Chester County Economist Shares His Expertise as Philadelphia Officials Aim to Reduce Poverty Rates by 2024  

Mark Zandi
Image via Moody's Analytics.
As inflation surges in the Philadelphia region, a Chester County-based economist, Mark Zandi, is sharing his expertise.

As inflation surges in the Philadelphia region, a Chester County-based economist is offering his expertise. While the median household income in Philadelphia has been on the incline since The Great Recession, post-pandemic inflation rates negatively impact it, write Anna Orso and John Duchneski for The Philadelphia Inquirer.  

“What matters is real income after inflation, so that’s not good news,” said Mark Zandi, chief economist at Moody’s Analytics

The poverty rate in the City of Brotherly Love has been on the decline, dropping from 28.4 percent in 2011 to 21.7 percent in 2022. Zandi says that the improvement in Philadelphia poverty rates is due largely to federal pandemic aid.  

However, Zandi cautioned that this support isn’t likely to continue and noted wealth gaps in different communities.  

City officials and grassroots communities, however, are working to end the cycle. The Poverty Action Plan aims to lift 100,000 Philadelphia residents out of poverty by 2024, according to the Inquirer.  

The plan which includes public-private partnerships was initially introduced in 2020. If successful, this initiative could reduce the poverty rates in Philly to 19 percent. 

Read more about how the city has been impacted by inflation in The Philadelphia Inquirer.  

Mark Zandi talks to CNBC TV about recession.

Connect With Your Community

Subscribe to stay informed!

"*" indicates required fields

This field is for validation purposes and should be left unchanged.