Philadelphia Among Peer Cities Most Heavily Reliant on Eds and Meds Economy
A new report from the Federal Reserve Bank of Philadelphia found that higher education institutions and hospitals power close to 13 percent of the economy in the Philadelphia region, write Mike D’Onofrio and Isaac Avilucea for Axios.
This means that the City of Brotherly Love is one of the most heavily reliant on eds and meds among its peer cities.
Philadelphia ranked fifth among peer regions based on the overall impact that anchor institutions have on its employment. Eds and meds in the region account for over 495,000 employees and 8.4 percent of its income ($33.8 billion).
However, according to Deborah Diamond, director of the Anchor Economy Initiative at Philadelphia Federal Reserve, Philadelphia’s meds and eds have led to the emergence of companies in other industries, such as gene therapy company Spark Therapeutics.
These spinoffs have helped to reduce the city’s reliance on eds and meds.
They have “diversified our regional economy even further,” said Diamond.
Higher ed and hospitals have wide-ranging economic effects on the regions they are located in. Their large employment pools help stabilize communities and often resist economic shocks. They also spark innovation and attract talent.
Read more about the report in Axios.
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