THE INDEX — Philadelphia Economic Activity Score

What this measures — and why it matters in Philadelphia

THE INDEX is our weekly composite of Philadelphia economic activity, built entirely from the city's own public records. It blends three components: building permits issued (40%), new non-rental business licenses (30%), and recorded deed dollar volume (30%). Each component is measured against its own trailing 12-week average, so the score always answers the same question: is the city running hotter or colder than its recent self?

A reading of 100 means activity is exactly at the trailing 12-week baseline. Sustained readings above 100 mean builders are pulling more permits, more businesses are opening, and more property is changing hands than the recent norm — the raw ingredients of local growth. Sustained readings below 100 mean the city's paperwork is slowing down, which tends to show up in this data before it shows up in headlines.

Two mechanics worth knowing when you read the chart. Each component is capped at 3× its baseline, so a single portfolio trade can't break the scale. And deed dollars are measured at the recording frontier, because Philadelphia deeds record roughly 6-8 weeks after closing — the deed component reflects deals struck about two months ago, while permits and licenses are close to real time.

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