Business Facilities - March 2009 - (Page 29)

BUSINESS REPORT Pennsylvania By Jenny Vickers Pennsylvania is Holding its Own An aggressive state economic stimulus program, lower cost of living, and a strong university system boost the Keystone State. T he current economic recession is putting major strains on state economies: global demand for goods and services is decreasing, major economic sectors are in decline, unemployment is rising, and state budget deficits are increasing. Despite these daunting challenges, the Pennsylvania Department of Community and Economic Development says that its economy has fared well relative to other states in the union, including major competitors and neighboring states. A study by Moody’s Economy.com, an independent national economic research firm, says that Pennsylvania has weathered the economic downturn due to aggressive economic stimulus efforts, below average cost of living, a strong roster of leading educational institutions, and affordable housing relative to other Northeast states. The study ranks the state 17th in its forecast for short-term employment growth (two years), which is the best ranking the sate has ever received and better then neighboring states. In addition, state exports have grown by $5.3 billion to a total of $34.4 billion since 2002, the 6th largest amount of growth in the nation, larger than New Jersey, Ohio, Maryland, Illinois, and Michigan. “Pennsylvania has created an attractive business climate that is very conducive to job development, growth and retention, which keeps us competitive with our neighboring states,” declares Pennsylvania Department of Community and Economic Development Acting Secretary George Cornelius. When Pennsylvania Governor Ed Rendell first took office in 2003, the state was nearly last in job creation. Six years and more than $3 billion in state investments later, Pennsylvania has attracted $8.6 billion in additional investments, created 100,000 more jobs, and its unemployment rate has been at or below the national level during most of that time. Rendell’s new proposed budget, unveiled earlier this month, aims to continue this job creation trend. The proposal includes another round of business tax cuts and funding for projects that will provide good-paying jobs, better educate the state’s workforce, and develop more green energy to help secure the state’s energy independence. PENNSYLVANIA FAST FACTS Population (2007): 12,448,279 Largest Cities (2007): Philadelphia (1,449,634); Pittsburgh (312,819); Allentown (106,632); Erie (103,717); Reading (81,207) Targeted Industries: Advanced materials and diversified manufacturing, business and financial services, life sciences, high technology, alternative energy, agriculture and food production. Key Incentives: Business in Our Sites Program (BOS), Infrastructure Facilities Improvement Grant Program (IFIP), New Pennsylvania Venture Capital Investment Program, Export Finance Program Pennsylvania is Withstanding the National Recession Better than Other States Florida Wisconsin California Illinois Ohio PERCENT CHANGE IN NON-FARM JOBS DECEMBER 2007 TO DECEMBER 2008 -0.5% -1.0% -1.5% -2.0% -2.5% -3.0% -3.5% -4.0% -4.5% SOURCE: PA DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT Pennsylvania Michigan Indiana New Jersey New York 0.0% BUSINESS FACILITIES 29 http://www.Economy.com

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Business Facilities - March 2009 Contents First Word Snapshots Corporate Moves: Tennessee Deciphering High-Tech Hubs Industry Focus: Biotech/Pharmaceuticals The Lone Star State Continues to Burn Brightly Pennsylvania is Holding Its Own Corporate Moves: Florida Metro Spotlight: Findlay, OH Advertiser Index Ask the Expert

Business Facilities - March 2009

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