2009 - Select Greater Philadelphia

Transcription

Special thanks to the many regional organizations and
companies that contributed to the development of this year’s
Regional Report.
Photo Credits: Rusty Kennedy; GPTMC – K. Ciappa, J. Holder,
B. Kristi and G. Widman; Boeing; Bristol-Myers Squibb; Campbell
Soup Company; DuPont; KlingStubbins; Lockheed Martin;
Philadelphia Phillies; Denise Applewhite, Princeton University
A CEO Council For Grow th Initiative
200 South Broad Street, Suite 700
Philadelphia, PA 19102
T: 215-790-3777
F: 215-790-3720
www.selectgreaterphiladelphia.com
CONTENTS
2 Regional Overview
6
Work Environment
8
Life Sciences
12 Information Technology
14 Hi-Tech Manufacturing
16 Alternative Energy
18 Knowledge Economy
22 Venture Capital & Financial Services
24 Transportation Infrastructure
30 Quality of Life
36 Select Greater Philadelphia
38 CEO Council for Growth & Investors
Hugh C. Long, II
Thomas G. Morr
All across
Greater
Philadelphia,
people are
working
together as
never before
towards the
goal of
enhancing the
local economy.
Alternative
energy, defense,
financial services,
higher education,
information
technology,
life sciences,
and logistics.
Collaborating for
Economic Vitality
All creating
meaningful
bridges that are
strengthening
our region’s
economy
through a new
commitment to
regional
collaboration.
Defining the Greater Philadelphia Region
Strategically located between New York and Washington
D.C., the Greater Philadelphia region is in the heart of
America’s largest East Coast business market.
The Greater Philadelphia region consists of 11 counties
in three states. Greater Philadelphia differs slightly from
the combined Philadelphia and Trenton Metropolitan
Statistical Areas in that it does not include Cecil County,
Maryland. For this report, data is presented for the
Greater Philadelphia region unless noted otherwise.
Tough times require new approaches
and Greater Philadelphia is responding
aggressively to difficult changes in the
global economy. While many here have
felt the effects of the recession, some
important changes are strengthening the
local marketplace. As you will read in this
report, people across this region are working
together as never before towards the goal
of enhancing the local economy. Industries
including alternative energy, defense,
financial services, higher education,
information technology, life sciences,
logistics, and others are creating meaningful
partnerships and alliances that are strengthening our local economy and positioning the
area well for the future through increased
regional collaboration.
The area’s decades-long transition from
a manufacturing to a knowledge-based
market has created a more robust and more
diverse economy in Greater Philadelphia.
Strong healthcare, life science and higher
education sectors here have helped the
area outperform the U.S. as a whole.
In spite of today’s challenges, the
Greater Philadelphia business community
is committed to the long-term economic
growth of this region. By working together
to research, innovate and grow, the region’s
diversified portfolio of industries will
continue to thrive into the future.
The region’s growth is due in part to
the leadership of Mark S. Schweiker as
Chair of the CEO Council of Growth
(the governing board of Select Greater
Philadelphia made up of a group of key
business executives working to expand the
region’s prosperity) and President of the
Greater Philadelphia Chamber of Commerce.
Mr. Schweiker has been very effective in
promoting greater awareness of the tri-state
area as an integrated region and securing
the funding for Select Greater Philadelphia.
We thank him for his significant leadership
and wish him the best as he takes on his
new role in the for-profit sector.
As we go to press with this report,
we mourn the loss of another great leader,
Dr. Constantine “Taki” Papadakis. He has
been a driving force as President of Drexel
University and an important influence in
the Greater Philadelphia community. Taki
was a founder of Select Greater Philadelphia
and has been a major factor in the organization’s success. He will truly be missed.
In recognition of both of these
important leaders, this year’s report reviews
how the tri-state commitment to economic
growth is positioning us for a brighter
future. We hope you will find this 2009
Greater Philadelphia Regional Report
informative and persuasive. Thank you.
Hugh C. Long, II
Chairman, Select Greater Philadelphia, and
Regional President for Pennsylvania and
Delaware, Wachovia
Thomas G. Morr
President and CEO,
Select Greater Philadelphia
www.selectgreaterphiladelphia.com • 215-790-3777
1
In the heart of a
thriving market
Greater Philadelphia is situated in
the center of a large mega-market
with 46.1 million people living
within 200 miles of Philadelphia
and having a total annual income
of $1.3 trillion. The region is the
5th largest U.S. metro area by
population. It has the 7th highest
gross metro product and the 4th
largest total employment.
A leading region
along the East Coast
The 11-county Greater Philadelphia
region – encompassing northern
Delaware, southern New Jersey
and southeastern Pennsylvania –
is second only to New York as
the largest region on the East
Coast in terms of employment,
population and income. With a
combined 2008 population of 6.1
million people, total employment
of 3 million jobs, and total gross
regional product of $355 billion, the
region is a large market and major
producer of goods and services.
The region’s economy has
fared better than the U.S. as a
whole. In fact, the unemployment
rate in Greater Philadelphia has
been consistently lower than the
U.S. rate for nearly 10 years.
Powering economic growth
The Greater Philadelphia region is
strengthened by a diverse economy,
which was once driven by manufacturing but is now fueled by knowledge-based, services-providing sectors
such as Education and Health Services,
Professional and Business Services,
Life Sciences, Financial Services Activities
and Information Technology.
All of these areas require highly
educated and skilled workers, which
made up 44% of the region’s total
employment in 2008. Even the region’s
manufacturing companies, such as
The 11-County Region Ranking
Lockheed Martin, Boeing, Dupont,
Merck, Johnson & Johnson and Sunoco,
are powered by a knowledgeable
workforce that continually innovates
to increase productivity. As recently
as 1990, the manufacturing sector
accounted for 13.7% of total nonfarm employment in the region. By
2008, this share had fallen to 7.2%,
below the U.S. share of 9.7%.
The growth of the local
knowledge economy has increased
employment in Greater Philadelphia’s
private services-providing sectors
by 459,300 jobs between 1990 and
2008. As these sectors continue
to grow, it is forecast that they
will add 330,100 new jobs by 2028.
5th largest personal income
4th largest labor force
4th largest media market
Private Sector Employment Change by Major Economic Sector (in 1,000s) in GPR
200
Top Employers in the Region
Market Size within 200 Miles of Major U.S. Cities
University of Pennsylvania
New York
Population
Total Income
48.9 million
$1,400.6 billion
34,000
School District of Philadelphia 26,000
Jefferson Health System
23,000
Merck
14,000
$943.1 billion
Lockheed Martin Corporation
11,500
31.4 million
$903.7 billion
Supervalu Inc. (Acme)
11,500
Chicago
25.2 million
$650.8 billion
Wal-Mart
11,445
Los Angeles
23.7 million
$556.5 billion
Catholic Health East
11,339
Detroit
22.0 million
$548.8 billion
UPS
10,261
Atlanta
17.9 million
$417.6 billion
Bank of America Corp.
10,000
San Francisco
14.5 million
$415.6 billion
Christiana Care Health System
10,000
Dallas-Fort Worth
13.5 million
$327.1 billion
E.I. du Pont de Nemours & Co.
9,500
Houston
12.8 million
$297.2 billion
Independence Blue Cross
9,500
Miami
10.0 million
$257.5 billion
Johnson & Johnson
9,328
Virtua
8,900
Philadelphia
46.1 million
$1,344.3 billion
Washington D.C.
33.5 million
Boston
Source: Claritas, 2008.
187.9
175
141.0
150
157.0
125
Leisure &
89.1 Hospitality
63.5
100
Transportation,
Trade & Utilities
49.0
75
50
25
10.3
(25)
(50)
(75)
16.6
18.9
Manufacturing
Construction,
Natural
Resources &
Mining
(19.2)
Financial
Activities
23.5
5.4
(6.5)
Information
31.0
16.8
14.6
Professional Education
& Business & Health
Services
Services
(100)
(125)
(150)
(146.3)
■ Historical changes 1990 to 2008
Source: Global Insight, Fall 2008.
■ Projected changes 2008 to 2026
14.4
Other
Services
“A lot of particles sprang
into existence and grew
for a long time in Greater
Philadelphia. Now through
increased collaboration –
we have a ‘cosmic
convergence’ of people
working together regionally
to develop, and bring to
market, major innovations
and technologies.”
