Econsult was retained by Montgomery County to work with its Strategic Economic Development Task Force in March 2008 to develop a strategic economic development policy. On December 11, 2008, the Montgomery County Board of Commissioners approved a program for funding of “economic development” projects. Bradley Vasoli, of The Bulletin reports in the article below.
 Economic Development Program Enacted In Montgomery County
 Stephen Mullin, Econsult Senior Vice President, talks extensively with Daily news columnist Becky Batcha about the size and strength of the Philadelphia metropolitan area. Mullin says "The Philadelphia metropolitan economy is the ninth-largest on the planet, and to me that's a big standout." (December 11, 2008)
Stephen Mullin: Philly Has the 9th Largest Metro Economy - In the World
Dick Voith, Econsult Senior Vice President, talks with Bob Fernanadez of the Philadelphia Inquirer in an article about the Philadelphia regions economic strength with a stable set of diverse companies. (December 11, 2008)
Portal Economy to Lead the Way
In Metro Philadelphia, Kevin Gillen talks with Solomon Leach about how the decline in housing sales and values has created a decline in real estate transfer tax that Philadelphia like other cities relied on for revenue. (December 9, 2008)
Developing Situations: Previous Boom Busting Budget
Econsult Corporation authors a study on behalf of US Airways. The economic impact on Philadelphia and the state of Pennsylvania is nearly $1 billion in economic activity. Econsult’s report was released December 9, 2008. The Philadelphia Inquirer article by Linds Loyd follows as well as the full report and executive summary.
Airline's Study Touts Its Economic Impact
Economic Impact Study of US Airways Operations in Philadelphia (Executive Summary)
Economic Impact Study of US Airways Operations in Philadelphia (Full Report)
Economic Impact Study Identifies Billions Resulting from US Airways Operations in Philadelphia and Pennsylvania (Press Report)
Kevin Gillen, shares his opinion with Alan Heavens in the Philadelphia Inquirer about the benefit to the housing market of the 4.5 percent mortgage plan. It is still unknown whether the rate and the government guarantee included in this latest plan would be for purchase only or for refinancing as well. The impact of the plan will be limited if the plan does not include refinancing. (December 5, 2008)
4.5 Percent Mortgage: Will it work?
The Council of Large Public Housing Authorities (CLPHA), recently sent a letter to Congressional leaders strongly urging them to provide $5 billion in funding to the Public Housing Capital Fund for infrastructure projects. Citing a report written for CLPHA by Econsult that assessed the benefits and costs of new investments in public housing as well as the local economic impacts associated with such investments. The article appears on MarketWatch.com (December 2, 2008).
CLPHA Urges Congress to Increase Public Housing Capital Fund
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Econsult Corporation’s economic impact analysis of City Avenue on behalf of the City Avenue Special Services District is cited in Diane Mastrull’s Philadelphia Inquirer article. Hearings are to begin soon in both Philadelphia City Council chambers and Lower Merion’s town hall about the joint effort to revitalize City Avenue. (November 30, 2008)
Phila., Lower Merion Team to Overhaul City Ave.
Kevin Gillen, Vice President of Econsult, talks with Al Heavens about plummeting housing sales in the Philadelphia Inquirer (November 25, 2008 and November 19, 2008)
Existing-Home Sales Plummet
In Philadelphia Region, Existing-Home Sales Down 21.1%
Econsult President David Crawford's essay on the need to raise gasoline taxes appears in the current issue of Business Spotlight. Business Spotlight is a magazine published in Germany for business people who want to improve their English. (November/December 2008)
David Crawford - Business Spotlight (PDF)
Kevin Gillen, Econsult Vice President, is noted in the Philadelphia Inquirer by Al Heavens, Inquirer Real Estate Columnist, as an economist who can turn a phrase. While Heavens thinks it is not easy being an economist, Kevin would be happy to argue otherwise. (November 17, 2008)
On the House: Life's Not Easy for Economists
Kevin Gillen, Econsult Vice President, will be addressing the Greater Philadelphia Association of REALTORS® Annual General Membership Meeting on Friday November 14, 2008. Following an address by the Association’s President, Dr. Gillen will deliver a presentation on the state of the Philadelphia housing market, with a special focus on how Philadelphia’s market is performing relative to other large U.S. cities. Afterwards, Dr. Gillen will participate in a panel discussion comprised of developers, realtors and city officials to discuss the near-term outlook for the market.
