The economy of Philadelphia encompasses the city of Philadelphia, the center of economic activity in both Pennsylvania and the four-state Delaware Valley metropolitan region of the United States. Philadelphia's close geographical and transportation connections to other large metropolitan economies along the East Coast of the United States have been cited as offering a significant competitive advantage for business creation and entrepreneurship. Five Fortune 500 companies are headquartered in the city. As of 2023, the Philadelphia metropolitan area was estimated to produce a gross metropolitan product (GMP) of US$557.6 billion, representing the eleventh-largest U.S. metropolitan economy. Philadelphia was rated by the GaWC as a 'Beta' city in its 2016 ranking of world cities.