As national economic experts have began talks of a possible recession heading our way, the Economy League of Greater Philadelphia took a closer look at the situation closer to home to make a better call.
In the report, “Is Philadelphia Heading for a Recession? What Do the Data Say?” author and Economy League Project Manager Michael Shields writes that that recessions are essentially periods of economic decline and are the result of “shifting economic factors” that affect various markets.
Last month, the National League of Cities (NLC) debuted its annual City Fiscal Conditions report, which found that tax revenue streams for major U.S. cities began to slightly decline in 2019 after six years of continuous growth.
Shields’ research essentially found that there’s some evidence that a recession is forthcoming, but Philadelphia’s diverse economy would be less affected than other cities.
The Economy League conducted a similar analysis using Philadelphia’s revenue data, the project manager said, and didn’t yet see signs of recession: Philadelphia’s economy is built on a variety of industries, and cities with this makeup often experiences recessions later than peer cities.
“At its core are a cluster of relatively non-volatile, nonprofit-based ‘eds-and-meds’ institutions that are slow to experience the brunt of economic downturn after it trickles its way down from more susceptible industries like finance and tech,” Shields wrote.
Read the full report hereIn the case that this analysis is wrong, the City of Philadelphia doesn’t want to caught in the rain: Check out The Philadelphia Inquirer’s reporting on how local government is prepping for the possibility of tax revenue shortfalls.
Before you go...
Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.
3 ways to support our work:- Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
- Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
- Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
Join our growing Slack community
Join 5,000 tech professionals and entrepreneurs in our community Slack today!