Econsult Director, Lee Huang, is part of a panel discussion hosted by Neighborhoods Now on Thursday, November 13, 2008 highlighting Philadelphia’s First Transit Revitalization Investment District (TRID) plans for 46th and Market Street EL and Temple’s Regional Rail Stations. For more information click the URL or PDF file below.
Attend Upcoming NeighborhoodsNow Event (URL)
Attend Upcoming NeighborhoodsNow Event (PDF)
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Kevin Gillen’s 2008 Q3 report on the Philadelphia housing market indicated that Philadelphia house values continued to exhibit significant resiliency this past quarter, despite low sales levels and a steady drumbeat of negative news about the economy. The typical Philadelphia home fell in value by an average of only 0.3% on a quality- and seasonally- adjusted basis. When added to previous price declines, Philadelphia house prices are cumulatively down 6.8% from the housing market’s peak of just over one year ago. The Philadelphia’ housing market continues to decline, but at a rate far less than most other major U.S. cities. According to Case-Shiller MacroMarkets’ composite house price index, house prices have fallen by an average of just over 20% in the largest U.S. cities, compared to only 6.8% in Philadelphia. Compared to other cities in Case-Shiller’s index, seventeen cities have experienced cumulative price declines that are larger than Philadelphia’s, and only three cities have experienced cumulative price declines that are smaller than Philadelphia’s. The production of this report is supported by Econsult, in conjunction with Hallwatch.org. More details can be accessed on Hallwatch’s website:
http://www.hallwatch.org/news/1225828307162
Philadelphia House Price Index
Technical FAQ and Documentation for the Indices
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Kevin Gillen, Vice President of Econsult talks about the affordability of Philadelphia's upscale condos with Suzette Parmley in the Philadelphia Inquirer (October 30, 2008)
Are There Enough Buyers for Philadelphia's Upscale Condos
Econsult’s report of its ongoing survey of tourists on behalf of the Philadelphia Convention and Visitors Bureau is cited in the Philadelphia Business Journal, October 13, 2008 article about tourism in Philadelphia in the Summer of 2008.
Tourists: They Came, They Saw, but They Didn’t Spend
Kevin Gillen, Vice President of Econsult is quoted in Metro Philadelphia talking about how real estate development projects are now up in the air. (October 8, 2008)
Future Projects In The Air
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Stephen Mullin talks with Jeff Blumenthal of the Philadelphia Business Journal about the impact on the Philadelphia region of the loss of smaller brokerage firms in the current dramatic changes on Wall Street. Mullin says that since Philadelphia’s economy is not brokerage firm heavy the Philadelphia region’s economy could be better off. (September 22, 2008)
Measuring the Impact
Stephen Mullin, Econsult Senior Vice President, is quoted in Philadelphia Inquirer about the fiscal impact on Philadelphia of the current financial crisis in the United States. (September 22, 2008)
Philadelphia's Crunch Could Worsen
Kevin Gillen speaks at the Building Industry Association of Philadelphia’s 7th annual housing conference. See articles below from planphilly.com and the Philadelphia Inquirer. (September 17, 2008)
How the City Can Help Housing Rebound
Builders: Glad to be in Philadelphia
Ground was broken for the Philadelphia Regional Produce Market. Econsult’s study about the positive impact on jobs and revenues for the City and the State are mentioned in the Evening Bulletin. (September 5, 2008)
Produce Market To Move To Essington Avenue
Stephen Mullin, Econsult Senior Vice President, speaks about the importance of attracting companies to Philadelphia, especially those wanting to make their corporate headquarters in Philadelphia. He is interviewed with others by Peter Van Allen of the Philadelphia Business Journal. (September 5, 2008)
Officials Downplay HQ Flight
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Stephen Mullin, Econsult Senior Vice President, was quoted in the Philadelphia Inquirer and a Metro Philadelphia article on Philadelphia’s Zoning Board of Adjustment’s decision rejecting Unisys’s request for signage on Two Liberty Place where it has leased space for 10 years. Mr. Mullin disagreed with the Board’s decision even though it was based upon the current code. He said it reflected poorly on the City’s ability to bring new businesses into the City. (August 27, 2008)
Refused Its Sign, Unisys Reconsiders Move to City
No Sign Could be Bad for Business
