Title
Authorizing the Committee on Commerce and Economic Development to hold hearings regarding strategies to ignite business and job growth and to make Philadelphia a more economically competitive city.
Body
WHEREAS, Philadelphia has a proud history as an engine for the regional and national economies; and
WHEREAS, However, as the city suffered from the effects of deindustrialization, the city lost thousands of jobs and several major employers. Following that same trajectory, the city has also been confronted with rising poverty rates, with Philadelphia in recent years being labeled the "poorest big city in America"; and
Philadelphia has been labeled the "poorest big city in America" and the city's poverty rate, which stands near 23% according to the U.S. Census Bureau, is nearly double the statewide and national averages; and
WHEREAS, Philadelphia's poverty crisis has particularly affected the city's minority communities. The city's Black and Hispanic populations experience poverty at rates significantly higher than the city as a whole and in 2020, Philadelphia's Black and Hispanic households reported median incomes $12,215 and $13,270 less than the city's median, respectively, according to an analysis by the Economy League of Greater Philadelphia; and
WHEREAS, These long-term trends were exacerbated during the economic downturn caused by the COVID-19 pandemic, which caused a major setback in the city's efforts to grow its economy and create more family-sustaining jobs. And according to a February 2023 analysis conducted by the Pew Charitable Trusts, Philadelphia's pandemic recovery has lagged behind the rest of the region; the city's employment levels remain 4.1% below pre-pandemic levels while the city's surrounding suburbs have recovered most of the jobs lost during the pandemic; and
WHEREAS, Philadelphia has also underperformed in job creation when compared with peer cities and nationwide trends. Since 1970, Philadelphia has seen a 22% decrease in th...
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