– Stephen M. Goodman,
Partner, Morgan, Lewis &
Bockius, LLP
3
Boasting a deep pool
of talented workers
The region’s level of educational
attainment continues to outpace
that of the nation. In 1990, the
number of residents 25 years and
older holding a bachelor’s degree
or higher was 2.9 percentage
points higher for the region versus
the U.S. By 2007 the difference was
4.3 percentage points.
The difference is even more
pronounced when looking at the
important share of people with an
advanced degree. In 1990, the
number of residents 25 and older
holding advanced degrees was 1.4
percentage points higher for the
region versus the U.S. By 2007 the
difference had reached 2.7 percentage points, with the region at
12.8% compared to the U.S. level
of 10.1%.
Many of Greater Philadelphia’s
leaders and key thinkers are focusing
on what has become a challenge
in cities and regions across the
nation – the attraction and retention of top college students and
highly skilled professionals. To
address this need, the business and
civic communities are collaborating
on a number of efforts.
In August 2008, the CEO
Council released “Strategies for
Talent Management: Greater
Philadelphia Companies in Action”
– a research report that provides
insights into how organizations
are successfully developing their
own talent and how others can
strengthen their current
talent management efforts. To
view the full report, visit
and look for the Select Studies
and Reports button.
Delaware Valley Innovation
Network is a U.S. Department of
Labor funded program formed in
2005 to strengthen and grow the
tri-state region’s life sciences
industry and the workforce that
drives its growth.
The region’s colleges and
universities are working together
through Campus Philly, a pioneering
effort to encourage local college
students to continue to explore,
live and work in Greater Philadelphia.
The organization seeks to enroll
more domestic and international
students in regional colleges,
engage enrolled students in the
region’s community and cultural
opportunities, and connect students
and recent graduates to employers
for internships and jobs.
Graduate! Philadelphia is a
joint initiative of the Philadelphia
Workforce Investment Board and
the United Way of Southeastern
Pennsylvania. The program offers
free and ongoing support and
guidance, both in-person and
online to adults who want to
return to college and complete
their degree. All with the goal
of providing skilled talent to fuel
economic growth.
Higher Education Ranking* in GPR
4th in enrollment and degrees awarded
3rd in spending per capita
3rd in doctoral and advanced certificates
and degrees awarded per capita
2nd in bachelor degrees awarded per capita
*Among the top 25 MSAs
Regional Business Schools
Fox School of Business,
Temple University
Erivan K. Haub School of Business,
“Wilmington University
offers an MBA program
on our campus.”
– AstraZeneca
“Attract, Retain and Develop
is a key corporate initiative
that encourages continued
education.” – Boeing
“Our Metro Philadelphia
district has formed an
Earn and Learn partnership with six regional
institutions.” – UPS
% of persons 25+ years with a minimum Bachelor’s degree
Highly Educated Labor Force – Trends in Educational Attainment
31.8%
32
LeBow College of Business,
30
Drexel University
28.3%
27.5%
28
25.8%
26
24
22
St. Joseph’s University
The Alfred Lerner College of Business &
Economics, University of Delaware
24.4%
Rutgers School of Business at Camden
23.2%
Villanova School of Business,
22.4%
Villanova University
20.3%
Wharton School of Business,
20
1990
Greater Philadelphia
1995
U.S.
Source: U.S. Census Bureau, American Community Survey, 2008.
2000
2007
For a complete list of all schools
offering busness degrees visit
www.selectgreaterphiladelphia.com/busdegrees
5
A flourishing
business community
in the region in 2008. For a
complete list of the top companies in the region, you can visit
www.selectgreaterphiladelphia.com/
fortune500
The Greater Philadelphia region,
home to 33 Fortune 1000 companies
in 2007, was recently selected
among America’s top business
destinations by Business Facilities
magazine. The magazine tapped
the region as one of its editors’
location picks of 2008, touting
the metro area as an economic
development hot spot.
Seventeen Fortune 500
companies are headquartered
in the region, and a total of 330
Fortune 500 firms had a presence
Where companies find value
The region’s commercial real estate
market continues to expand and
develop. According to Cushman
and Wakefield, the total inventory
of office space in the region
increased by just under 1.5 million
square feet between the 4th quarter
of 2007 and the 4th quarter of
2008. With easy access to the
Rental Rates per sq. ft. for Class A Office Space in Top U.S. Metros in 2008 (Q4)
$62.02
60
50
$40.88 $40.82 $40.29
40
$37.72
$36.33
$28.84 $25.67
$24.22
$23.13
Dallas-Fort Worth
Detroit
$33.28 $32.94
30
Source: Grubb & Ellis, January, 2009.
Greater
Philadelphia
Atlanta
Chicago
Houston
Miami
San Francisco
Washington D.C.
Boston
0
New York
10
Los Angeles
20
Northeast Corridor and a market
base that has a steady demand
for office space, the region offers
a variety of opportunities for
developers and tenants.
Compared with other major
U.S. metropolitan markets, Greater
Philadelphia offers companies
affordable rates for office space,
with an average Class A rent of
$28.84/sq. ft. And, the region’s
current vacancy rates are among
the lowest at 12.9%. This makes
Greater Philadelphia a great
value for companies looking to
expand or locate in a major U.S.
market along the East Coast.
AmerisourceBergen
Sunoco
Comcast
DuPont
Cigna
Aramark
Lincoln National
Rohm and Haas
Campbell Soup
Crown Holdings
NRG Energy
Unisys
UGI
Sovereign Bank Corp.
SunGard Data Systems
Universal Health Services
Toll Brothers
28
56
79
81
141
216
246
295
320
325
403
429
437
469
472
485
495
Source: Fortune Magazine, 2008.
Employment Shares by Industry
Employment Shares by Occupation
Construction, Natural Resources & Mining
4.2%
5.8%
Manufacturing
7.2%
9.8%
Trade, Transportation & Utilities
18.4%
19.2%
Information
2.1%
2.2%
Financial Activities
7.7%
6.0%
Professional & Business Services
15.5%
13.0%
Education & Health Services
18.9%
13.7%
Leisure & Hospitality
7.8%
9.9%
Government
13.6%
16.3%
Management, Business & Financial
9.9%
8.9%
Professional & Related
■ GPR ■ U.S.
Source: Global Insight, 2008. Bureau of Labor Statistics,
February, 2009.
Fortune 500 Companies
22.8%
19.9%
Service
18.6%
19.2%
Sales & Related
10.9%
10.7%
Office & Administration
18.7%
17.3%
Construction & Extraction
3.6%
5.0%
Installation, Repair & Maintenance
3.6%
4.0%
Production
5.4%
7.6%
Transportation & Material Moving
6.4%
7.2%
A BUSINESS TOOL
In 2009, Select Greater
Philadelphia launched
an online application
called Select Metros
that helps companies
and site selection consultants determine if
the Greater Philadelphia
region is the right fit for
their business. It enables
users to compare the
region with the other
large Metropolitan
Statistical Areas (MSAs)
on a number of indicators
and demographics.
Users can compare such
data as population,
retail sales, gross
metropolitan product,
cost of living index,
housing affordability,
transit use, employment
and occupation statistics,
household incomes,
degrees awarded and
quality of life statistics.
To access the site, visit
and look for the site
selector button.
■ GPR ■ U.S.
Source: Bureau of Labor Statistics, Occupational
Employment, May 2008.
7
WORKING TOGETHER TO TREAT ADHD
Two life science powerhouses in the region –
GlaxoSmithKline and Shire – joined forces in
April 2009 to help improve the recognition
and treatment of adult Attention Deficit
Hyperactivity Disorder (ADHD).
GlaxoSmithKline will heavily promote and
introduce Shire’s Vyvanse product, for the
treatment of ADHD, to more than 70,000 U.S.
physicians over a three-year period.
PA
BUCKS
MERCER
MONTGOMERY
Life science and related companies
with 20 or more employees.
Biotech/Pharma
Getting new drugs
to market faster
No other U.S. life sciences cluster
can equal the region’s ability to
support the development and
commercialization of life sciences
products. In a single region,
pharmaceutical and biotechnology
leaders can find everything they
need to bring discoveries to
market. So, from inception to
production, Greater Philadelphia is
improving public health by getting
important new medications and
medical devices to the people
who need them across the globe.
The region is ranked ahead of
all U.S. metropolitan areas for life
sciences economic impact,
according to a study by the Milken
Institute. The same study cited
specific advantages that help
local life sciences companies
prosper, including R&D employment
growth, pharmaceutical location
quotient* and academic degrees
awarded in entrepreneurship. The
region ranked second in terms of
FDA new drug approvals and percentage of life sciences patents.
biomedical sciences in the region
in 2006/07, it’s no wonder that
the region’s life sciences cluster
continues to thrive.
