The basis of Philadelphia’s economy has changed substantially through time.
In the 17th and 18th centuries Philadelphia grew as a major Atlantic seaport, receiving, processing, and shipping flour, meat, and forest products.
A dozen shipbuilders operated in 1754 along with other maritime businesses including sail manufacturers, chandleries for selling boating equipment, and ropewalks for the production of rope.
In the 19th century, the value of manufacturing increasingly surpassed commercial shipping. Grain milling was important, along with cotton and wool processing.
By the latter part of the 19th century, textile and carpet factories, iron foundries, steel mills, shipbuilders, and saw manufacturing plants dominated a highly diverse economy.
Although much textile production moved to the South beginning in the early 20th century, new industries such as chemicals and food processing sustained the economy until the hard times brought by the Great Depression of the 1930s caused a general decline.
Despite the revival of metal manufacturing during and after World War II, the postwar era witnessed the virtual elimination of Philadelphia's once profitable manufacturing sector.
In the 1990s government offices, banks, hospitals, and the city's universities were among its major employers.
Manufacturing accounted for barely 30 percent of salaried employment in the city in 1992; instead, over one-third of the workforce labored in service industries such as hotels, automobile repair, and health and human services.
Despite these changes, the Philadelphia regional economy continues to benefit from its central Atlantic Coast location and efficient transportation network.
Chemicals, pharmaceuticals, medical services, printing and publishing, and banking flourish. Philadelphia has also taken a leadership position in the high-technology revolution.
In the area of pharmaceuticals and biotechnology, there were more than 120 firms in the region that employed more than 865,000 people in 1995.
With four medical schools, two dental schools, two pharmacy schools, and numerous pharmaceutical firms and biomedical research labs in the area, Philadelphia has become one of the centers of the health care industry in the United States.
In the 17th and 18th centuries Philadelphia grew as a major Atlantic seaport, receiving, processing, and shipping flour, meat, and forest products.
A dozen shipbuilders operated in 1754 along with other maritime businesses including sail manufacturers, chandleries for selling boating equipment, and ropewalks for the production of rope.
In the 19th century, the value of manufacturing increasingly surpassed commercial shipping. Grain milling was important, along with cotton and wool processing.
By the latter part of the 19th century, textile and carpet factories, iron foundries, steel mills, shipbuilders, and saw manufacturing plants dominated a highly diverse economy.
Although much textile production moved to the South beginning in the early 20th century, new industries such as chemicals and food processing sustained the economy until the hard times brought by the Great Depression of the 1930s caused a general decline.
Despite the revival of metal manufacturing during and after World War II, the postwar era witnessed the virtual elimination of Philadelphia's once profitable manufacturing sector.
In the 1990s government offices, banks, hospitals, and the city's universities were among its major employers.
Manufacturing accounted for barely 30 percent of salaried employment in the city in 1992; instead, over one-third of the workforce labored in service industries such as hotels, automobile repair, and health and human services.
Despite these changes, the Philadelphia regional economy continues to benefit from its central Atlantic Coast location and efficient transportation network.
Chemicals, pharmaceuticals, medical services, printing and publishing, and banking flourish. Philadelphia has also taken a leadership position in the high-technology revolution.
In the area of pharmaceuticals and biotechnology, there were more than 120 firms in the region that employed more than 865,000 people in 1995.
With four medical schools, two dental schools, two pharmacy schools, and numerous pharmaceutical firms and biomedical research labs in the area, Philadelphia has become one of the centers of the health care industry in the United States.
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