or country, the city and surrounding areas will continue to be an international destination and global business magnet.
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