A well-educated workforce
* A location quotient is the ratio of the percent share of total
regional economic activity in a single sector over the percent
share of activity in the same sector for a larger economy. For
example, if the financial activities sector accounted for 10% of
a region’s total employment compared to only 8% of total U.S.
employment, then the region’s location quotient would be 1.25.
With 2,204 certificates and degrees
awarded in the biological and
Driving our #1 industry
• 56,500 workers in core life
sciences industry in 2008
• 342,300 workers in supporting
life sciences industries
• $443 spent on life sciences
industrial R&D for every person
in the region, the nation’s highest
For a listing of life sciences
companies in the region, visit
www.selectgreaterphiladelphia.com/
lifesciencecos
NJ
PHILADELPHIA
CHESTER
Greater Philadelphia is home to
one of the nation’s top life science
clusters, and is essentially the
capital of the pharmaceutical
industry. The area provides access
to world-class research, as well as
global pharmaceutical, biotech,
device and diagnostic companies.
CROs & CMOs
Drug wholesaler
DELAWARE
BURLINGTON
Laboratories
Merck & Co., Inc.
Medical devices & equipment
DE
Raw materials
Source: Dun & Bradstreet, and DVRPC
Selected Life Science Employers
.
Johnson & Johnson
CAMDEN
GLOUCESTER
SALEM
NEW CASTLE
LIFE SCIENCES COMPANIES
IN THE GREATER PHILADELPHIA REGION
Life Sciences is the number one economic engine
driving the region with more than 600 locally
based companies across the subsectors comprising
core life sciences: biotechnology, pharmaceutical
manufacturing, medical devices, and R&D.
14,000
9,328
Siemens Healthcare USA, Inc.
7,546
GlaxoSmithKline
5,700
Wyeth Pharmaceuticals
5,470
AstraZeneca, Inc.
4,259
Firsts in the Region
Bristol-Myers Squibb
2,000
Medical College
Endo Pharmaceuticals
1,000
Public Hospital
Pennsylvania Hospital
800
Pharmacy School
University of the Sciences
Sanofi Aventis
550
Private Biomedical Research Center
The Wistar Institute
Novo Nordisk
400
Cancer Treatment Center
Fox Chase Cancer Center
Novartis Corp.
350
Non-profit Independent College of Optometry
Pennsylvania College of Optometry
Shire
9
Fighting disease
Vaccines continue to be an
important public health focus for
many of Greater Philadelphia’s life
science organizations. Two of the
largest vaccine manufacturers in
the region are Merck & Co. and
GlaxoSmithKline. Merck & Co.,
which has 2,600 employees
involved in the manufacture of
vaccines in the region, continues
to invest in vaccines with great
potential to address unmet needs
all over the world. These investments
include vaccines targeting some
of the leading causes of infectious
disease-related morbidity and
mortality. The company has major
pharmaceutical operations in
Montgomery County, Pennsylvania.
GlaxoSmithKline markets vaccines
worldwide to prevent potentially
life-threatening or crippling illnesses
such as hepatitis A, hepatitis B,
diphtheria, tetanus, whooping cough,
measles, mumps, rubella, polio,
typhoid, influenza and bacterial
meningitis. The company employs
1,300 scientists in the region to
develop new compounds. Every
second, GlaxoSmithKline distributes more than 35 doses of vaccine.
World-renowned Institutions
National Cancer Institute (NCI)
Designated Cancer Centers
Children’s Hospitals
Abramson Cancer Center,
The Alfred I. DuPont Hospital for Children
Children’s Hospital of Philadelphia
Fox Chase Cancer Center
St. Christopher’s Hospital
Kimmel Cancer Center,
The Shriners’ Hospital
Thomas Jefferson University
Pharmacy Schools
Temple University
“This region has the
wealth of resources
and expertise to
take vaccines from
initiation to product
development and
commercialization”Paul Offit, CHOP
Location Quotient (U.S. Average = 1.0)
Core Life Sciences Industry Employment – Concentration, Growth, and Size
5.0
Greater Raleigh-Durham
4.0
Greater San Francisco
3.0
San Diego
Boston
2.0
Minneapolis
Seattle
Chicago
1.0
Dallas
0.0
70
80
Greater L.A. Greater New York
90
100
Relative Growth 1997-2003 (Index U.S. = 100)
Source: Milken Institute, 2005.
To view or download the Milken Study, visit www.selectgreaterphiladelphia.com/milken
110
120
130
Supporting worldrenowned institutions
home to a number of distinguished
life science institutions, from healthcare systems and hospitals to schools
and associations. The historic focus
on public health has laid the groundwork for the region’s standing as a
premier center for leading-edge
research and care. A sampling of the
many world-class resources in the
area is in the chart to the right.
Universities Affiliated with Healthcare Systems
Drexel University
The University of the Sciences in
The Philadelphia College
Philadelphia
of Osteopathic Medicine
The Robert Wood Johnson Medical School-
Professional Medical Association Headquarters
University of Medicine and Dentistry of
American Association for Cancer Research
New Jersey
The College of Physicians
Salus University
The Drug Information Association
Temple University
National Association of Pediatric
Nurse Practitioners
World Council of Optometry
COLLABORATION IS THE KEY TO INNOVATION
The Children’s Hospital of Pennsylvania (CHOP),
the Wistar Institute and Merck recently teamed up
to develop the oral vaccine RotaTeq®. This unique
partnership of an international pioneer in pediatric medicine, a biomedical research center and
a large pharmaceutical company has resulted in
the immunization of 3 to 5 million children to
date – combating the deadly rotavirus.
11
Dropcard is a
networking tool
for your cell phone,
featuring a unique
technology that
produces virtual
business cards.
Greater Philadelphia’s Information
Technology (IT) sector makes industry
sector partners into industry leaders
and plays an important role in the
local economy, both as a producer
of products and services and as a
support function to other major
industries in the region. Companies
such as Comcast, Lockheed Martin,
UPS and Vanguard are major consumers of IT goods and services.
Since many of them produce IT
internally, they are also large
employers of IT workers.
Strong employment base
Estimates show that for every
worker in an IT occupation in 2006
who was employed in the ITproducing sector, an additional 2.5
persons in IT occupations worked
for firms in the IT-using sector.
The structure of the IT sector
here, particularly the concentration
of IT activity in the user sector
and the development of industryspecific applications, is similar to
that in most other large, diversified
MSAs such as New York, Chicago,
Los Angeles, Houston, Miami, and
Atlanta.
The dominant characteristic of
the region’s IT-producing sector is
that firms here have traditionally
developed and provided IT goods
and services to individual economic
sectors or industry verticals –
especially in Financial Activities,
Professional and Business Services,
Information, Education and Health
Services, and Manufacturing sectors.
The region’s colleges and
universities are also a major
competitive advantage for the
region’s producing and using
sectors; during the 2006/07 school
year they awarded a total of 2,061
certificates and degrees in Computer
Information Sciences (CIS).
Increasing productivity
Employment Shares in IT-Producing
Occupations (May 2007)
GPR* U.S.
Top Employers of IT Professionals
11,500
Comcast/Spectacor
9,301
Verizon
9,054
2,500
Network & Computer
Systems Administrators
.29% .23%
SAP AG
Computer Operators
.14% .09%
SunGard Data Systems Inc.
2,500
Unisys Corporation
2,400
Computer & Information
Systems Managers
.26% .20%
Computer Programmers
.49% .29%
Database Administrators
.11%
.09%
* Philadelphia and Trenton MSAs only.
Source: U.S. Bureau of Labor Statistics, May 2007.
Occupational Employment Statistics.
CSC Corporation
1,600
SEI Investments
1,400
L-3 Communications
1,200
The region’s IT industry has served
well in powering economic growth
and infrastructure in Greater
Philadelphia.
IT is an enabling technology
used by all industries to increase
productivity and to manage and
analyze information. The region’s
IT-producing industry includes
economic sectors that manufacture
IT goods, such as hardware, software, and network equipment, or
that provide IT services, such as
programming, consulting, and
maintenance. And the region’s
IT-using industry includes all the
other sectors that use IT goods
and services as inputs to make the
non-IT products they sell.
