The Chamber continues to work towards the aspirational goals set by our Recharge & Recover PHL initiative. Promoting equitable economic growth and prosperity for all of Greater Philadelphia is at the heart of what matters to the Chamber, our members, and the region.

In a recent conversation, Sharmain Matlock-Turner, President and CEO of the Urban Affairs Coalition, and member of the Recharge & Recover Task Force and Steering Committee, echoed this commitment. “This Chamber has taken on the issue, listened to communities, and partnered with diverse Chambers of Commerce to develop our shared agenda for equitable economic growth,” said Matlock-Turner. “This reflective and collaborative approach will only strengthen the Chamber’s local and regional advocacy, coalition building across sector and industry, and curate unique opportunities for employers and employees during this critical time.”

A big piece of that puzzle is increased support for Black and Brown business owners — unequivocally the hardest hit by the realities of the past two years. Across the nation, 40% of Black-owned businesses folded within the first six months of the pandemic. And here in Philadelphia, Black-owned businesses tend to gravitate toward sectors drastically affected by the implications of COVID-19, including health care, transportation, educational services, and arts and entertainment. Losing 40% of our Black-owned business would be devastating, and would account for a loss of nearly $1 billion revenue, 13,000 jobs, and $345 million in wages.

Even before COVID struck, Black-owned businesses experienced one too many barriers to growth, despite Black Philadelphians making up the majority of our regional population. It’s a reality that we have known for some time, but also one that we are acknowledging with action and intention. Not only do these businesses deserve our support, we simply cannot recover from the last two years without them – or as Matlock-Turner says, “By supporting businesses that are historically disadvantaged – specifically, those that are owned by Black, Indigenous, and people of color – we also directly support the lifeblood of our communities and the employers of thousands of Philadelphia residents. Building an economy that is accessible to all is only possible if we strengthen our diverse talent pool, support BIPOC entrepreneurs, and commit to continuous investment in the growth of Black businesses.”

The Dashboard

The Inclusive Growth Dashboard is designed to help city and regional policymakers, business and civic leaders, and the public understand the strength of the Greater Philadelphia economy. But more than that, it’s a solution that allows us all to speak the same language and share the same real-time data points in our efforts toward reversing inequity for businesses of color.

The data points in five areas — job growth, small business growth, wage growth, poverty reduction, and vaccine acceptance — work together to paint an accurate picture of our current climate. With the same set of data, we can see what the moment requires, gauge our success in meeting it, and access the information needed to implement tangible and longstanding solutions in real-time. Most of all, with the Inclusive Growth Dashboard, the Chamber is creating a system of accountability with an objective set of measurements and definitions of success for how the Greater Philadelphia region meets these big picture goals.

“The Urban Affairs Coalition’s independent consultant, the Economic Development Projects (EDP), has been monitoring and evaluating inclusive growth aspirations in Philadelphia regional construction projects for 30 years, generating $9 billion in contracts for Minority, Women and Disabled Businesses,” said Matlock-Turner. “We are thrilled that the Chamber is adopting this model and system of accountability for driving forward the work needed to reach our five aspirations. When we understand how our region is progressing, we will be able to quickly identify those left out of the growth and, in turn, will be able to make changes to policy, procedures, and practices that will truly encourage equity and inclusion in our economic growth.”

Inclusive Growth in Action

Together, we are laser-focused on racial disparities, access to resources and capital, and action. And thanks to partnerships, we can see the needle moving toward stronger economic health and vitality.

  • Our Diverse Procurement Collaborative (DPC) engaged 140 mid to large-sized companies in a two-year process to address shortfalls in supplier diversity. That number exceeded our goal by 40%. Members of the Collaborative have come together to help broaden relationships with diverse suppliers, learn about and institute fair and equitable procurement practices, and build a community of thought leaders taking action to increase the diversity of their vendor and supplier network.
  • The Chamber is proud to have joined the Greater Philadelphia Financial Services Leadership Coalition to set up a $100M fund for loans and grants to local minority-owned businesses. With our partners — the Federal Reserve Bank of Philadelphia, the Urban Affairs Coalition, financial services leadership and CDFIs — we provided financial support and free technical assistance for small minority-owned businesses and built additional capacity for existing successful CDFIs.
  • We piloted a program through Wells Fargo’s Open for Business Fund to provide minority-owned small businesses with access to resources, support, and business connections to help them grow. The selected candidates gained a full year of Chamber membership, networking opportunities, advocacy support, and access to thought leadership.

Take Action

  • Visit the Dashboard to see the most recent set of data in each of the five areas: job growth, wage growth, small business growth, poverty reduction, and vaccine acceptance. The last update to the dashboard was March 20, 2022. And when you take a look at the dashboard, you will see that it reflects indicator activity from 2020. The next iteration will begin to reflect changes to that baseline and will help us understand the direction and inclusivity of Greater Philadelphia’s economic competitiveness and activity.
  • Bookmark the Dashboard to refer back to it. It is a living, breathing document that helps tell our region’s story in real time. Stay abreast of the progress we are making by revisiting the dashboard regularly.
  • Spread the word. The Dashboard is there for us all to access — the public sector, the private sector, and the nonprofit sector. Posting the dashboard on social media, pointing back to it in a blog post, or mentioning it in an email blast will familiarize your network with the data they need to make a difference.
  • Check in with our Recharge & Recover PHL aspirations and discover your role in devising and implementing real solutions to inequity.

As the Chamber continues our longstanding commitment to the fight for equality, we’re highlighting ways our business community can meaningfully increase diversity, equity, and inclusion to bring about lasting change in the workplace.

Through our Diversity, Equity, and Inclusion (DEI) initiative, we work to drive economic competitiveness, highlight diverse employee populations, and promote inclusive growth throughout our region.