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Philly has to compete with New York, DC, and Boston for talent and economic drive. And by most indications hasn't done as well as those cities and regions. The other cities of the northeast still outpace Philly in most accounts. Boston and DC for example have among the highest diverified economies in the nation, and never really experienced the recession 'til middle of last year, and every indication is they are well out of it now.
I mean this with all due respect, but I don't think your perception is grounded in a lot of fact. Yes, of course we can all stereotype Philly as being the "overlooked" city that never quite emerged from an economy heavily reliant on industry and struggles to retain its college graduates, etc., etc. However, I feel as though many people -- even fellow Northeastern megalopolis dwellers -- are oblivious to shifts in Philadelphia's city and regional economy that have put it on a very stable, healthy economic path. Such trends are counteracting that increasingly outdated stereotype.
1.) I think it may surprise you just how diversified the Philadelphia economy truly is, especially on a regional level. This is a measure to which Los Angeles certainly cannot relate:
"Philadelphia’s transformation from a center for manufacturing into a more diverse and growing economy has reached a major milestone. There are now more jobs in education and health care than there are in transportation and utilities.
It’s rare that transportation and utilities isn’t the dominant source of jobs in a metropolitan area, but that sector is tied to globally battered domestic manufacturing. The “eds and meds” sector, on the other hand, is marked by typically higher paying jobs and is on the upswing.
The recent shift is a tangible sign of how Greater Philadelphia and the city itself, formerly known as the manfacturing Workshop of the World, have diversified and been transformed in modern days.
Read more: Jobs shift, projects bolster region during downturn - Philadelphia Business Journal"
2.) The city has also just recently begun to see population growth the first time in 60 years over this past decade; I can't stress enough how important that is in that the city has truly turned a corner in terms of revitalization. Much of the reversal of population loss can certainly be attributed to recent re-investment among a strong and growing cadre of young, college-educated residents as well as entrepreneurial immigrant communities.
"Among its peers, metropolitan Philadelphia has the largest and fastest growing immigrant population, which now stands at over 500,000, comprising 9 percent of the population. Between 2000 and 2006, greater Philadelphia’s immigrant population grew by 113,000, nearly as many as had arrived in the decade of the 1990s."
3.) Even a recent report from Colliers International shows that Philly's CBD vacancy rate is holding its own -- particularly compared to cities that have often been considered to be more economically strong and "resilient." This measure is indicative of the strength of job sectors in each city.
All of this is not to say that Philly does not have its share of economic challenges, but it's clear that recent trends over the past decade have allowed the city to really lay the groundwork for revitalization that will only continue in the coming years.
Despite reservations and outdated perceptions, the region is absolutely competitive (to scale) with a metropolitan region such as Los Angeles.
I'm going by anecdotal evidence from the people around me, but doesn't LA have a fairly hard time keeping its college alumni especially at the graduate level? Most of my friends who did math, science, econ, business or engineering skipped out of the city after graduation.
I would love to see the arguement defending California's current state government and policies..there would be a sizable whole in that cheese.
Much of the controversy around California's state government is overblown and totally inflated.
Yes there are serious issues, but usually the people complaining about state government ineptitude arent really suffering as a result of it in any way, shape or form.
I mean, really, how does the goings on in Sacramento really affect the everyman?
Most people if they were forced to answer the question would say..."not much at all".
If Prop 25 passes in November, which Im sure it will, we will see a huge drop in the influence of the majority party as the budget will only require 50.1% to pass instead of 66% currently required by CA state law.
Every year, extremist Republicans take advantage of the two-thirds requirement to hold the state hostage by grandstanding and refusing to vote to pass a budget.
And they get all sorts of cushy positions promised to them---AKA ABEL MALDONADO, I cant stand him.
Anyway, there are other things.
California must adopt a pay-go system of spending instead of planning in anticipation of future revenue that fluctuates with the economy.
There are many other things we can do but the fact is, California's state govt has been hammered in the media, some of it deserved, most of it not desereved.
I posted that link in response to calisnuffys claim that housing in the Bay Area was/is affordable for Bay Area residents across a broad range of occupations and classes. To me, it seems, if housing is affordable, then people would not default on their mortgages. Because many Bay Area residents defaulted on their mortgages, that means, to me anyway, that housing in the Bay Area was unaffordable.
Granted, $539K is better than $853K, but sheesh! That's a lot of money! That means that half of the TOTAL number of homes in the Bay Area cost more than that. What is the median income for a household of four there?
Yes, its a lot but people are willing to pay.
The Median Household Income is approx $78,000-just behind DC.
The Median Family Income is approx $93,000-just ahead of DC.
Lenders seemed to be feeding their addiction to crack because they were giving 500K home loans to seniors on SSI, to waitresses and undocumented day laborers who didnt even pay taxes etc.
It was totally ridiculous and I could see the coming crash about a year and a half before it happened. People who should have never been given loans were being approved left and right. It was like people won the lottery.
Fortunately most of the Bay Area's foreclosures were concentrated in a few areas and not a region-wide problem. Obviously it affected the whole region as far as home prices, but Marin, San Francisco, San Mateo and Santa Clara Counties really did fare well because people there were too smart( for the most part). Wealthier areas in general all over the Bay Area were not affected much.
It was totally ridiculous and I could see the coming crash about a year and a half before it happened. People who should have never been given loans were being approved left and right. It was like people won the lottery.
When reading the book, The Big Short, it mentioned that Mexican immigrants who were working as strawberry pickers and making $25,000 a year were being approved for home loans of $750,000...it was absurd.
Those professions can make some serious bank. A friend's father is a plumber and I'm pretty sure he rakes in around $200k a year.
Maybe in fantasy lands like SF and Boston, but not here in the real world.
My dad was a plumber and my stepdad was a welder, neither of them ever made above $40k a year. Unless your friend's father owns a chain of plumbing businesses with a fleet of vehicles and scores of employees, then there's no way he's bringing in $200k a year in profit. Contractors are lucky to make $100k a year, and they typically fare better than anybody else in the home repair/construction industry.
Location: Austin, TX/Chicago, IL/Houston, TX/Washington, DC
10,138 posts, read 16,043,145 times
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Quote:
Originally Posted by tmac9wr
When reading the book, The Big Short, it mentioned that Mexican immigrants who were working as strawberry pickers and making $25,000 a year were being approved for home loans of $750,000...it was absurd.
After maxing out on reps yesterday just so the cycle of reps can start over today, I actually was able to do it this time. The much needed and earned reps + 3 (2 for yesterday and 1 for today). For having a source that comes from a book, no one else here does that, and it's rare... I thought I was the only one.
After maxing out on reps yesterday just so the cycle of reps can start over today, I actually was able to do it this time. The much needed and earned reps + 3 (2 for yesterday and 1 for today). For having a source that comes from a book, no one else here does that, and it's rare... I thought I was the only one.
Location: Austin, TX/Chicago, IL/Houston, TX/Washington, DC
10,138 posts, read 16,043,145 times
Reputation: 4047
It's funny in the sense that no one else will understand what is meant by the cartoon illustration, and it's overall message. Haha, freakin baller. I miss watching the Simpsons & Futurama.
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