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Philadelphia, PA is home to a diverse population. According to the 2020 US Census estimates, Philadelphia has a population of 1,588,239 people with an estimated median age of 34.3 years old. The city’s population is approximately 44% White (non-Hispanic), 37% African American, 10% Hispanic or Latino, 5% Asian, and 4% other racial/ethnic groups. Additionally, 21% of the city’s population was born outside of the United States with immigrants from India comprising about 3.4%, China 2.2%, Dominican Republic 2%, Mexico 1.8%, Vietnam 1.6%, Jamaica 0.7%.
The City also reports a poverty rate at 26 percent in 2018 which exceeds both the state and national rate. Additionally, the unemployment rate in Philadelphia was estimated at 8.3% in 2019, slightly higher than both the state and national average of 4.2%.
Philadelphia also has a growing senior citizen population, with 9 percent of residents over age 65 and 39 percent over age 45. Finally, homeownership is lower in Philadelphia compared to other cities in Pennsylvania; as of 2018, only 42% of Philadelphians owned their homes. Overall, Philadelphia is a diverse city with a range of ages, ethnicities, and economic statuses that create its unique cultural landscape.
Philadelphia is home to a diverse economy and numerous major employers. The city’s largest employers include the University of Pennsylvania, Temple University, Children’s Hospital of Philadelphia (CHOP), Thomas Jefferson University, Wills Eye Hospital, Comcast Corporation and its subsidiaries NBC 10/WCAU and Telemundo 62/WWSI, Drexel University College of Medicine, UPMC Health System and Cooper University Health Care. Other large employers in the city are Penn Medicine/Perelman School of Medicine at the University of Pennsylvania, AmeriHealth Caritas Pennsylvania/Independence Blue Cross/IBX – Healthcare Management Services Organization (HMSO) and PECO Energy Company.
The industries with the most employees in Philadelphia are Healthcare & Social Assistance, Retail Trade, Accommodation & Food Services, Manufacturing and Educational Services. The city is also home to a robust financial sector that includes the Federal Reserve Bank of Philadelphia, FMC Corporation, Urban Outfitters Inc., PNC Financial Services Group Inc., TD Bank and Citizens Financial Group Inc. Additionally, Philadelphia is a major center for technology with companies such as Comcast Technology Solutions, SAP America and BioTelemetry. Finally, the city’s tourism industry is thriving due to attractions such as the Liberty Bell Center, Reading Terminal Market and Rocky Steps at the Philadelphia Museum of Art.
The industries in Philadelphia are constantly evolving, so it is important to keep up with changes in order to remain competitive. The city has many resources available to help entrepreneurs and businesses succeed, including government organizations such as the Pennsylvania Department of Community and Economic Development (DCED), the City of Philadelphia Commerce Department and the Greater Philadelphia Chamber of Commerce. Additionally, there are numerous business accelerators and incubators throughout the region that provide assistance and mentorship programs for startups.