Econsult Corporation has been hired by the Public Finance Authority of the U.S. Virgin Islands along with the Council for Information and Planning Alternative Inc., to analyze the impact proposed legislation would have on the government's ability to meet its current bond obligations and on its bond ratings. See news article from The Virgin Island Daily News. (August 15, 2008)
Incentives Offered to Heat up Condo Sales
Dick Voith, Econsult Senior Vice President, quoted by Philadelphia Inquirer writer Al Heavens on incentives being offered to induce condo sales. (August 8, 2008)
Senators Push Gross Receipts Tax Break For Small Businesses
Econsult congratulates its Senior Advisor, David Thornburgh, who has been named executive director of the University of Pennsylvania Fels Institute of Government. The 70-year-old Fels Institute trains current and future leaders for public service in government. (August 5, 2008)
David Thornburgh Named Executive Director of Fels Institute of Government
Dick Voith, Econsult Senior Vice President, quoted in The Mercury, posted at
` PottsMerc.com, about the tides of public support for the R6 project and the complex funding issues for expanding public transit. (August 4, 2008)
Area Feeling Increased Need for Mass Transit
David Crawford, Econsult President, writes in the Philadelphia Daily News about oil futures and the misconception by the media and politicians that somehow restricting the trading of oil futures would reduce oil prices. Their confusion is created by a misunderstanding of the way the oil and oil futures markets actually work. (August 4, 2008)
Oil Futures Are a Phony Target
David Crawford, Econsult President, writes in the Philadelphia Daily News about oil futures and the misconception by the media and politicians that somehow restricting the trading of oil futures would reduce oil prices. Their confusion is created by a misunderstanding of the way the oil and oil futures markets actually work. (August 4, 2008)
Oil Futures Are a Phony Target
Econsult’s report on Philadelphia’s new Inclusionary Zoning Law. authored by Kevin Gillen, Econsult Vice President, is referenced in Developer, (August 4, 2008).
In the Zone: The Development Community Debates the Impact of Inclusionary Zoning
Kevin Gillen, quoted in Philadelphia Inquirer article by Al Heavens on the shifting mortgage landscape. (August 3, 2008)
On the House: Mortgage Landscape Has Shifted
Kevin Gillen’s 2008 Q2 report on the Philadelphia housing market indicated that house values exhibited resistance to further price declines this spring, even as the number of home sales continued its downward slide. The typical Philadelphia home increased in value by an average of 1.7% in Q2, with North Philadelphia being the only neighborhood to experience further price declines. Even with this recent increase, home values still remain down by an average of 6.6% from one year ago and home sales volume this quarter fell to its lowest level since 2001. Philadelphia’s housing market continues to perform well relative to most other U.S. cities, where house prices have declined by an average of 18% according to Case-Shiller MacroMarkets.
The production of this report is supported by Econsult, in conjunction with Hallwatch.org. More details and the full report can be accessed on Hallwatch's website:
http://www.hallwatch.org/news/1219017881170
Philadelphia House Price Indices (2q08)
Technical FAQ and Documentation for the Indices
In addition the current report received the following press coverage:
Philadelphia Inquirer News in Brief
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Econsult Corporation was retained by Ballard Spahr Andrews & Ingersoll, LLP to estimate fundraising damages associated with delays in the commencement of construction of the proposed American Revolution Center in Valley Forge. Lee Huang, Econsult Director, gave testimony on Econsult's analysis and results at a bond hearing at the Montgomery County Courthouse on July 30, 2008. See articles from the Times Herald and the Philadelphia Inquirer below.
Testimony: $25.4M Equals One-year Delay - Times Herald
Revolution Center Weighing The Costs of Battle - Philadelphia Inquirer
Dr. David Crawford discussed gas prices and other energy issues with Curtis Sliwa on KABC radio in Los Angeles on July 18, 2008.
Listen to David Crawford on KABC Radio
Peter Angelides, Ph.D., Econsult Vice President, is quoted in the Daily Pennsylvanian regarding Philadelphia’s attractiveness for young graduates. (July 17, 2008)
Philadelphia Population Shrinks, Region Grows
Econsult is pleased to welcome Peter A. Angelides, Ph, D. as a Director and Vice President. Dr. Angelides is an economist who provides economic and finacial analysis and advice to clients in both consulting and litigation contexts. He has over fifteen years of experience in economic consulting and in the planning and development community.
