Overview

Market Overview

The Philadelphia region is comprised of 11 counties across three states:  southeastern Pennsylvania, southern New Jersey, and northern Delaware.

  • The region has a population of 6.1 million people and a workforce of over 3 million people.
  • Philadelphia is the nation’s 4th largest media market.
  • There are 40+ Fortune 1000 and large international or private companies headquartered in the region.

The city of Philadelphia is located at the geographic center of the region:

  • With a population of 1.6 million, Philadelphia is the 2nd largest city on the East Coast.
  • Philadelphia ranks as the 6th largest city in the U.S.
  • Philadelphia’s population is more than two times that of Boston and Washington, D.C.
  • Center City Philadelphia contains the largest residential downtown in the nation, after Manhattan.

Philadelphia is an affordable place to live and do business, particularly when compared to its East Coast peer cities:

  • Based on labor, taxes, and facilities, the cost of doing business in East Coast peer cities is an average of 33% more than in Philadelphia: New York is 59% more expensive, Boston is 26% more expensive, and D.C. is 14% more expensive.
  • The average Class A office space in Philadelphia leases for $31 per square foot (PSF), compared with $80 PSF in New York, $68 PSF in D.C., and $61 PSF in Boston.
  • The average business saves 16% on employee salaries in Philadelphia relative to its East Coast peer cities.

Talent Overview

Philadelphia sits at the heart of the talent-rich Northeast corridor. Within 150 miles of Philadelphia, there are:

  • 8.5 million workers in management, business, science and the arts; 6 million bachelor’s degree holders; 4.5 million graduate degree holders; and 8.5 million immigrants.
  • More top-100 universities than in any other region in the country
  • One-quarter of the Fortune 500 companies.

The Philadelphia region has a highly educated population:

  • 35% of those over the age of 25 hold a bachelor’s degree or higher, compared to the national average of 30%.
  • The Philadelphia region has two of the top three public school districts in the country.
  • The region is also home to eight of the top 100 private K-12 schools in the country at competitive tuition levels.

The Philadelphia region is home to 100+ colleges and universities (4th highest concentration in the nation), graduating 90,000+ students per year, including:

  • Two of the top-10 universities in the nation (University of Pennsylvania and Princeton University).
  • The greatest number of commercially productive, innovation-driving downtown universities of any U.S. metro area.
  • Over 15,000 STEM graduates (6th highest in the nation).
  • 24,000 F-1 Visa-holding students, of which 60% are pursuing advanced degrees.

The young, diverse, and accessible city of Philadelphia sits at the heart of this region and offers:

  • The #1 most diverse STEM workforce in the nation.
  • The fastest-growing millennial population share among the largest U.S. cities.
  • A perfect 100 on LGBTQ equality, according to the Human Rights Campaign.

Mobility Overview

The Philadelphia region is strategically located:

  • Philadelphia is 75 minutes from New York and 100 minutes from Washington, D.C. by train. By 2021, Amtrak will increase service capacity by 40% and decrease the average travel time to New York to 62 minutes.
  • One-quarter of the U.S. population is reachable within a five-hour drive of Philadelphia, with convenient access to I-95, I-80, I-78, and the PA and NJ Turnpikes.

Access to domestic and global markets is easy from Philadelphia:

  • The city is a major travel gateway with 500 daily flights, including the West Coast of the U.S. Canada, Mexico, Europe, and the Middle East.
  • Philadelphia International Airport (PHL) is the transatlantic hub for the world’s largest carrier (American Airlines).
  • The Philadelphia region contains two Class 1 freight railways and three major ports.

A Philadelphia location offers extensive regional connectivity:

  • Throughout both the city and its surrounding suburbs, there are 1 million housing units located within one mile of the region’s transit stations.
  • Philadelphia motorists and public transit commuters enjoy the second shortest commute times of any city on the East Coast.
  • The regional transit system SEPTA has an average weekday ridership of approximately 1.1 million.
  • The city is ranked among the top five in the country for walkability and bikeability.

Livability Overview

Philadelphia draws its strength from a history of diversity and inclusion:

  • Philadelphia is proudly a majority-minority city that draws immigrants from around the world and receives top marks for LGBTQ equality.
  • Philadelphia was designated as the first World Heritage City in the U.S.
  • Philadelphia has been ranked highest among U.S. cities for the amenities most desirable to millennials, a generation known for embracing diversity and multiculturalism.

Philadelphia offers abundant recreation, culture, and dining for residents, employees, and visitors alike:

  • The Philadelphia region is within an hour’s drive of beaches, lakes, mountains and countryside.
  • There are more restaurants by 2017 James Beard Award winners in Philadelphia than any other city.
  • Philadelphia has one of the largest public art collections and urban park systems in the country.

With all of the incredible opportunity and quality of life we offer, Philadelphia remains an affordable place to live and raise a family:

  • Philadelphia’s overall cost of living, including housing, transportation, and healthcare costs is an average of 54% lower than East Coast peers. Boston is 26% more expensive, Washington, D.C. is 33% more expensive, and New York City is 104% more expensive than the cost of living in Philadelphia.
  • The current median price of a single-family home in the Philadelphia region is $242,000, compared to $446,000 in Boston, $423,000 in D.C., and $412,000 in New York.

Philadelphia has routinely been ranked as one of the most sustainable cities in America: 

  • Greenworks, Philadelphia’s sustainability plan, has helped the city triple the residential recycling rate, reduce municipal greenhouse gas emissions by 17%, add 100 new farmer’s markets, gardens and farms, and plant more than 120,000 new trees.  
  • Philadelphia is well-positioned to handle the changing climate given its inland location.
  • City government is working with a variety of partners to reduce the City’s contributions to climate change, prepare residents, and protect our assets.
  • Mayor Kenney has committed Philadelphia to meeting the goals of the Paris Climate Accord – reducing carbon emissions 80% by 2050 and to transitioning to 100% renewable energy.
  • Philadelphia is home to 34 LEED-certified buildings with a total of 7.04 million square feet of space.
  • Philadelphia was one of the first cities to recently adopt the 2018 International Code Council codes for commercial construction, resulting in more energy efficient buildings that are better protected from man-made and natural disasters.
  • The first city in the country to make recycling mandatory, Philadelphia recently launched a Zero Waste and Litter Action Plan to make the city litter-free by 2035.  
  • Philadelphia has become internationally known for its innovative Green City, Clean Waters program that relies on green stormwater infrastructure (GSI) such as rain gardens, green roofs, and trees to prevent harmful runoff from polluting our rivers.