In April 2025, Philadelphia Foundation co-sponsored the Federal Reserve Bank of Philadelphia’s Economic Mobility Summit. Advancing a national conversation about economic opportunity, the summit featured research on the importance of upward mobility for economic resilience and growth, including from Harvard Professor/Opportunity Insights Director Raj Chetty, and elevated best practices for advancing economic mobility, including through cross-sector collaboration.

The summit brought together policymakers, researchers, community members, funders, employers, and service providers. Philadelphia Foundation partnered with the Gates Foundation to provide stipends enabling 40 members of the Fed’s Reinventing Our Communities cohort program and The Urban Institute’s Mobility Action Learning Network to attend. The national summit was followed by a special “State of the City” session focused on economic mobility in Philadelphia and hosted by the Pew Charitable Trusts.

Our support of the summit ties to Philadelphia Foundation’s new, 10-year commitment to advancing economic mobility for low-income residents in our region, further detailed below. This commitment was spurred in part by Professor Chetty’s sobering research finding that the Philadelphia region ranks 50 out of 50 among the largest urban metros for economic mobility. In plain language, this means that people born into lower-income families in our region are less likely to improve their economic status relative to their parents compared to their peers in the 49 other metros studied. 

When Chetty’s research was first released last summer, partners across sectors – including Comcast, Pew, Bank of America, William Penn Foundation, and Philadelphia Foundation – came together to host the Uplift Philadelphia Forum. The forum served as a catalyst for ongoing collaboration, including support of the Fed summit and an exciting funding announcement during the final summit panel.

The Community Foundation’s Special Sauce

During the summit, Philadelphia Foundation’s Chief Impact Office, Phil Fitzgerald, spoke on a panel exploring the role of community foundations in economic mobility efforts. He highlighted what makes our Foundation – and the sector – especially well-positioned to advance economic mobility. With 107 years of history in the region, Philadelphia Foundation brings both deep community knowledge and the ability to convene diverse stakeholders around shared challenges.

Fitzgerald noted that Philadelphia Foundation has always supported work related to economic mobility, but is now approaching it differently – with greater accountability to the community, more intentional use of data, and a commitment to leveraging and coordinating existing assets while bringing in new players.

Our experience with multi-sector initiatives like the Civic Coalition to Save Lives demonstrates that data-driven approaches, targeted interventions, sustained funding, and connected assets can drive meaningful change. We’ve learned that “treetops” and “grassroots” leadership matter, and that staying focused on proven, evidence-based strategies is essential for sustaining progress over time.

The Path Forward: Philadelphia Foundation’s Commitment

Philadelphia Foundation President and CEO Pedro A. Ramos provided framing remarks for the summit’s final session – a discussion among mayors about local leadership. Ramos pointed to recent local civic sector efforts – including the Civic Coalition and the PHL COVID-19 Fund – demonstrating effective collaboration across sectors. Referencing the Foundation’s new, decade-long commitment to proactively pursue increased economic mobility for low-income residents, he reflected, “We do this with the confidence that we can sustain our focus for the next 10 years, recognizing that few organizations can make such long-term commitments.”

Looking ahead, Ramos said, “between this mayor, this philanthropic community, and an evolving leadership community within the business sector, all the elements are there to seize the moment and build a more prosperous and equitable future for Philadelphians.”

Mayor Parker’s Landmark Investment in Workforce Development

The final moments of the summit provided a true highlight: Mayor Cherelle L. Parker’s announcement of a significant new public-private partnership for workforce development. Philanthropic and private sector partners are providing a $10 million match to the Parker Administration’s $10 million commitment to workforce development, for a total investment of over $20 million.

“This is a transformative moment for Philadelphia’s workforce,” Mayor Parker said. “We are investing not only in jobs, but in people – ensuring Philadelphians are trained, supported, and connected to the industries that are shaping the future of our city.”

This unprecedented investment will fund high-impact training programs aligned with the needs of in-demand, high-growth industries. Critically, the initiative will also provide wraparound services – including childcare and training stipends – that often prevent jobseekers from fully participating in the workforce.

The coalition of funders includes the William Penn Foundation, Comcast, Philadelphia Foundation, Bank of America, Pew Charitable Trusts, M&T Bank, FS Foundation, and the Scattergood Foundation – demonstrating the power of cross-sector collaboration in addressing complex challenges.

Conclusion: A Call to Collaborative Action

As we move forward, Philadelphia Foundation is committed to serving as a civic catalyst on economic mobility – proactively identifying opportunities for impact, mobilizing cross-sector partners, and enabling sustained, collaborative responses to community challenges. Together, we can build a Philadelphia where everyone has the opportunity to thrive.