Greater Philadelphia is also
a great location for young IT
companies. Many such companies
have made it onto “fastest growing
companies” lists. There were 46
venture capital deals in 2008 in IT
and related sectors totaling $139.6
million in funding, averaging $3
million per deal, according to
PricewaterhouseCoopers.
In October 2008, Select
Greater Philadelphia released
a comprehensive study that
compared the key differentiating
characteristics of Greater
Philadelphia’s IT sector and
other large MSAs.
Of note, the region’s ITproducing companies are recognized
as being very good in taking
hardware and software innovations
and adapting them to create
customized, industry-specific
applications.
This is largely a result of
increasing collaborations between
IT-focused organizations and
programs in the region that lead
to the spread of ideas.
For a copy of the report, visit
and look for the Select Studies &
Report button.
DREAMIT VENTURE SUCCESSES
A prime example of the region’s
IT synergy is the DreamIT Ventures
program, started in the summer
of 2008. It is a unique collaboration of companies, governments,
and non-profit organizations
designed to help entrepreneurs
start and successfully grow
new firms.
These DreamIT collaborations
have produced a number of
success stories and introduced
new IT applications that continue
to push the envelope.
InterviewBest
provides a unique
suite of tools that
help job seekers
create professional,
bound and printed
presentations to
prepare for interviews.
TapInko, an online service for
purchasing and managing print ad
placements, aims to become the
universal transaction tool for
buyers and sellers of advertising.
13
The region’s evolution from a basic
to high-tech manufacturing hub is
evidenced by advanced manufacturing companies, which produce
sophisticated goods for a variety
of business sectors. Products are
produced for information technology, aerospace, defense systems,
biomedical and optoelectronics,
pharmaceuticals and medical
device industries.
TRI-STATE PARTNERS
The Mid-Atlantic
Nanotechnology Alliance
(MANA) is a tri-state
collaborative effort to focus
and enhance the development
of nanotechnology in Greater
Philadelphia.
The Alliance was formed
in 2004 to build a foundation
to enable the region to
become a global hub for
research, development and
commercialization of nanotechnology.
Universities across the
region have partnered with
economic development
agencies in all three states
to bring MANA to life, and
create an infrastructure to
translate nano research into
practical applications.
Pioneering nano research
Nano in Action
Nanotechnology is
even helping golf balls
correct their own
flight path and fly
straighter.
“Whether to build a new technology-based company
or relocate an established one, the Greater Philadelphia,
tri-state region offers unparalleled strengths in workforce availability, ease of market access, universities,
cost and quality of business and personal life and an
overall supportive environment.” – Mike Bowman,
Chairman and CEO, Delaware Technology Park
Regional collaboration is positioning
Greater Philadelphia to be a global
leader in the rapidly emerging
science of nanotechnology, which
involves research and technology
development at the atomic,
molecular or macromolecular levels.
The region is a national leader
with more than 100 companies
engaged in nanotechnology business
activities. The Nanotechnology
Institute (NTI) in Greater Philadelphia,
a consortium that includes the
University of Pennsylvania, Drexel
University and Ben Franklin
Technology Partners, conducts
one of the country’s best programs
to stimulate nanotechnology
research. The Institute incorporates
12 academic research institutions
focused on a common framework
of technology development,
intellectual property (IP) management, sponsored research,
commercialization partnerships
and new company formation.
The NTI is playing a significant
role in the areas of technology
and economic development. To
date, the NTI has helped produce
more than 80 intellectual property
assets, facilitated seven technology
licenses, created or assisted 13
young companies, and attracted
more than $172 million in public and
private investment to the region.
Nanotechnology is positioned
to be one of the key economic
drivers of the 21st century. In 2005,
nanotechnology was incorporated
into more than $30 billion in
manufactured goods. By 2014,
Lux Research estimates $2.6 trillion
in manufactured goods will incorporate nanotechnology.
Strengthening
the nation’s defense
Contributing significantly to the
region’s economy and nation’s
defense are a large number of
defense contractors in Greater
Philadelphia. The top 10 defense
contractors in the region based
on the value of contracts received
currently employ 21,125 workers.
Greater Philadelphia is home
to one of the first rotorcraft plants
in the country at Boeing’s Ridley
Park, PA facility. This site produces
the Boeing Chinook, Boeing-Bell
Osprey, and a variation of the
Chinook called the HH-47. Other
helicopters manufactured in the
Greater Philadelphia region include
the AW139, Sikorsky S-76 and
AgustaWestland Koala.
According to the Delaware
Valley Industrial Resource Center’s
2008 Rotorcraft Industry
Intelligence Report, the projected
revenue over the next decade for
the industry totals $154.5 billion
(excluding engine support business).
Department of Defense
Contract Awards per Capita in
the Largest MSAs
(Fiscal Year 2006)
Washington D.C.
$5,196
Dallas-Fort Worth
$2,710
Boston
$1,794
Los Angeles
$1,038
Philadelphia
$695
Detroit
$655
Atlanta
$559
Houston
$558
New York
$366
Chicago
$220
Miami
$182
Source: Department of Defense, 2008.
15
The creation of alternative energy
sources is key to America’s economic
future. The Greater Philadelphia
region is home to many businesses
and organizations that are on the
forefront of this global initiative.
In addition, DE, NJ and PA have
created tax policies to stimulate
the growth of this industry.
Creating a regional hub
Three leading alternative energy
companies – Gamesa, Iberdrola
and GE Wind, – as well as the
world’s largest solar energy
systems integrator, SunTechnics,
a subsidiary of Conergy – all have
an important presence in the
region. Plus, several significant
alternative energy projects are
being constructed in the region:
Epuron, a subsidiary of Conergy,
is partnering with PECO Energy
to construct a 2-megawatt solar
energy center at Waste
Management’s GROWS landfill
in Bucks County – when finished
it will be the largest solar project
in the U.S. east of Arizona; and
began construction, in December
2008, of a utility-scale solar array
at its Moorestown, N.J., research
facility. All of these initiatives add
to the region’s strength as an
emerging alternative energy hub.
PJM, the nation's largest power
grid serving 51 million people, is
headquartered in the region. In
2008, PJM’s markets set a record
of $34.3 billion in billings.
Leading the world
Greater Philadelphia is among
the leading regions in the world
embracing an environmentally
friendly approach to business.
The region is rich with organizations that are creating alternative
energy, companies implementing
changes to modify their carbon
footprint, and local governments
that are all working together to
drive long-term success.
Building sustainable skylines
The demand for sustainable “green”
buildings is on the rise. A 2008
study by the CoStar Group found
that LEED-certified (Leadership in
Energy and Environmental Design)
buildings outperform non-green
New commercial construction is
embracing an environmentally
friendly approach. The region has
more than 4 million sq. ft. of
LEED-certified projects in the area.
commercial space in terms of
occupancy rates, sale prices and
rental rates.
The region’s iconic headquarters
building – Center City Philadelphia’s
Comcast Center – is the nation’s
tallest green building. The Comcast
Center is a clear signal to the
world that Greater Philadelphia
is pushing towards more environmentally friendly business practices.
PFPC, a subsidiary of PNC
Financial Group, recently completed construction of a 116,000
sq. ft. green corporate headquarters complex in Wilmington,
Delaware. The building is the first
LEED-certified “gold” building in
the state and the first built in the
financial services industry.
According to the U.S. Green
Building Council, there are currently
a total of 45 LEED-certified projects
located in the region – one in
Delaware, 13 in New Jersey and 31
in Pennsylvania.
Gross Square Footage
of LEED-certified Projects
Gold 56.5%
Platinum 2.6%
Certified 20.1%
Silver 20.8%
Source: U.S. Green Building Council,
December 2008
A REGIONAL SYNERGY
Ben Franklin Technology Partners,
Penn State University, Philadelphia
Industrial Development Association,
Delaware Valley Industrial Resource
Center and Naval Sea Systems
Command are working together to
make the region a hub for smartgrid power and related technologies.
Current projects include the creation of power-management technologies for applications such as a
future electric ship featuring a fuelpowered turbine at the Naval
Surface Warfare Center’s Ship
System Engineering Station. This
would require a smart grid to pass
power to non-functioning areas.
Similar devices and software for
power production are being designed
and produced by the Energy
Commercialization Institute and Penn
State University, in conjunction with
Drexel at the Navy Yard.
17
A full range of colleges and
universities – 92 across the region,
offering associate degrees or
higher – continue to develop and
enhance the region’s growing
workforce.
In the fall of 2007, more
than 368,000 full- and part-time
students were enrolled in the
region’s colleges and universities.
