When it comes to growth,
Philadelphia has often been a laggard and a new study highlights how slow the
city is in its pace of economic expansion.
WalletHub performed an analysis of 515 U.S. cities and 14 indicators of economic
growth between 2009 and 2015 and the high-profile personal finance
website found that Philadelphia is the 15th slowest-growing large city. Some of
the metrics that were evaluated included population growth rate,
college-educated population growth as well as unemployment rate decrease.
Austin,
Texas, is the fastest-growing metro area.
Here's where Philadelphia
ranked in 10 of the categories.
- 416th – Population Growth
- 253rd – Median Household Income Growth
- 339th – Job Growth
- 179th – Poverty Rate Decrease
- 259th – Regional GDP Growth
- 393rd – Unemployment Rate Decrease
- 389th – Growth in Number of Businesses
- 444th – Full-Time Jobs Increase
- 360th – Working-Age Population Growth
- 359th – Median House Price Growth
Philadelphia came in 414th
overall and 50th in terms of large city growth.
Large cities that experienced
the highest growth over that period were, in order: Austin, Texas; Bakersfield,
Calif.; Charlotte, N.C.; Denver and Aurora, Colo.
Source: Philadelphia
Business Journal
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