Philly Market - Job Diversity

[Phillip Costa]

I am working on my market research of Philadelphia and have a few concerns about the job diversity and resiliency. I have found an article where an NYU marketing professor told Business Insider that some colleges and universities may not reopen after the coronavirus, with Drexel being one of them. Here's the link: https://www.businessinsider.com/scott-galloway-predicts-colleges-will-close-due-to-pandemic-2020-5

Despite being strong in the medical and educational fields, I fear that the current situation will impact it, thus in turn, affect the market. What is everyone's opinion/insights on the current market conditions in regards to these sectors? Have you seen Philly making progress to bring in a more diverse job market or planning to do so in the next 5 years?

Looking forward to hear your thoughts about this!

[William C.]

@Phillip Costa - a few links to consider:

https://www.philaworks.org/data-trends/ - Philadelphia's workforce development board

https://www.phila2035.org/citywide-vision - Philadelphia's vision for the future (not set in stone just what they're working towards)

https://www.bls.gov/regions/mid-atlantic/news-release/areaemployment_philadelphia.htm - Bureau of Labor Statistics (take a look at table 1)

https://www.philadelphiafed.org/-/media/research-and-data/regional-economy/beige-book/2020/200415-bb.pdf?la=en - The Philadelphia Federal Reserve's regional report from April for a broader perspective

I've worked in academia (@ UPenn and currently w/Columbia) for most of my career and the questions surrounding solvency for some institutions, cost, etc. are both legitimate and ongoing but I highly doubt it will affect large institutions like Drexel and UPenn.  The question about opening campuses up are really more about when rather than if they'll open.  Just my two cents on that topic.

In recent history, Philadelphia has been making significant efforts to be considered and recognized as a tier-1 city (ie- bid for Amazon's HQ2, new convention center, big concerts, etc.) so I'd say it's trying to diversify.  Consider that Philadelphia is home to more than just the Education and Medical fields.  You also have strong companies like Comcast, E&Y, top law firms (you know they're not going anywhere), etc.  

Good luck with your research!  I hope you'll keep us posted on your results.

All the best,

Will