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Especially with the decline of comcast/xfinity. Philly has a lot to lose with the continued exodus of citizens. High crime and the rise of more competitive cities does not help either.
1. You realize the Philadelphia economy (city and metro) goes well beyond Comcast? Philadelphia is a leader in healthcare and life sciences, that alone is enough to help any city when this crisis subsides. Philadelphia also has a strong presence in several other major economic sectors.
2. Continued exodus of citizens? Check your facts.
3. You could make an argument for several cities not recovering because of this. Delta is one of the largest employers in Atlanta, no mention of that? New York has several industries going down because of the virus. no mention of that? The entertainment industry in LA is taking a major hit, no mention of that? Houston, very much dependent on the oil and energy industries has taken a huge hit and will continue to take a hit, no mention of that?
4. The crime rate in Philadelphia is not off the charts, the beloved Washington DC has a very similar crime rate, and statistically a higher murder rate.
5. Finally, until the pandemic hit, Philadelphia was performing the best it had in decades... increased revenue, more jobs, more tourism, more construction, increased home/rental prices, increased investment and capital, poverty decreasing, incomes slowly rising, population slowly rising. That is not a sign of a city on decline....
Not sure where this hate for Philadelphia came from, but there has been a big uptick since people started staying inside. I see hate toward a few other cities too.
Be realistic with your analysis and put feelings, perceptions, and negative bias aside.
Last edited by JMT; 04-08-2020 at 08:24 AM..
Reason: edit
Actually, I think Comcoast/Xfinity will benefit big time from the current state of affairs since everybody is stuck in the house and many are working from home and will at least need internet service. They are also offering access to several of their WiFi hotspots free of charge in certain places. Even so, Philly isn't overreliant on that one company.
Especially with the decline of comcast/xfinity. Philly has a lot to lose with the continued exodus of citizens. High crime and the rise of more competitive cities does not help either.
Aside from the simply factually inaccurate statement about Comcast (which is more diversified and stable than ever; the years of it being merely a cable/Internet company are long gone) I'm rather perplexed as to why you would be singling out Philadelphia in this regard. I'd strongly recommend doing a little more comprehensive research: https://www.brookings.edu/research/e...as-stagnating/.
In essence, ALL major metro areas, as group, are losing population in terms of migration. In fact, New York, Chicago and Los Angeles (the "Big 3") are losing so much population domestically, they're losing population overall. Other major metro areas, like DC, Miami, San Francisco (and as of last year's estimates, Boston), also have larger negative domestic migration than Philadelphia: https://www.valuepenguin.com/2019/11...ation-patterns
Frankly, obscenely high costs-of-living and a steep decline in birth rates are now major headwinds for all sizable metro areas:
Quote:
America’s period of urban growth appears to be over. Nowhere is this more evident than in New York City, where greater demand for urban living paired with a constrained supply in housing, creating a rising cost of living that has dampened down growth. Today, roughly a third of all renter households pay more than 50% of income in rent. Housing costs are a key determinant of migration decisions, and evidence is emerging across America’s major cities that costly shelter in particular is driving low-skilled workers to move away or not move there in the first place. Combined with the ineffectual transportation and high rates of taxation found in cities like New York today, many Americans are finding they are better off elsewhere.
Actually, I think Comcoast/Xfinity will benefit big time from the current state of affairs since everybody is stuck in the house and many are working from home and will at least need internet service. They are also offering access to several of their WiFi hotspots free of charge in certain places. Even so, Philly isn't overreliant on that one company.
That is the main reason why cities like Philadelphia will fare well in the mess. Its economy is very diverse and not reliant on one industry. Other large cities will have problems before Philadelphia.
And as others mentioned, Comcast is an extremely large and profitable company that goes well beyond cable and internet. Love them or hate them, the company will come out of this crisis just fine.
That is the main reason why cities like Philadelphia will fare well in the mess. Its economy is very diverse and not reliant on one industry. Other large cities will have problems before Philadelphia.
And as others mentioned, Comcast is an extremely large and profitable company that goes well beyond cable and internet. Love them or hate them, the company will come out of this crisis just fine.
Exactly--it's clearly a media company now; not telecommunications.
Philly's other big drivers are higher education, healthcare and biotech. Those are all great bets for the future, especially in a post-COVID-19 world.
Yes, eds-and-meds economies will prove to be especially resilient going forward.
Indeed, and some timely importance for Philadelphia right now: Inovio Pharmaceuticals, HQ'd right outside of Philly, is developing one of the leading virus vaccines: https://techcrunch.com/2020/04/06/a-...human-testing/
They'll all be fine, but DC is the closest thing to a recession-proof city.
New York will bounce back rapidly when things normalize, with Miami and LA right behind them.
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