Philadelphia leaders look to increase wages, add businesses to grow city’s economy in 2024

PHILADELPHIA - As a new mayor in Philadelphia is about to take office and new leadership takes the reigns in City Council, economic growth has moved front and center. 

On Tuesday, City Council members heard two Philadelphias; one of business and wage growth and the other of stagnation.  

Sharmain Matlock-Turner of the Urban Affairs Coalition said, "we know that too many Philadelphia families are still locked out of the opportunity to meaningfully participate in our city’s economic growth." 

In City Council chambers, representatives of enterprise and business development groups, chambers of commerce and justice organizations gathered to tell council members how to jump-start business and job growth in the nation’s poorest big city, including how to share the wealth.  

Councilmember Kenyatta Johnson (D) is expected to lead the body in the new year. 

"It is incumbent upon us as city leaders to understand why our city’s growth has not been shared equitably in every community and neighborhood," said Johnson.

Panelists pinpointed a lack of homeownerships in minority communities as a challenge and pushed for continued cuts in the city’s business, wage taxes and red tape.

The advice comes against a backdrop of tough economic news including the bankruptcy of shopping mall owner, Preit and the surrendering of its share of Center City’s Fashion District as well as the potential hit in holiday shopping receipts after the fatal stabbing of a security guard in Macy’s.

The focus on growth-planning in neighborhoods council was told not just the city’s core.  

Jeff Hornstein leader of the Economy League of Greater Philadelphia said, "more than 80 % of Philadelphia-based business are owned by people who look like me. While 65 % do not look like me. That’s our future."