October 2025 — In an interview with Invest:, PIDC President Jodie Harris discussed the organization’s evolving role in Philadelphia’s economy, highlighting capital access, advancing economic growth and development, and cross-sector partnerships. “Planning will remain a central part of our work, as will leveraging the right mix of resources to drive impact where it’s needed most.”

What changes over the past year have most influenced your organization’s priorities and approach to economic development in Philadelphia?

The biggest shift, and one that’s still evolving, is the change in the national economic landscape, with shifting priorities at the federal level that are impacting businesses and organizations not just in Philadelphia but all across the country. There’s been some disruption in how capital flows and a growing sense of uncertainty in the marketplace.

At the same time, organizations are navigating how to continue to serve communities and neighborhoods and stay true to their respective missions while taking into account the policy and regulatory changes that impact them. While there have been challenges on this front, there are also opportunities that have arisen, and it’s critical that we capitalize on those.

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How are these shifts affecting small businesses and real estate development in city neighborhoods?

As Philadelphia’s public-private economic development arm, we’re a mission-driven lender. So PIDC is especially attuned to how capital reaches communities and different types of projects.

For larger-scale developments, it’s about assessing the economy and trying to anticipate what interest rates will look like, what impact tariffs may have, and how businesses will respond — where they’ll locate, how they’ll grow, whether they can build the workforce they need, and how they’ll source their goods and services.

For the small businesses we support through our CDFI, PIDC Community Capital, the questions are more tied to the local economy. There’s a focus on the local retail and industrial economies, looking at spending patterns and whether individuals and businesses feel confident enough to spend, invest, or expand.

We help catalyze business growth by offering, and tailoring, financial products and services that allow small businesses to do everything from purchasing needed equipment, filling crucial staffing needs, to even purchasing their buildings to become permanent fixtures in their communities and building wealth at the same time. Business owners are making decisions like that right now, but there’s still a lot of uncertainty about what the next year, five years, or even 10 years will look like economically. And in business you must evaluate your operations both in the short term and the long term, which is always a challenge.

How is your organization leveraging its role as both a CDFI and a master developer to close capital gaps in underserved markets?

There’s a real science to blending financing from different sources to achieve the goals we’re tasked with: investing in places that need it, while also spurring transformational real estate developments that create quality jobs for Philadelphians. We rely on a range of partners to help us do both of those things. 

We’re strategic about the capital we raise and how we deploy it. At the same time, we make sure we’re diversifying our partnerships. A small business might receive just one loan from us, but behind the scenes, that loan could be backed by a complex mix of philanthropic capital, bank capital, and other sources of funds.

On the development side, it’s a similar process but with a different set of partners. We collaborate closely with the city and the Commonwealth, leverage federal funds, and combine those with other sources to meet the capital needs of major projects.

We also engage with our local chambers of commerce and workforce organizations to make sure we have the people and infrastructure necessary to make those deals successful.

How does PIDC’s Strategic Framework shape your approach to economic development?

It guides everything we do. The framework doesn’t just represent values; it lays out core principles that shape how we drive impact and create opportunity all across the city. Our goal is to spur growth in every corner of Philadelphia, and we use these lenses to ensure our products and services are meeting real community needs.

When we think about resilience, we focus on making sure our investments support long-term growth and can help organizations and businesses adapt to changing environments and markets.  With the future of work, we’re looking at job creation by identifying which communities have the greatest need, how any particular project supports workforce development, and how it helps create quality jobs and grow the local economy.  And most importantly, one of Philadelphia’s strengths is its wide diversity: geographic, ethnic, cultural, and more. We have to work to ensure whether they’re small business owners, nonprofits, or developers that they treated equitably and have access to capital and opportunities.

What neighborhoods have emerged as priorities for commercial corridor investment, and what strategies are you using there?

We’ve continued to focus heavily, often in partnership with the City’s Department of Commerce, on growing our commercial corridors that are hubs for our community, providing not just jobs but also critical goods and services. 

In Southwest Philadelphia, for example, we helped fund ACANA’s Africa Center, a new hub for immigrant entrepreneurs. That project has also supported surrounding homegrown businesses through an infusion of capital to build out a new commercial center. Now, we’re studying whether that model can work in other parts of the city.

In Northeast Philadelphia, where there’s more industrial space and less residential density, we helped facilitate a property purchase that led to what was named the 2024 Industrial Deal of the Year by a local publication. Crow Holdings is now building a cold storage facility in that location, something many manufacturers have told us is a critical need to help them grow as the logistics economy continues to grow. It’s a different kind of project, and again, we’re asking how we can adapt and modify these models in ways that can translate to and be successful in different neighborhoods.

