APRIL 2022: PAGE DIRECTORS NOTE
April 12, 2022
Building an equitable future for Philadelphia's construction industry
Philadelphia is experiencing a construction boom. Though the pandemic may have slowed progress on some key projects, there is no denying the cranes that transform our cityscape a bit more each day. Unfortunately, this boom is not being felt by every community in the city equally. Minority construction companies have found themselves unable to participate in key projects. The barriers they face range from inability to secure the necessary bonding to onerous prequalification requirements to register as a subcontractor. Solving these problems requires bold initiatives.
PAGE’s real estate and construction committee has been hard at work developing solutions to key problems minority entrepreneurs face in our city. But it’s also important to learn from the efforts and experiences of others.
A community of foundations and business leaders in Detroit is piloting a unique solution to the financing issues many minority businesses face in their city. While we might not be able to replicate the program directly, we can take inspiration from their thinking and other ideas proposed across the country, to build a more equitable future for Philadelphia's construction industry.
PAGE SPOTLIGHT: BLACK CONSTRUCTION FIRMS IN DETROIT EXPECTED TO BENEFIT FROM NEW $10 MILLION PILOT PROGRAM