When you think of Philadelphia, you may think of the city’s infamous cheesesteaks, the Liberty Bell, the rich and varied history – and you would be right to! However, Philadelphia represents so much more than that. Swiftly becoming known as one of the more affordable cities on the east coast, Philadelphia should be on the top of a business owner’s list of markets to consider for a new business. Here’s why:
A Thriving Economy
In a city where the cost of living is 6% below the national average, Philadelphia is also one of the most thriving economies in its region. Given its location to Washington. D.C. and New York, it is strategically placed for its 6 million residents. It has a vibrant creative scene filled with arts, music and theater, and also ranks as the nation’s fifth largest city. For a business location, the inexpensive cost of living and low labor costs make it the perfect opportunity for a new business owner looking to get their foot in the door.
Something for Everybody
Philadelphia is a city known for its variety – no two areas are the same, which means there’s something for everyone. Additionally, Philadelphia is known to be less expensive than east coast neighbors Boston and New York, which means that renting or buying is more easily affordable. And, when the median home price is $163,500, there’s plenty of choice in that regard. Philadelphia is also a perfect example of a city that makes excellent use of public transport links, offering trains, subways and buses up for service. If public transport isn’t for you, then consider walking or using your bike – the city is highly walkable and friendly towards cyclists. Not to mention, the city has a rich and vibrant history and hosts some beautiful sites of natural beauty.
An Industry Hub
Philadelphia is a hub for commercial, educational and cultural opportunity. As well as its historic landmarks, Philadelphia is well known for its renowned research universities and has cultivated several major industries, including bio-science, financial services and tourism. For a new business looking to break ground, Philadelphia offers openings across a variety of sectors.
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