CITY FOCUS | CHICAGO PHILADELPHIA
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T he sixth-largest city in the United States , Philadelphia is the capital of the State of Pennsylvania and steeped in the history of the American Revolution . Founded in 1682 by an English Quaker , Philadelphia played host to the signing of the Declaration of Independence in 1776 by the country ’ s founding fathers and is the home of many American firsts . The so-called ‘ City of Brotherly Love ’ is home to the United States ’ first library , medical school , hospital , stock exchange and business school . By the 19th century , the city had become a major hub of industry and the nation ’ s railroads .
Today , the city remains a center for commerce in the state , with its collective gross metropolitan product ( GMP ) being estimated at $ 490bn in 2018 . While industries like communications and tourism continue to play leading roles in the Philadelphia economy – an estimated 42mn domestic tourists visited in 2016 , contributing approximately $ 11bn to the economy of the city and surrounding area – the area is also emerging as a national hub for biotech investment . According to the Philadelphia Business Journal , as of September 2018 , the city had seen almost $ 775mn in venture capital investment in the previous 18 months . Currently , Philadelphia biotech firm Spark Therapeutics is undergoing a $ 4.3bn merger with
SEPTEMBER 2019