New Report: Investing the Proceeds of Growth

Posted by Central Philadelphia Development Corporation on March 17, 2020

A new report by Central Philadelphia Development Corporation (CPDC) and the Center City District (CCD), Investing the Proceeds of Growth, looks at the City’s budget and tax policies for the last two decades to help frame an evaluation of the spending priorities outlined in Mayor Jim Kenney’s FY 2021 budget plan, which proposes to allocate more than a $1.6 billion (27%) increase in city spending (in inflation adjusted dollars) since 2010.

After decades of struggling against the forces of decline, Philadelphia enters the 2020s facing the new opportunities and challenges of managing and expanding the benefits of growth. The report suggests that Philadelphia should increase its commitment to quality of life investments and resume its prior commitments to tax reduction, in order to retain and attract residents and businesses and spur widespread and inclusive private-sector job growth.

The report provides a metric and offers a data-driven strategy to restore significant wage and business tax reduction on par with the level of effort during the Rendell and Street administrations and the pre-recession years of the Nutter administration.

For additional details, examples, data, charts and more, download the 20-page report.

https://www.centercityphila.org/uploads/attachments/ck7nfvtye5btexsqd10gtc0em-investing-the-proceeds-of-growth.pdf

To review a summary of the report, download the 22-slide presentation.

https://centercityphila.org/uploads/attachments/ck7frc0an53y401qd3n4zqvxn-investing-the-proceeds-of-growth-summary-slides.pdf