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Originally Posted by Shawn
These are the two issues I picked up on. "Issues."
Philly is situated next to NYC, DC, and Boston. Each of these metros "owns" a category or two (or more). NYC? Too many to list. DC? National government. Boston? Education and biotech. Philly? ...
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How is Philadelphia any different than Chicago in this sense? Chicago does not necessarily "own" any one industry either, yet Chicago is - for the most part - seen in a favorable light. More-so than Philadelphia at least. Philadelphia, like Chicago, has a very diverse industry. It's strong in a ton of fields: Finance, education, medical/research, pharma, Real Estate, fashion/retail, telecom/media, law, industry/manufacturing, energy, hospitality/tourism, etc. etc. the list goes on and on. Philadelphia has major players in every single industry either headquartered in Philadelphia or with a major base of operations in Philadelphia.
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Of course, every metro can't be Number 1 at something. Having a well-rounded, strongly performing "portfolio" is better than being Number 1 at something and being poor at everything else. But from a branding perspective, Philly falls short of its Northeast neighbors. And I get the distinct impression that the city and metro's leadership either don't understand this or don't really care. Maybe if the shale oil / fracking industry sustains itself, Philly can own it. Pittsburgh might have something to say about though.
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I agree totally. I would argue it's leaders in government in both PA Senate and Philadelphia City Council have no vision, and really no understanding of how short Philadelphia falls compared to it's potential. However, I would definitely argue that it's business leaders are trying to push for tax reform to help spur job growth in Philadelphia. It's been in every Philadelphia publication imaginable lately.
http://www.bizjournals.com/philadelp...-creation.html
I would be hard-pressed to believe that Pittsburgh would take over the Fracking/Shale scene from Philly. Most of the blue collar refinery and factory jobs would be in Pittsburgh, but the majority of the office jobs would be located in Philadelphia. The gas would be pumped to factories and plants in Philadelphia by Sunoco among others, where it would then be sent via rail and boat to NYC, DC, Boston, all up and down the East Coast and abroad to Europe and South America. Companies would locate their offices in Philadelphia to have a better pool of top talent from Philadelphia itself, but NYC and DC. If Fracking/Shale takes off, it would benefit both cities and the state of PA, but Philadelphia would likely benefit more.
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I am also under the impression that the city itself is quite business-unfriendly, with a higher tax burden (both residential and commercial) than competitor cities in the Northeast. Another impression I have (echoing others): Philly is blue-collar, and the city/metro doesn't have the same level of employment base in Finance/Tech/Biotech that NYC, Boston, and DC have. Philly has no VC environment to speak of, so you won't see the same type of tech start-up scene you have in The Bay Area or Boston. There just aren't as many "cool" jobs available for new white-collar grads, hence it being less of a "cool destination", per the OP.
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Yes, Philadelphia (and Pennsylvania for that matter) are very, very unfriendly to business. There is a high tax burden for businesses, however there is a move to change this. As for residential tax burden, it is certainly not higher than neighboring major east coast cities. It's definitely lower, but that's part of the problem. The biggest issue people have with Philly's tax structure is the Wage Tax. However, Philadelphia has much lower sales taxes, property taxes, etc.
Philly is slightly more blue-collar, but you'd be surprised how much this has changed in the city in just the past few years alone. As Jelly Roll pointed out, the uptick in the Philly start up scene in the past couple years has been pretty astonishing. Philly metro area is certainly not Blue Collar. I mean, Philadelphia does rank #7 in most millionaires of any US metropolitan area.
http://www.businessinsider.com/10-us...philadelphia-4
...among some of the highest percentages of blue collar jobs among major cities in the US:
http://www.bizjournals.com/bizjourna...07101735926574
Maybe the problem is that Philadelphia doesn't have one industry, and it is too diversified. It has top companies in every field, but doesn't have a Silicon Valley or Wall Street to draw a large pool of companies together. Maybe the Marcellus Shale is the answer, or maybe it will be something else. Either way, Philadelphia and Pennsylvania lawmakers need to be a little more visionary, realize the city's full potential, and create a true powerhouse in Philadelphia. It is certainly possible.