The schools awarded 77,700 certificates and degrees at all levels,
of which 79% were bachelor
certificates and degrees or higher.
When compared to the Top
25 Metropolitan Statistical Areas
(MSAs), the Greater Philadelphia
region ranked second only to
Boston in the number of bachelor
and first professional degrees
awarded per capita.
Strengthening
the region’s economy
While the region’s colleges and
universities continue to produce a
talented and highly skilled workforce, they also have a significant,
positive impact on the diverse
economy of this region.
Greater Philadelphia draws
economic strength from the
area’s many communities of higher
education including operating
Top 10 Degrees Awarded in 2006/2007
Business, management and marketing
14,489
Health professions and related clinical services
12,261
Education
8,771
Liberal arts and sciences
4,741
Social sciences
3,694
Visual and performing arts
3,594
Psychology
2,794
Engineering
2,749
Biological and biomedical sciences
2,204
Computer and information sciences
2,061
expenditures, wages and salaries,
and student spending around the
region. This annual impact can be
seen in the pie chart below. The
impact of this spending is even
more evident, when the economic
multiplier effects are considered.
In 2008, the educational
community:
• accounted for 6.9% of
the region’s employment,
or 210,600 jobs;
• represented 4.8% of the total
gross regional product; and
• produced an $11 billion increase
in the region’s total labor income.
Direct impact on the local economy
$14.5 billion; total impact $24 billion
Goods & Services Purchased
$7.1 Billion
Student Spending
$2.2 Billion
Wages and Salaries
$5.2 Billion
Top 25 Area Universities, Fall 2007 Enrollment
Total
Enrollment Full-Time Part-Time
Temple University
34,696
27,193
7,503
23,906
19,865
4,041
Drexel University
20,821
14,619
6,202
University of Delaware
20,341
17,679
2,662
Community College of Philadelphia
17,230
5,661
11,569
Camden County College
14,380
7,305
7,075
West Chester University
13,219
10,597
2,622
Delaware County Community College 10,816
4,633
6,183
10,466
7,959
2,507
Rowan University
10,091
7,924
2,167
Bucks County Community College
10,005
4,575
5,430
Montgomery County Community College 9,184
4,198
4,986
Mercer County Community College
8,987
3,625
5,362
Burlington County College
8,432
4,441
3,991
Wilmington University
8,021
3,516
4,505
Saint Joseph’s University
7,542
4,631
2,911
7,515
3,101
4,414
Delaware Technical & Community
College-Stanton-Wilmington
Princeton University
7,201
7,201
–
The College of New Jersey
6,964
6,132
832
Gloucester County College
6,169
3,423
2,746
Pennsylvania State University
6,091
3,890
2,201
Widener University
6,064
3,860
2,204
La Salle University
5,994
3,561
2,433
Rider University
5,982
4,228
1,754
Rutgers University-Camden
5,159
3,630
1,529
The region's colleges
and universities
continue to expand
and build new
facilities.
Source: National Center for Education Statistics, Integrated Postsecondary Education Data System
(IPEDS), 2009.
The University of Pennsylvania is
scheduled to open a $370 million
Medical Research Building in 2010.
19
Community College Enrollment - Fall 2007
EMERGING TECHNOLOGY
Institutions
Rowan University students use 3-D
technology at the Samuel H. Jones
Innovation Center, the first structure
of Rowan’s planned 25-building, 1.5
million-square-foot South Jersey
Technology Park in Glassboro, NJ.
The building offers a mixed-use
facility to accommodate academic
research and development programs
and provides the resources necessary
to incubate emerging technology
enterprises.
Bucks County Community College
Total Enrollment
Full-Time
Part-Time
10,005
4,575
5,430
8,432
4,441
3,991
Camden County College
14,380
7,305
7,075
Community College of Philadelphia
17,230
5,661
11,569
Delaware County Community College
Burlington County College
10,816
4,633
6,183
Delaware Technical & Community College
7,515
3,101
4,414
Gloucester County College
6,169
3,423
2,746
Mercer County Community College
8,987
3,625
5,362
Montgomery County Community College
9,184
4,198
4,986
Salem Community College
1,302
722
580
Source: National Center for Education Statistics, 2009. Integrated
Postsecondary Education Data System (IPEDS).
Liberal Arts School Rankings
Amherst College
SCIENCE CENTER
The University City Science Center
understands that collaboration and
a regional outlook are key to the
region’s success.
From its new QED Proof of Concept
program, providing compelling
university-based technologies and
ideas with the business support
needed to move to commercialization;
to Quorum, a magnet for entrepreneurs
throughout the region; to its partnership with Delaware Technology
Park, the Science Center leverages 46
years of experience in the region.
PARTNERSHIP FOR STEM EDUCATION
The key to the region’s competitiveness in
the 21st century global economy will be a welleducated workforce.
The Greater Philadelphia Compact for STEM
Education is just one of the community’s
many unique educational initiatives – created
to help the region develop a dynamic, robust
talent pool focused on science, technology,
engineering and mathematics. It is designed to
further distinguish the region as a center for
world-class innovators and industry leaders.
This initiative aims to leverage a concerted
effort and collaboration across multiple stakeholder communities and geo-political boundaries
on a path to achieving Greater Philadelphia’s
long-term growth and prosperity.
Best U.S. Universities Ranking
1
Harvard University
1
Williams College
1
2
Swarthmore College
3
Yale University
3
Wellesley College
4
MIT
4
Middlebury College
5
Stanford University
4
Pomona College
6
6
Bowdoin College
6
California Institute of Technology
6
Carleton College
8
Columbia University
8
Davidson College
9
Duke University
8
Haverford College
10
University of Chicago
8
Bryn Mawr College
23
■ Greater Philadelphia Region
■ Greater Philadelphia Region
Source: US News & World Report, 2009.
Source: US News & World Report, 2008.
“As the oldest and largest urban research and science park in the world, we’ve built
a number of valuable collaborations in Greater Philadelphia over our 46-year
existence to help commercialize new technologies and nurture new companies.
The relationships we have cultivated with our 32 academic and medical research
shareholder institutions throughout the tri-state area allow us to move technology
out of the lab and into the marketplace more rapidly and effectively than ever,
helping bring the benefits of science to the region and the world.”
- Stephen Tang, President & CEO, University City Science Center.
2121
The Waterfront Technology Center
at Camden has earned gold
certification from U.S. Green Building
Council.
Developing innovative
technologies
Business Incubators
Delaware
Delaware Technology Park
Emerging Enterprise Center
Wilmington Retail Incubator Program
New Jersey
ACIN Center
Burlington County Community College
High Tech Small Business Incubator
Rutgers Camden Technology
Campus/Small Business Incubator
Rutgers EcoComplex
Rutgers Food Innovation Center
Southern Jersey Technology Park
Trenton Technology Park
Pennsylvania
Bucks County Technology Park
Pennsylvania Biotechnology
University research is a key driver
of a region’s ability to innovate,
and Greater Philadelphia is one
of the top metropolitan areas for
research and development (R&D)
in the country.
According to the National
Science Foundation, 24 colleges
and universities in the region
spent $1.29 billion for R&D in
FY2006, or 2.7% of the nation’s
total of $47.76 billion. In addition,
more than 20 area universities
have affiliations with technology
and science incubators, allowing
new science and IT businesses
access to university talent and
equipment.
Consistent with the region’s
large education and health services cluster, data from the National
Institutes of Health (NIH) shows
that Greater Philadelphia ranked
4th among the largest MSAs,
receiving $887 million in funding
for health-related R&D, in 2006.
Leveraging venture capital
The amount and distribution of
venture capital investment by
sector is a key indicator of a
region’s ability to support innovative entrepreneurial activity.
According to Pricewaterhouse-
Center of Bucks County
The Philadelphia Navy Yard
Science Center
University Technology Park
Vanguard Group
10,000
8,500
TD Bank
7,751
Wachovia Bank, NA
7,655
PNC Bank, NA
6,000
Prudential Fox & Roach
Realtors/The Trident Group
JP Morgan Chase
Financing the future
Philadelphia’s diverse Financial
Activities sector, which includes
banking, investment, securities,
insurance, leasing and real estate
services, accounted for 7.6% of
the region’s total employment,
well above the U.S. share of 5.8%.
In fact, this regional concentration
of employment in financial activities
during 2007 was the 5th highest
among the 12 largest metro areas
in the entire country.
