The economic shutdown spurred by the COVID-19 health crisis has had severe economic effects in Philadelphia, as in other major US cities. Immediately after the stay-at-home orders were issued in mid-March, the economy slowed dramatically, with primary impacts on hotels, restaurants, retail, and air travel. Since that time, there has been a gradual recovery as more activities are resuming, al- though the rebound is limited by the need to maintain public health precautions.
This report examines Philadelphia’s economic recovery in terms of key economic indicators, focusing on employment, office, local tax revenues, the housing market, and construction activity.
For additional details and data charts, download Monitoring Philadelphia’s Economic Recovery.