Title
Authorizing the Committee on Commerce and Economic Development to hold a hearing that examine recent research released by Pew Charitable Trusts ("Pew") and Center City District ("CCD") on the state of our local business economy, the role our Black-owned and minority-owned businesses play in the City's economy, and the impact of Covid-19 on these businesses.
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WHEREAS, The Covid-19 pandemic continues to strain Philadelphia's economy, and City government must prepare to recover from this crisis by establishing and promoting policies that reflect the current and future needs of our locally-owned and minority-owned businesses; and
WHEREAS, Research recently released by Pew and CCD analyzes the experience of Philadelphia's small, midsized, and minority-owned businesses since the Great Recession and further examines the economic landscape and growth rate of area businesses as compared with other cities; and
WHEREAS, According to Pew's new research, small and midsize businesses (fewer than 500 employees) in Philadelphia operated approximately 23,000 establishments in 2017; employed four in 10 workers; and paid 50% of all business taxes. The report further observes that small and midsize businesses are more impacted by local business regulations and conditions, therefore indicating a greater need for review by local policymakers; and
WHEREAS, Over the preceding two decades the number of small and midsize establishments increased in many of the neighborhood commercial corridors, more than in Center City. Major hubs were Spring Garden/Northern Liberties, University City, the Navy Yard, and the Northeast. The same areas saw the biggest percentage drops in vacant storefront and commercial properties from 2014 to 2018. Research suggests the City will benefit from investment in policy directed towards neighborhood corridors in addition to the central business district; and
WHEREAS, Despite positive findings of growth after the recession, Pew found that Philadel...
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