Plus there were more than
$2 trillion in mutual fund assets
under management in the region,
and a total of 233,100 financial
service workers in 2008.
2006 R&D Funds ($ in millions)
Top Financial Employers
Bank of America Corp.
Coopers’ (PWC) MoneyTree
venture capital database, in 2008,
their 19-county Philadelphia
region ranked 12th among all 18
U.S. regions they track, based on
the value of VC investments made
here. Biotechnology led the list of
industries receiving the most venture capital financing, followed by
medical devices, energy, software
and business services.
Venture capital activity in PWC’s
Philadelphia region consisted of:
• 139 deals at $7.2 million per deal;
• $376 million for the Biotechnology
and Medical Device sectors, or
50.3% of total VC investment; and
• a total of $747.7 million in
venture capital investment.
Over the last five years, a total of
$3.65 billion has been invested in
the GPR.
4,500
3,442
$676.05
University of the Sciences Philadelphia $1.26
$188.17
$1.03
$.97
University of Delaware
$114.99
$106.99
Haverford College
Drexel University
$96.69
Philadelphia University
$.86
$79.74
Lincoln University
$.61
$7.12
Ursinus College
$.56
Rowan University
$4.58
Arcadia University
$.33
Bryn Mawr College
$4.25
Cheyney University
$.28
Swarthmore College
$2.39
West Chester University
$.24
$1.64
La Salle University
$.24
$1.29
Source: National Science Foundation, 2007.
Temple University
Wilmington Trust Corp.
2,672
PA College of Optometry
Sallie Mae
1,100*
Rider University
*Opened 2009
Venture Capital Investment by Sector (2008)
Philadelphia College of
Osteopathic Medicine
37.3% Biotechnology
0.3% Computers & Peripherals
2.3% Retailing & Dist.
3.4% Business Services
6.0% Networking &
Equipment
7.8% Software
13% Medical Device
& Equipment
Electronics &
Instrumentation 2.5%
Consumer Products 1.9%
Semiconductors 0.3%
Financial Services 7.9%
IT Services 1.8%
Media &
Entertainment 5.4%
Healthcare 0.5%
Industry-Energy 9.8%
CREATING A HIGH-TECH
COMMUNICATION NETWORK
Regional collaboration has led to
a flourishing high-tech business
incubator in the city of Camden,
creating hundreds of jobs and
delivering cutting-edge technology.
In 2001, several partners –
Drexel University, New Jersey
economic development officials
and the Departments of Defense
and Homeland Security – joined
together to form the Applied
Communications and Information
Networking (ACIN) Center. The
partnership brings together small
businesses from across the region
and multiple industry sectors to
develop new technologies and
products for the military’s
emerging needs.
ACIN is now home to 60 hightechnology businesses, employing
more than 250 people in Camden.
Collectively, these businesses have
brought in close to $150 million in
government contracts.
Source: PricewaterhouseCoopers, February 2009.
MoneyTree Database.
23
Philadelphia International Airport
• Served more than 32 million passengers, in
2008
• Hosts 29 airlines that provide more than
600 daily flights
• Reaches 122 domestic and international
destinations
• Features more than 50 daily and seasonal
nonstop flights to 38 international cities
• Employs 42,000 people at more than 200
businesses
• Creates a $14 billion economic impact on
the region
• Has added two new terminals, 55 new
boarding gates and 5,100 parking spaces
since 2001
• Has undergone more than $1 billion in
capital improvements since 2000
Airport choices
With more than eight airports located
within a 90-minute drive of the
Greater Philadelphia region, the area
is one of the most accessible in the
country. Half of them offer both
international and domestic service:
• Baltimore/Washington
International Airport
• Harrisburg International Airport, Pa.
• Newark International Airport, N.J.
• Philadelphia International Airport
And, regularly scheduled
commercial jet services also fly
domestically from:
• Allentown Airport, Pa.
• Atlantic City International
Airport, N.J.
• Lancaster Airport, Pa.
• Mercer County Airport, N.J.
Expanding service
2008 was a milestone year for the
Philadelphia International Airport
Attracting business
The region’s strong connections to
the rest of the world have helped
drive business growth. In fact, 629
foreign-owned companies from 37
different countries have located
an office or facility in the region.
And 42 multi-national companies
are headquartered here, with 1,453
locations in 74 countries.
Greater Philadelphia is international-business friendly with 33
(PHL). In addition to US Airways’
announcement to establish a new
international service between
Philadelphia and Tel Aviv, Israel,
beginning July 2009, a new transAtlantic flight between Oslo, Norway,
and Philadelphia was announced to
begin spring 2009.
Adding convenience
PHL added a new terminal connector
providing greater access and more
amenities for travelers. The new
addition means less time in security
lines and more time to enjoy
shopping and eating at new
concessions. The new security
checkpoint lanes are equipped with
state-of-the-art X-ray technology
providing enhanced baggage
screening and saving passengers time.
With more than 500,000
takeoffs and landings, PHL was
the 10th busiest North American
airport in 2007. And passenger traffic
consulates and 10 bilateral chambers
of commerce. And we have 17
International Baccalaureate schools
that are very attractive to foreign
workers and their families.
Encouraging diversity
Greater Philadelphia has the 11th
largest foreign-born population in
the U.S. According to the 2007
American Community Survey
(ACS), 574,313 foreign-born residents
at the airport has grown by an
astounding 30% since 2003.
PHL is recognized as a leader
in customer satisfaction, and
offers a variety of service options
including five low-cost carriers.
International Companies
Siemens Medical Solutions
GlaxoSmithKline
AstraZeneca LP
Sodexho, Inc.
Atlantic Petroleum Corporation
Super Fresh Food Markets Inc.
Citizens Bank of Pennsylvania
Compass Group USA, Inc.
Eckerd Corporation
Giant Food Stores, LLC
SAP America Inc.
TD Bank
Securitas Security Services USA, Inc.
Johnson Matthey, Inc.
HSBC Bank USA, National Association
Visit www.selectgreaterphiladelphia.com/international
for a full listing.
live in the region, comprising 9.4%
of its total population. Almost 30%
of the foreign-born population
moved into the region after 2000.
Top 5 Countries with
Companies in the Region
United Kingdom
124
Germany
86
Japan
73
Canada
71
France
56
25
The East Coast’s
gateway to the world
The region is well-positioned along
the Delaware River offering a
thriving gateway of international
trade. The Delaware River Port
Complex includes modern, fullservice docking facilities in Delaware,
New Jersey and Pennsylvania, and
contributes billions in annual
economic activity to the region.
Within the port complex, the
Philadelphia Regional Port Authority
(PRPA) is the number one perishables port on the East Coast. The
Gloucester Marine Terminal is the
top port for perishables and
deciduous fruit on the East Coast.
The Port of Wilmington is the top
North American port for fresh
*Source: Maritime Exchange of the Delaware River and Bay. April 2009
fruit, bananas and fruit concentrates.
The region has more than 2 million
square feet of cold-storage space.
Top ports of entry
PRPA and South Jersey Port
Corporation (SJPC) form the core
of Greater Philadelphia's international port system. With the largest
growth among the top 15 ports in
the U.S., the PRPA increased its
imports by 26% in 2008.
In 2008, there were a total of
2,314 ship arrivals along the ports
of the Delaware River including:*
• 794 that unloaded oil
• 442 that unloaded fruit
• 414 that unloaded containers
• 127 that unloaded steel
• 118 that unloaded vehicles
More than 400 vessels per year
with an annual import/export cargo
tonnage of 4 million were handled
by the Port of Wilmington, alone.
The Port of Philadelphia is also
one of 14 strategic military ports,
and has increasingly become a major
point of departure for military
supplies and equipment.
Top 10 Exports and Imports Through Delaware River Ports in 2008
Commodity Tonnage (thousand metric tons)
Exports
Refined Petroleum
Iron, Steel, Waste, Scrap
Imports
1,401.1
Crude Petroleum
27,986.7
319.4
Gasoline
9,871.4
Motor Vehicles
243.2
Refined Petroleum
6,793.4
Paper
233.6
Coal
2,251.0
Residual Fuel Oil
119.4
Wine
1,647.1
Superior rail access
Sulfur
79.1
Gypsum, Anhydrite
1,624.1
Xylene
78.4
Sodium Chloride; Bulk
1,518.2
one of the few metro areas that
boasts three Class 1 freight railroads
– CSX Transportation, Canadian
Pacific and the Norfolk Southern
– that all connect directly into the
region’s port complex.
