Philadelphia

Economy

Like other cities in the Northeast, Philadelphia—once the manufacturing capital of the nation—has seen a decline in its traditional industrial base since World War II, as heavy industry moved to areas in the South and West. Until the 1980s, the city's port and petroleum-refining plants contributed substantially to the economy, but since that time service industries have replaced manufacturing as the dominant economic sector. Manufacturing, which used to account for 50 percent of the city's employment, now accounts for only about ten percent.

Today's leading economic sectors include advertising, financial services, law, and book publishing. The health care field is also a major income producer, with some 20 percent of the work force employed in health care services or the city's growing biomedical and pharmaceutical industries. Philadelphia has also made a concerted effort to capitalize on its historic attractions by promoting tourism, most notably through the construction of a new $525 million convention center, completed in 1993, and developing its waterfront areas.

Another target of the city's economic planning has been the promotion of Philadelphia as a venue for corporate headquarters, and new buildings as well as entire office parks have multiplied rapidly along Route 202 just west of the city. Major corporations headquartered in the Philadelphia area today include SmithKline Beecham, Aramark, Advanta, and CIGNA.