Summary
The Continuing Economic Decline: A Foreboding Future for Philadelphia FY97 white paper analyzes Philadelphia’s worsening economic trends, emphasizing the steady decline in jobs, population, and resident employment since the 1980s. The report highlights that the city lost approximately 250,000 jobs over 25 years, with significant employment reductions accelerating since 1988. Concurrently, population decline has reduced the city’s tax base, limiting revenue growth while increasing demand for public services. The report outlines the implications of these economic trends, including reduced business tax collections, lower consumer spending within city limits, and the risk of further outmigration. Recommendations include targeted economic development initiatives, strategies to retain businesses and residents, and policies to stabilize Philadelphia’s fiscal outlook by addressing structural economic weaknesses.