Sunday, March 29, 2015

State of Center City: More tourists, fewer jobs

Center City District reports on Philadelphia's gradual change into a bedroom community

State of Center City: More tourists, fewer jobs

Center City District's yearly State of Center City report is out. The message from boss Paul Levy is that Philadelphia has suffered less than other big cities in the recession, and this would be a good time to "reform" city taxes and make it attractive to businesses so they'll come here when the recession ends. Lots of cool data, read it here. Interesting bits: 

-- Restaurant openings in Center City were actually up last year 
-- Average hotel room rates fell from over $170 to around $150 a night (though occupancies rose a bit as tourism increased, especially foreigners going to the historic zone)
-- Births to Center City women keep rising, as apartments replace businesses and young families move in.
-- Philadelphia is becoming more of a bedroom community, and more dependent on college, hospital, nonprofit and tourism jobs.
-- Philadelphia remains cheaper than Boston and Washington, but our office jobs also tend to pay less, so it kind of cancels out.

Joseph N. DiStefano
About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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