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CDCs add billions to Philly economy

A recent study found that community development corporations have had a $3.3 billion impact on the Philadelphia economy over the last two decades.

The research found that the money CDCs have spent over that period has added $28 million to the city’s tax base, created 12,000 jobs and increased wealth for neighborhood property owners by $680 million by transforming blight. The report shows roughly $2.2 billion of the $3.3 billion affected neighborhoods through new construction and rehabilitation of homes and commercial and public spaces. In addition, the research found that CDCs have added $5.1 billion to the state’s economy during the last 20 years, generated 37,100 jobs and brought in $118 million in state tax revenue.

Original source: The Philadelphia Business Journal
Read the full story here

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