The Economy of Philadelphia is based on diverse sectors like manufacturing, heath care and medical services, food, tourism, and financial services. Comcast, Sunoco, Aramark, Crown Holdings Incorporated, CIGNA and Lincoln Financial Group,Rohm and Haas Company and FMC Corporation are the few Fortune 500 companies of Philadelphia.
The industrial sector contributes immensely to the Philadelphia's economy. Some of the items and goods that are manufactured in the industries of Philadelphia are chemicals, instruments, office and computing equipment, petrochemicals, fabricated metal products, biomedical products, paper products, processed foods, clothing and machinery. The city has also developed in biomedical field, which constitutes of pharmaceutical firms, medical instruments and supplies, hospitals, research institutions, medical schools and medical publishing. Wyeth and GlaxoSmithKline are the two major pharmaceutical companies of Philadelphia.
Tourism is another major sector from which the city earns revenues. The historical places of Philadelphia attract tourists from all over the world all throughout the year. Thus, travel and tourism sector continues to be
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an important part of the local economy.
Financial and Banking services form another important sector that influences the regional economy. Bank of America, Beneficial Bank, Gloucester County Federal Savings Bank, Earthstar Bank, Philadelphia Federal Credit Union, Third Federal Bank, Federal Reserve Bank Of Philadelphia, Pulaski Saving Bank, Prudential Savings Bank, Commonwealth Bank, Willow Grove Bank, PNC Bank, Willow Grove Bank, Citizens Bank and Sovereign Bank are some of the banks of that offers loans and other financial services to the industrial sector.
Commercial Shipping has also developed in the city with the major ports of southern New Jersey and Delaware. On the East Coast, the Ports of Philadelphia manage the largest volume of international shipments. Scrap metal and petroleum products are some of the goods that are exported.
Philadelphia business and economy has created immense job opportunities for the people of the city. Manufacturing industries account for just 5% of the employment of the city and education and health accounts for 12 percent and 18 percent respectively. In recent years the economy of Philadelphia is developing at a very fast pace and the city is gradually emerging as a prominent industrial city in the region.
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