PIDC has a 64-year history of driving growth to every corner of Philadelphia, including 2,035 transactions in every ZIP code in 2021. 

It also delivered and supported $7.25.5 million in financing and $29.5 million in COVID-19 relief grants and loans, as well as sold 40 acres of land in the city with the purpose of creating jobs. 

Building upon that progress, PIDC has announced a new theory of change toward strategic growth, determining resource allocation, and helping internal teams, partners, and key stakeholders understand the path forward. 

To develop this Theory of Change, PIDC has indicated three principles that inform the world view and perspective of an organization: racial equity, future of work, and resilience and sustainability.  

These principles highlight the complexity of Philadelphia’s and PIDC’s challenges and opportunities, the need for multi-disciplinary approaches to economic development, and to promote systemic change. 

“We believe that growing a global economy through inclusive economic development is critical to achieving a high quality of life for all who live and work in Philadelphia,” PIDC wrote in a statement. 

“Generating more equitable resources, investments, and quality jobs will address many of the long-term social, environmental, and economic challenges that residents of Philadelphia face. We will drive transformative growth for Philadelphians with a human-centered approach by directing our financial and real estate services, knowledge, and networks toward creating a vibrant and sustainable Philadelphia,” it continued.

PIDC serves a number of businesses, nonprofits, institutions, developers, and federal, state and local government entities. Services include creating and sustaining capacity, expanding access to capital, catalyzing development projects, building networks, and improving employee wellbeing.

It has also identified key reasons as to why it does these things and its goals:

• More quality jobs are available for Philadelphians
• Disinvested areas benefit from community-engaged investments that increase access to amenities, goods, and services for residents.
• Stakeholders are better connected and positioned to take collective action.
• Philadelphia attracts new resources that are more equitably and efficiently deployed.
• BIPOC-owned and other under-represented businesses scale, pursue growth opportunities, build wealth, and create quality jobs. 
• Innovative solutions for clients and partners are driven by a diversity of perspectives and experiences. 

PIDC states that these will ultimately lead to a growing, global, and inclusive economy that achieves a high quality of life for all who live and work in Philadelphia. 

To learn more about the PIDC Theory of Change, click here.