Philadelphia Research and Policy Initiative

In many ways, 2024 is a year of significant transition for Philadelphia. In this year of transition, the challenge is clear for Philadelphia and its new leaders: They must nurture and strengthen the positive trends while making progress on a set of deep-seated problems that can sometimes seem intractable.

Over the past three decades, immigrants have become a main source of population growth in Philadelphia, an influx not seen at such levels for more than a century. This diverse population is transforming what it means to be a Philadelphian, just as immigrants themselves are adapting to the city and the United States.

For decades, Philadelphia has had a reputation for being a relatively affordable place to buy a home—at least when compared with New York, Boston, Washington, and some other major cities—a reputation that has held steady even in an era of rising home prices nationwide.

Business taxes are a perennial subject of debate in Philadelphia. Critics say they’re an obstacle to economic growth; defenders call them a way to make businesses pay their fair share. Underlying these arguments are basic questions about how the taxes impact various businesses: Are some industry sectors hit harder than others? Do small businesses bear a heavier tax burden than large corporations? How many pay no business tax at all?