Chemicals
76.9
Naphthas
1,515.2
Crude Petroleum
74.1
Steel
1,265.2
Foodstuffs, Pastes, Sauces
70.6
Furniture and Fixtures
1,094.1
Source: Journal of Commerce, PIERS Data Base. February 2009.
Data provided courtesy of the Philadelphia Regional Port Authority.
“The Philadelphia Port region stretches
from the mouth of the Delaware Bay
to Trenton, New Jersey, comprising one
of the largest freshwater estuaries in
the nation. Not only did the United
States start here, but the backbone of
national maritime and intermodal
commerce also traces its roots here.
Our Port region is unparalleled nationally as an intersection of three Class 1
railroads, highly productive and diverse
cargo facilities with room to grow, a
tremendous connectability with interstate highways and a perfect consumer
positioning within the Boston to
Washington megalopolis. Wherever you
are going, we can get you there, safer,
faster and for less money.”
- Leo A. Holt, President, Holt Logistics
www.selectgreaterphiladelphia.com • 215-790-3777 27
Travel in the region
strategically located between the
financial center in New York City
and the country’s political capital
in Washington D.C., and offers
affordable access to both. This
region is served by all modes of
transportation from trains to
buses to car-sharing programs,
making it easy to travel throughout the entire 11-county region.
In fact, Greater Philadelphia
ranks as the least congested of
the top ten U.S. metropolitan
areas, and business and personal
travelers spend less time in traffic
jams.* Travel within the region
plays a major role in Greater
Philadelphia’s economic growth as
it enables residents to travel
quickly to their places of work,
whether they work close to
home, in another county or even
in another state.
Daily journey-to-work trips by
employed residents of the region
were distributed as follows:
• 53.4% worked in the county
where they lived;
• 33% commuted to another
county in-region to work; and
• 13.6% commuted out of the
region to work.**
Residents in the Greater
Philadelphia region have the 3rd
lowest commuting time among
the country’s 12 largest MSAs,
with an average travel time of
27.8 minutes.
Growing public transit
Greater Philadelphia offers one of
the most extensive public transit
and commuter rail systems in the
United States. Options include
SEPTA (serving southeastern
Pennsylvania), NJ Transit, PATCO
(southern New Jersey), DART
(Delaware) and Amtrak. The tristate area’s vast network of bus,
subway, train and trolley services
covers virtually every corner of
the region.
In fact, one-third of the
region’s population currently uses
public transportation. SEPTA, the
region’s biggest public transit
authority, has increased the total
number of daily riders by 5.5%
over 2007. Additionally, PATCO
ridership was up 9.9% and NJ
Transit was up 4.5% in 2008.
Amtrak’s Northeast Corridor is
the busiest railroad in North America
with 1,700 trains running daily. In
2008, 5.5 million people boarded
or alighted at an Amtrak station in
Greater Philadelphia. The Northeast
Corridor is served by 11 regional
Amtrak stops, and Philadelphia’s
30th Street Station is the third-
busiest Amtrak station in the U.S.
Major highways, such as I-95,
I-76, I-295 and the New Jersey
and Pennsylvania turnpikes,
make getting around the region
convenient. Philadelphia is also
recognized as one of the country’s
most walkable cities, and more
people walk or bike to work here
than in Chicago or Washington D.C.
All across the region commu-
nities are thinking “green” when
making transportation decisions.
SEPTA is planning to introduce an
additional 400 new hybrid buses
between 2008 and 2011.
Additionally, “car-sharing” has
become a phenomenon in the
region; two significant players,
PhillyCarShare and ZipCar, boast
tens of thousands of members
who rent cars by the hour.
*2005 Urban Mobility Study, Texan Transportation Institute.
** Bureau of the Census, LED Origins Destination Database.
Wilmington, Del. and other
local cities are reducing
government fleets by
using car share programs.
PROTECTING REGIONAL RAIL ACCESS
SEPTA and PATCO
are working together
to implement a
regional smartcard
program to help
unify services.
In recent years, Amtrak faced inadequate funding to update its systems. A reduction or loss of Amtrak service would
have threatened Greater Philadelphia’s economy. The local business community joined together to tackle the issue head
on. The CEO Council for Growth – made up of business leaders across the tri-state region – led what would become the
Business Alliance for Northeast Mobility.
For Greater Philadelphia, the stakes were high. Philadelphia’s 30th Street Station is the third busiest station in Amtrak’s
network, with 5.5 million people boarded or alighted in 2008. Stations in Trenton, Princeton and Wilmington provide
access to over 2 million passengers annually. And both SEPTA and NJ Transit use Amtrak rails for regional rail service.
CEO Council advocacy and willingness to bring innovative ideas to the table paid off. In October 2008, President
Bush signed the Amtrak Reauthorization Bill, providing $13 billion to Amtrak over a five-year period.
29
Greater Philadelphia was founded
on the principles of independence
and freedom. Today, there are more
lifestyle options in the region than
ever before. From the city to the
suburbs, the area offers a wide
range of choices to meet your
specific needs. Whether your
preference is to live by farms,
by skyscrapers or somewhere in
between, there is something here
for everyone.
A place to call home
Price and availability of homes are
important criterion for companies
looking to locate to the region.
According to the National Association
of Realtors, those looking to
locate in Greater Philadelphia will
find the fifth lowest median home
prices of the top U.S. metropolitan
areas at $241,100.
In the fourth quarter of
2008, 44% of the homes sold in
Greater Philadelphia could have
been purchased by the median
income family.
Greater Philadelphia’s diverse
neighborhood options range from
urban living in Philadelphia and
Wilmington to suburban living in
towns such as Horsham, Pa., Pike
Creek, Del., or Moorestown, N.J.,
to rural life in Salem County, N.J.
and Chester County, Pa.
A place to raise a family
Greater Philadelphia is home to a
wide range of public and private
K-12 schools, magnet public schools
with specialized curricula, religious
schools and independent private
schools.
This includes 125 public school
districts with a total of 1,350 public
schools, 1,240 private and religious
schools with programs from preKindergarten to grade 12, and
vocational-technical high schools
available in each of the 11 counties.
The region also has some of
the best public school systems in
the country.
In 2007, Expansion Management
designated 35 local public school
districts as “gold” districts, with a
total enrollment of approximately
239,400 students.
A total of 17 regional schools
have been named International
Baccalaureate schools, including
three in Delaware, seven in New
Jersey and seven in Pennsylvania.
Newsweek magazine included
20 of our public schools in its
listing of the Best High Schools
in the country. Seventeen public
high schools in the region had
combined verbal and math SAT
scores of 1,100 or higher during
the 2006/07 school year.
Food co-ops help
increase access
to locally farmed
products.
Celebrating its
150th birthday, the
Philadelphia Zoo
offers unique
classes for teachers
and home-schooling
parents.
The Please Touch Museum
reopened in its new home at
Memorial Hall in Fairmount
Park after an $88M restoration.
Average Household Incomes
Cost of Living
San Francisco
157.6
New York
153.1
Los Angeles
147.8
Washington D.C.
Boston
The region has
86,456 acres of
parkland.
Chicago
New York
136.2
Washington D.C.
132.3
Houston
Los Angeles
117.0
Philadelphia
115.3
Chicago
100.9
Dallas
Atlanta
97.5
Dallas
91.9
Detroit
Houston
$173,047
Boston
122.3
Philadelphia
Miami
San Francisco
90.9
Source: ACCRA, Cost of Living Index - Q3 2008
Median Price of Single Family Home
San Francisco
$152,776
New York
$152,566
Los Angeles
$150,833
$141,000
$131,840
$126,017
$125,454
Miami
Chicago
$287,800
$250,800
Philadelphia $241,100
Miami
$118,363
Atlanta
Atlanta
$107,195
Dallas
$103,574
$373,400
Washington D.C. $332,700
Houston
Source: Global Insight, 2009. Winter 2009 Metro Forecast.
$391,400
Boston
$123,400
Detroit
$615,700
$452,500
$160,200
$151,300
$150,200
Detroit $133,000*
Source: National Association of Realtors, Q3 2008.
*Q4 2007
31
The region boasts
more than 50
professional dance
companies.
The City of Philadelphia
Mural Arts Program is the
nation’s largest public arts
initiative of its kind.
Some of the world’s
most established
jazz musicians
have roots in the
region.
More than meets the eye
The Greater Philadelphia region
offers world-class museums, music,
multicultural festivals and recreational venues, as well as important
historical sites.
