Economic growth must improve the lives of all Philadelphia residents. That’s the mission behind our new guiding plan, Growing with Equity: Philadelphia’s Vision for Inclusive Growth.
Our city has recently experienced multiple years of consistent population and job growth, and this plan will help us harness our momentum to ensure that future success benefits people in every corner of the city.
The inclusive growth report outlines our strategies to enable growth with equity, focused on three key areas: jobs, talent, and neighborhoods. The plan ties together both current and new initiatives.
Three inclusive growth goals
Grow the economy to create family-sustaining jobs for all Philadelphians
- Establish a Business Acceleration Team and improve customer service
- Eliminate Business Income and Receipts Tax (BIRT) filing for small businesses
- Expand entrepreneurial support for people of color, women, and immigrants
- Build the city’s global identity to make Philadelphia a more attractive destination for businesses
- Deploy smart business incentives
- Invest in logistics, distribution, and transportation infrastructure
- Identify cluster-based growth strategy, focusing on growing industries that already exist here and where we have unique strengths
Prepare Philadelphians for jobs that pay family-sustaining wages
- Invest in quality pre-K and early childhood education
- Invest in a quality K-12 system
- Grow industry partnerships, apprenticeships, and career skills training
- Improve degree completion
- Create a diverse talent pool for tech
- Reimagine neighborhood job hubs
- Increase labor force participation and economic mobility
Encourage equitable growth in neighborhoods without displacement
- Maintain housing affordability and renter protections
- Invest in neighborhood assets
- Sustain strong development market
- Simplify and expand homeownership and housing programs
What success looks like
We’ll monitor six key indicators to measure the success of our inclusive growth efforts. The below goals are intentionally ambitious and span 10 years, recognizing that economic health does now change overnight and requires progress in many areas.
- Close the gap between Philadelphia’s median household income and the nationwide median household income.
- Continue outpacing the nationwide job growth rate.
- Close the gap in the unemployment rate between black, Latinx, and Asian residents and white residents.
- Close the gap in median income between black, Latinx, and Asian residents and white residents.
- Close the gap in educational attainment between black, Hispanic, and Asian residents and white residents.
- Decrease the number of people in poverty by 100,000.
Tackling racial inequality
At the heart of the City’s vision for inclusive growth is a focus on racial equity. Racial equity reflects a just and fair society in which all people can participate, prosper, and reach their full potential.
When we achieve racial equity, disparities in health, education, wealth, and other areas will not exist. The strategies in Growing with Equity are aimed at reducing disparities for people of color, and the City is committed to tracking progress across population segments to make sure gaps are being closed.
When managed well, economic growth can create opportunities and help reduce inequality.
We must be diligent and intentional about creating an environment that provides opportunities for success for everyone, especially those who often have been left behind. In a thriving Philadelphia, all residents are part of the city’s economy.