Philadelphia is one of the United States’ most historic and significant cities. And today it is also one of the nation’s most dynamic.
Consistently ranked as a top-five Designated Market Area (DMA) by Nielsen, Philadelphia is experiencing a surge in high-rise construction and development – due in part to the city’s 10-year tax abatement program instituted several years ago. New construction is also responding to growing demand, as apartment and condominium vacancy rates today hover near 10-year lows.
Driving the residential real estate growth are two groups: Milennials (aged 20-34) and Seniors (aged 55+), as both populations seek the convenience, excitement and lifestyle benefits of urban living, as well as access to some of the world’s best medical and healthcare facilities (the hospitals of the University of Pennsylvania and Penn Presbyterian are ranked among the nation’s top 10 by U.S. News & World Report).
In the short term, the Philadelphia Planning Commission believes median household income in Philadelphia will grow by 25% by 2019. Over the next 15 to 20 years, the Commission expects employment in the city to grow by 40,000, and in the greater Philadelphia region by 300,000.
Those jobs will be generated by new businesses, as well as by Philadelphia’s top employers, which include the education and medical sectors, led by the University of Pennsylvania and its Health System, Thomas Jefferson University and Jefferson Health System, Temple University, and Children’s Hospital of Philadelphia. Other major Philadelphia employers include U.S. Airways, Comcast Corporation, Vanguard Corporation and others.