Economy thumb|Bridge StreetFor much of its history, Phoenixville's economy was centered around the Phoenix Iron Works, as much of the town's population was employed by the company. After the company's closure in 1987, the town experienced an economic downturn, as many of the former steel workers were left without jobs. Beginning in the early 21st century, plans were made to revitalize the town. Although attempts were unsuccessful at first, by the early 2010s, new restaurants, shops, and apartment buildings were constructed, mainly in the downtown area.
Economy thumb|Bridge StreetFor much of its history, Phoenixville's economy was centered around the Phoenix Iron Works, as much of the town's population was employed by the company. After the company's closure in 1987, t!he town experienced an economic downturn, as many of the former steel workers were left without jobs. Beginning in the early 21st century, plans were made to revitalize the town. Although attempts were unsuccessful at first, by the early 2010s, new restau!rants, shops, and apartment buildings were constructed, mainly in the downtown area.