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Unrealized gains: investing in our region's economic and human capital potential

President Patrick T. Harker discusses investing in our region?s economic and human capital potential at Capital for Communities: Pay for Success Financing, a conference hosted by the Philadelphia Fed's Community Development Studies & Education Department.
Speech , Paper 112

Gentrification and Changes in the Stock of Low-Cost Rental Housing in Philadelphia, 2000 to 2014

Philadelphia has experienced increased rental housing affordability challenges in recent years, especially in neighborhoods that have undergone gentrification. This report explores one aspect of gentrification?s impact on housing costs by examining its association with changes in Philadelphia?s stock of units that rent for less than $750 per month. Using tract-level U.S. Census Bureau data, this report finds that, between 2000 and 2014, the city lost one out of five units with rents that fell below this cost threshold. These losses were especially acute in gentrifying neighborhoods, as these ...
Cascade Focus

A Mixed-Methods Exploration of Consumer Credit Trends by Age in the Third Federal Reserve District

While there is growing awareness of the importance of consumer credit use for the broader economy, less is understood about the full context of borrowers? balance sheets and how financial challenges change over a credit user?s lifecycle. Responding to this knowledge gap, this report takes a comparative look at the use of credit among Third Federal Reserve District residents across three age groups (18 to 34, 35 to 54, and 55 to 84 years). Combining analysis of credit bureau data with insights from interviews with housing and credit counselors, this report provides a comprehensive overview of ...
Beyond the Numbers

Discussion Paper
How Prevalent Were Racially Restrictive Covenants in 20th Century Philadelphia? A New Spatial Data Set Provides Answers

One of the tools used by early 20th century developers, builders, and white homeowners to prevent African Americans from accessing parts of the residential real estate market was the racially restrictive covenant. In this paper, we present a newly constructed spatial data set of properties in the city of Philadelphia with deeds that contained a racially restrictive covenant at any time from 1920 to 1932. To date, we have reviewed hundreds of thousands of property deeds and identified nearly 4,000 instances in which a racial covenant had been included in the deed. The covenanted properties ...
Consumer Finance Institute discussion papers , Paper 19-5

Working Paper
Shrinking Networks: A Spatial Analysis of Bank Branch Closures

As more consumers take advantage of online banking services, branch networks are declining across the country. Limited attention has been given to identifying any possible spatial patterns of branch closures and, more importantly, the community demographics where branches close their doors. This analysis uses an innovative spatial statistics concept to study financial services: Using data from 2010 to 2016, a random labelling test is conducted to understand branch closure clustering in the Philadelphia, Chicago, and Baltimore metropolitan statistical areas (MSAs). Additionally, spatial ...
Working Papers , Paper 18-12

Journal Article
The “Philly Fed Index” Turns 50 with Steadfast Success

What is so telling about the Philadelphia Fed?s monthly manufacturing index? Explore why financial analysts, economists, and the press monitor it closely for clues about the overall U.S. economy.
Economic Insights , Volume 3 , Issue 4 , Pages 8-21

An Economic Outlook

President Patrick T. Harker presents his economic outlook at the Greater Philadelphia Chamber of Commerce?s Region on the Rise event about the city?s construction and real estate development. He also offers his views on monetary policy.
Speech , Paper 120



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