A look at Center City's history reveals how it changed in the decades after World War II. The post-WWII years were prosperous for the city. Many companies relocated to the suburbs, and shoppers started flocking to the malls. Meanwhile, companies started shipping jobs to the Sun Belt and overseas. Without people, Center City looked depressing and crime began to grow.
The BNY Mellon Center is in Center City, as is the Masonic Temple, headquarters of the Grand Lodge of Pennsylvania. Many Founding Fathers were Freemasons, including Benjamin Franklin. The population of Center City increased by 10% between 1990 and 2000. Today, the area is home to many businesses and a variety of other attractions.
The growth rate in Center City has been modest, but the city's center continues to grow. In fact, the East Market project, which is currently under construction, will add 562 residences to the city's center. The report, published by real estate research firm JLL, also shows that east-of-Broad Street neighborhoods continue to outpace the rest of the city. Since 2000, east-of-Broad Street neighborhoods have seen more than 40 percent growth, whereas west-of-Broad Street neighborhoods have experienced less than half the growth.
In terms of education, 80 percent of Center City residents hold a four-year degree. Twenty-five percent of the population is over twenty-five years old, with the median annual income of $49,000. The area continues to grow, with a record number of new residential units completed in 2014 and a high percentage of residents holding college degrees.