PHILADEPHIA - While the job recovery in Philadelphia is lower than in the U.S. overall, it is gaining momentum. The information and construction industries are the only sectors that are close to pre-pandemic employment levels. The hospitality industry is also slowly coming back to Center City, although many professionals are working from home or remotely. The health care industry has experienced its ups and downs but experts are hopeful that more businesses will start opening up again.
The new construction tax will begin to affect the economy in 2022, and it is expected to raise up to $30 million a year. In August of this year, the city's bank account is down dramatically compared to the start of the pandemic. During the first three months after the outbreak, Philadelphia had a 10.6-percent unemployment rate. The economy is slowly but steadily rebounding, with the construction sector boosting the number of jobs and SEPTA ridership regaining to return.
Several federal stimulus programs have helped small businesses. The COVID-19 Small Business Assistance Program was launched by the city of Philadelphia. The funds are intended to help small businesses find new funding. The money is estimated to cover the wages of restaurants, hotels, and other businesses in the City of Brotherly Love.
As of September, the number of restaurants that have permanently closed in Philadelphia has dropped. Despite the drop, the food-service industry is still struggling. More than 260 Philadelphia-based restaurants have closed temporarily or permanently.