There’s still work to be done, but we now have examples of strategies that have succeeded in specific neighborhoods. The next step is to expand our toolbox and ensure we’re using the right tools to support growth based on each area’s unique needs.

How do partnerships with the private sector, philanthropy, and government help advance your mission?

Partnerships are foundational. All development and economic growth are tied to strong public-private collaborations. From where we sit, we’re in a unique position to align government, community, and private-sector interests around shared goals for unlocking opportunity and driving impact.

We often work on projects that people may not immediately associate with economic development, like partnering with SEPTA to acquire parcels for their trolley modernization project. That effort required coordination with both SEPTA and the City, and it supports workforce development and broader economic growth throughout Philadelphia.

Each project is different, and not every development engages the same set of partners or resources. Flexibility in partnerships is key.

That’s why we’re proud to support Mayor Cherelle Parker’s administration and City Council as we pursue a shared vision of expanding economic opportunity, creating quality jobs, and building a more resilient city. Our collaboration ensures that PIDC’s projects and financing directly align with the City’s priorities for economic growth and opportunity for Philadelphians.

How is your organization supporting growth in emerging sectors like life sciences and manufacturing?

We work alongside a wide range of organizations to understand Philadelphia’s market and position the city for growth in high-potential industries. In life sciences, and specifically in gene and cell therapy where Philly has become a renowned hub, we partner closely with the city, the Chamber of Commerce for Greater Philadelphia, and the city’s diverse chambers of commerce. We also work directly with existing companies to ask them what challenges they face, identify their growth needs, and then translate those into business incentives that attract and retain firms in Philadelphia.

One recent initiative brought together PIDC, the Chamber, the City’s Commerce Department, Philadelphia Works, and Visit Philadelphia to position Philadelphia as part of a broader regional economic development plan. While PIDC services only Philadelphia-based businesses, we recognize that the city is the region’s economic, cultural and job creation engine. Life sciences and related sectors were highlighted as a regional priority, and Philadelphia has played a leading role in shaping that vision.

The Navy Yard, which PIDC has managed since 2000 after the naval base closed in the 1990s, is a major asset in this strategy and is a nationally-recognized model for redevelopment of a former military installation. It now houses a concentration of life sciences companies, companies that advance maritime assets, as well as a community of small and local businesses that support citywide and regional growth. We continue to engage as a key partner in driving that transformation.

What is your vision for the organization’s role in shaping Philadelphia’s economic future over the next five to 10 years?

Our vision builds on where we are now, with a focus on scaling our growth and deepening our impact.

The Navy Yard is a great example. We assumed control of that property in 2000, and this year marks 25 years of investment and planning. We now have over 150 businesses and more than 16,000 employees located there—and they’re in jobs representing all levels of education from GED-level through Ph.D.s. It’s a very unique place, and the success of that site reflects years of strategic partnerships, public and private investment, and intentional, long-term planning.

Looking ahead, PIDC’s future depends on continuing to grow and diversify our revenue, strengthen our partnerships, and think strategically about how we serve neighborhoods and commercial corridors across the city. We continue to focus on creating jobs, attracting investment, and tailoring our financing products and services to meet the specific needs of the various communities in our great city. Planning will remain a central part of our work, as will leveraging the right mix of resources to drive impact where it’s needed most.

How has PIDC’s mission and impact evolved over time?

PIDC was created as a joint venture between the City of Philadelphia and the Chamber of Commerce for Greater Philadelphia in 1958, a time when Philadelphia was beginning to see adverse effects of population decline and loss of our critical manufacturing base that powered our local economy for generations. While we started with a focus on industrial development, we’ve evolved significantly. Today, we also provide small business financing and support services, and continue to play a major role in the city’s civic community. 

We’re known for our large, visible projects like the Navy Yard, but we’re equally proud of the smaller efforts that often fly under the radar. This past year, PIDC remained steadfast in our mission to support small business growth, spur real estate development, facilitate business financing, and administer grants that strengthen communities. In 2024, we closed 297 transactions, providing financing to at least 262 organizations, supporting 2,700 jobs, and catalyzing over $1.4 billion in investment. These funds helped businesses expand, create jobs, and transform neighborhoods — demonstrating the power of strategic investment in fueling Philadelphia’s economic momentum and future. 

The big projects are exciting, but the day-to-day support we provide to entrepreneurs and local businesses is just as important to Philadelphia’s long-term economic health.

Want more? Read the Invest: Philadelphia report.