Peter A. Angelides, Ph, D. Bio
David Thornburgh, Senior Advisor of Econsult Corporation, writes a Commentary in the Philadelphia Inquirer suggesting an economic development strategy for Philadelphia similar to the “small ball” baseball strategy “that attempts to score lots of runs without depending on extra-base hits like home runs.” (July 16, 2008)
Philadelphia's Economic Development Needs to Borrow from Baseball
Econsult’s Kevin Gillen is quoted in Metro Philly about why rental prices don’t fall in today’s slow housing market. (July 7, 2008)
Getting Real About Renting
Kevin Gillen, Ph.D., Econsult Vice President talks about the challenge of selling new housing units in Philadelphia in the Philadelphia Metro article by Solomon D. Leach. (July 2, 2008)
Developing Situations: Murano Spreads Luxe Living West
Lee Huang, Econsult Director, has been named one of 20 American delegates to participate in the British American Project, a leadership exchange program that annually brings young American and British leaders together for cultural exchange and intellectual discourse. He was selected as a Delegate of the 23rd Class of the British-American Project.
http://www.baponline.org. This year's conference will take place in the United States and next year's conference will be held in the UK.
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Kevin Gillen joined others in a discussion about the Philadelphia Planning Commission’s role in new developments in the City. This weeks Reformer’s Roundtable with Metro Philadelphia. (June 23, 2008)
Reformers’ Roundtable Bringing Planning Back
Stephen Mullin, Econsult Senior Vice President, is quoted in the Philadelphia Inquirer article about the need for additional lodging for the expanded Convention Center. (June 15, 2008)
How Much Extra Lodging Needed for Expanded Convention Center
Econsult’s economic impact analysis of the former Fort Washington Expo Center (which was commissioned by Valley Forge Convention and Visitors Bureau) is mentioned in the Philadelphia Business Journal’s article on the plans for the new Greater Philadelphia Expo Center in Montgomery County. (June 13, 2008)
Montco Will Get New Expo Center
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The Building Industry Association (BIA) of Philadelphia issued a press release regarding Econsult’s report on Philadelphia’s new Inclusionary Zoning Law. Kevin Gillen, Econsult Vice President, authored a report on the Inclusionary Zoning Law and its impact on new affordable housing in Philadelphia. (May 14, 2008)
New Study Shows Philadelphia Zoning Law Would Deter Building New Affordable Housing
Philadelphia Business Journal Article On The Report
Philadelphia's Weekly Press Article On The Report
In the Zone: The Development Community Debaters the Impact of Inclusionary Zoning
Econsult President, David Crawford, discusses his Essay on Gas Tax Increase with WABC talk radio host Curtis Sliva, May 13, 2008.
Listen to David Crawford on WABC Talk Radio
An Essay on Raising the Gasoline Tax appears in the Philadelphia Daily News by Econsult’s President David Crawford and Senior Vice President Dick Voith, Monday, May 12, 2008.
We Need a Gas Tax Hike-Not a Holiday
Kevin Gillen, Ph.D., Econsult Vice President talks about the thriving condo market in Rittenhouse Square in Philadelphia in the Philadelphia Inquirer article by Suzette Parmley. (May 5, 2008)
View the Philadelphia Inquirer article "Rittenhouse Square Keeps on Thriving"
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At a Philadelphia City Council hearing on the proposed Foxwoods Casino, Econsult’s Stephen Mullin explains the economic impacts on local businesses. Philadelphia Inquirer, March 11, 2008.
Casino plan gets cool city reception
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Econsult Vice President and Principal Stephen Mullin will speak on the Commercial Real Estate Market as detailed below.
Economists Stephen Mullin, Bob Bach and Bill Dunkelberg will consider what’s in store for the 2008 & 2009 commercial real estate market at the annual CoreNet/PECO economic outlook 7:30 a.m. Thurs., March 13 at PECO Energy Hall, 2301 Market St. Information and registration.
For more information on Center City Developments the contact information is:
Kevin Gillen, Ph. D., Econsult Vice President authored report entitled "Project H. O. M. E.'s Economic and Fiscal Impact on Philadelphia Neighborhoods." See press release, Philadelphia Inquirer article and full report links below. - January 31, 2008
Philadelphia Inquirer Article
Press Release
Project Home Report Released
Kevin Gillen, Ph. D., Econsult Vice President, participated in Metro's Reformer's Roundtable on Real Estate Tax Assessments in Philadelphia. - January 31, 2008
Metro Article
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