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Economy of Philadelphia

At 1,121 feet (342 m) high, Comcast Technology Center in Center City Philadelphia is Pennsylvania's tallest building and the 14th-tallest building in the nation.

Philadelphia is the center of economic activity in both Pennsylvania and the four-state Delaware Valley metropolitan region of the United States. Philadelphia's close geographical and transportation connections to other large metropolitan economies along the Eastern Seaboard of the United States have been cited as offering a significant competitive advantage for business creation and entrepreneurship.[1] Five Fortune 500 companies are headquartered in the city. As of 2021, the Philadelphia metropolitan area was estimated to produce a gross metropolitan product (GMP) of US$479 billion,[2] an increase from the $445 billion calculated by the Bureau of Economic Analysis for 2017,[3] representing the ninth largest U.S. metropolitan economy. Philadelphia was rated by the GaWC as a 'Beta' city in its 2016 ranking of world cities.[4]

Philadelphia has shifted to an information technology and service-based economy. Philadelphia and the Delaware Valley are a biotechnology hub.[5] As of 2023, metropolitan Philadelphia had entered the ranks of the top five U.S. venture capital centers, facilitated by its proximity to New York City and its entrepreneurial and financial ecosystems.[6] Financial activities account for the largest sector of the metro economy, and it is one of the largest health education and research centers in the United States. The city is also home to the Philadelphia Stock Exchange, owned by Nasdaq. Philadelphia's history attracts many tourists, with the Liberty Bell receiving over 2 million visitors in 2010.[7]

  1. ^ "Why You Should Start a Business in Philadelphia". Fransmart News. 8 November 2021. Retrieved November 5, 2022.
  2. ^ "Gross domestic product (GDP) by metropolitan area". U.S. Bureau of Economic Analysis.
  3. ^ "Gross domestic product (GDP) by metropolitan area". U.S. Bureau of Economic Analysis. September 18, 2018. Archived from the original on December 1, 2018. Retrieved November 30, 2018.
  4. ^ "The World According to GaWC 2016". Globalization and World Cities Research Network. Retrieved November 26, 2017.
  5. ^ Eramian, Daniel (November 2, 2020). "Is Philadelphia's biotech cluster faltering? Experts say no". STAT. Retrieved October 24, 2021.
  6. ^ "Q1 2023". PitchBook-NVCA Venture Monitor. April 12, 2023. Retrieved April 14, 2023.
  7. ^ Park Statistics, National Park Service.

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