Economic Impact of Philadelphia Association of Community Development Corporations

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Community groups in Philadelphia have completed 1,500 construction jobs, major rehabilitations and other related efforts at a cost of $2.2 billion (plus $1.1 billion in indirect spending) during the last 20 years, in inflation-adjusted terms.

A study by Econsult Corp. released Dec. 12, 2012 reports the total economic impact of the Philadelphia Association of Community Development Corporations (43 member groups and 53 associate member groups) over a period of 20 years is $3.3 billion, or an average $165 million annually.

The study was commissioned by the Philadelphia Association of Community Development Corporations and supported by a $50,000 grant from Citi Community Development.

As a side note, in September 2012, the Greater Philadelphia Cultural Alliance published a study pegging the economic impact of 345 arts and cultural organizations in fiscal 2010 at $3.3 billion.

Source: Philadelphia Association of Commercial Development Corporations