With so much to do in the
region, residents can take full
advantage of their leisure time,
providing a significant edge over
other regions in the country.
Families in the Greater Philadelphia
region have plenty of ways to
spend their free time, from theme
parks and museums to ball fields
and shopping malls. The area
boasts 18 professional sports teams
and state-of-the-art stadiums.
Greater Philadelphia is recognized as one of the top big-city
arts destinations, as well as one
of America’s best sports regions.
According to the Greater
The Grounds for Sculpture in Hamilton, N.J., boasts
a collection of more than 240 works of art.
Philadelphia Cultural Alliance, arts
and culture play a major role in
this region’s economy with:
• $1.3 billion invested annually, and
• $158 million in taxes returned to
state and local communities.
The region is home to some
of the country’s finest museums,
including the Philadelphia Museum
of Art, the Barnes Museum, the
Academy of Natural Sciences, the
Franklin Institute, the Rodin Museum,
the Brandywine River Museum,
the NJ State Museum, Winterthur
and the Delaware Art Museum.
Fueling cultural growth
Arts and culture is a significant
and highly valued asset for the
region. With more than 43,000
paid and volunteer workers supporting 281 organizations, cultural
events in the region attract 15
million visitors annually.
In 2008, the Greater
Philadelphia Cultural Alliance
launched Engage 2020, a
$6,300,000 research and marketing initiative with the goal of
doubling cultural participation in
Greater Philadelphia by 2020.
Engage 2020 is funded by a
$5,000,000 four-year lead grant
from The Pew Charitable Trusts,
with additional support by The
Wallace Foundation and The
Philadelphia Foundation.
Entertaining diverse tastes
The area continues to attract
diverse festivals celebrating all
genres of music and performing
arts, including folk, film, fringe,
African heritage and jazz festivals.
This is just one of the many reasons
why Rolling Stone magazine
voted Philly as the “Hot” music
scene of 2007. Whether you are
entertaining business associates
or relaxing with your friends and
family, the Greater Philadelphia
region offers an array of dining
and entertainment choices. You
can find any restaurant or eatery
that satisfies your palate and your
budget, from five-star gourmet
restaurants to sidewalk cafes, to
fast, cheap eats.
Annual, world-class events
such as the Philadelphia Flower
Show and the Auto Show offer
something for everyone. According
to the Greater Philadelphia
Cultural Alliance Portfolio, there
are more than 150 cultural events
per day in the region, almost
56,000 a year. Internationally
renowned performing arts
organizations can be found
throughout the region, including
classical music and opera, ballet
and modern dance, and theatrical
productions. The Delaware
Opera House, the McCarter
Theatre of Princeton and Center
City Philadelphia’s Kimmel Center
are just a few of the region’s top
venues.
33
More places to play
full of passion for sports and
recreation. A cadre of sports
activities make up the fabric of
Greater Philadelphia. In fact,
Bicycling magazine rated
Philadelphia as one of the best
bicycling cities in the country.
Greater Philadelphia residents
enjoy the wonders of all four
seasons in their own backyards.
Family-friendly activities are
abundant. And weekend
trips to the mountains or
the shore are only a 45minute car-drive away.
The Fairmount Park system
includes 63 neighborhood
parks and 215 miles of
recreation trails.
The region also offers many
public spaces to enjoy fishing,
horseback riding and golf. There
are 193 golf courses, including 79
public, 87 private, 25 semi-private
and two military facilities.
Fairmount Park is one of the
nation’s largest landscaped city
parks systems, with over 9,200
acres. To put this in perspective,
New York’s Central Park is 843 acres.
Just a short drive away, the
surf, sand, sun and fabled boardwalks of the New Jersey shore
and Delaware beaches attract
thousands of visitors each year
from Greater Philadelphia.
Professional Sports Teams
Delaware
Pennsylvania
Delaware Destroyers
Basketball
Philadelphia 76ers
Basketball
Delaware Griffins
Women’s Football
Philadelphia Eagles
Football
Lady Destroyers
Women’s Basketball
Philadelphia Firebirds
Women’s Football
Wilmington Blue Rocks
Baseball
Philadelphia Flyers
Hockey
Philadelphia Freedom
Tennis
Wilmington City Ruff Rollers Roller Derby
New Jersey
Philadelphia KIXX
Soccer
Philadelphia Phantoms
Hockey
Camden Riversharks
Baseball
Philadelphia Phillies
Baseball
Trenton Thunder
Baseball
Philadelphia Soul
Arena Football
Trenton Titans
Hockey
Philadelphia Wings
Lacrosse
The region is
home to 573
NCAA teams
and the oldest
NCAA stadium,
Franklin Field.
The Philadelphia
Phillies won the
2008 World
Series, beating
the Tampa Bay
Rays.
35
Whether you prefer downtown skylines or suburban settings, the region
offers a tremendous selection of
locations for all kinds of companies.
Select Greater Philadelphia (Select)
is an economic development
marketing organization dedicated
to attracting companies to the
Greater Philadelphia region (GPR).
Select assists companies interested
in the vicinity by providing detailed
information about the 11-county
area and a one-stop connection
to numerous resources that help
companies make informed decisions
about locating to the region. Through
global marketing efforts, Select works
to promote the region’s key assets
to help build the area’s economy.
To make this possible, Select
works cooperatively with 11 county
economic development organizations
in Greater Philadelphia to serve as
the central point of contact for
companies considering an expansion
or location in the region.
Research
Accurate and up-to-date information
is a core product of Select. Good data
is critical to the site selection process.
Select’s comprehensive database
about the GPR and its attributes
enables clients to obtain the
knowledge they need to make
prudent location decisions.
Business attraction
Community engagement
Select organizes domestic and
international marketing missions
to communicate face-to-face with
corporate executives, location consultants and real estate professionals
about the opportunities available
and benefits to doing business in
the GPR. Select’s business development professionals provide
information and assistance to help
make it easy for companies to
start up in the region.
Select has an active and engaged
network of ambassadors, stakeholders and senior executives
working to assist clients. It includes
economic development entities,
and business and community leaders. The connections represented
by this network strengthen the
fabric of the regional business community, create opportunities for
businesses to prosper and provide
Policy initiatives
The CEO Council has developed a
product improvement agenda as
a result of benchmarking research.
The CEO Council provides focus
and leadership to improve the
region’s infrastructure, ensure a
steady and talented supply of
quality workers and attract capital
to foster entrepreneurial growth.
The CEO Council’s members join
working task groups to develop
strategies and implement appropriate and measurable tactics to
achieve these goals.
GPR counties represented
Delaware County
New Castle
New Jersey Counties
Burlington
Camden
Gloucester
Mercer
Salem
Pennsylvania Counties
the area with a high-level and
capable “sales force.” These area
leaders see themselves as stewards
of the community working to help
Select’s clients hear firsthand what
the GPR is like as a place to operate a business and to welcome
new company leaders to the area.
Bucks
Chester
Delaware
Montgomery
Philadelphia
Marketing
Select offers comprehensive
information on the GPR to help
foster understanding of the
region’s tremendous assets.
Through targeted advertising, an
extensive public relations effort,
events, direct mail and various
electronic communications Select
makes the case for doing business
in the GPR and helps companies
to understand how best to enter
the market.
For more information, look for
the site selector button at
Since its inception in 2003, Select has
worked with the region’s business
community to recruit and welcome
more than 40 companies, that have
created more than 2,000 jobs, leased
over one million sq. ft . of space,
and generated an annual economic
impact of nearly $500 million to the
gross regional product.
37
CEO Council
The CEO Council for Growth (the Board of Select) is a group of key business executives committed to the Greater Philadelphia region’s growth
and prosperity. Through high-impact initiatives designed to stimulate jobs
and new business opportunities the CEO Council pursues a focused, energetic and sustained effort to expand the Greater Philadelphia economy.
The CEO Council is an affiliate of the Greater Philadelphia Chamber of
Commerce, in cooperation with the Chamber of Commerce Southern
New Jersey and the New Castle County Chamber of Commerce.
William J. Marrazzo
WHYY, Inc.
Rosemary Turner
UPS
Ashley McEvoy
Ethicon, Inc.
Judith M. von Seldeneck
Diversified Search Ray &
Berndtson
F. William McNabb, III
Vanguard
Gregg R. Melinson
Drinker Biddle & Reath LLP
Richard P. Miller
Virtua
Stephen S. Aichele, Esquire
Saul Ewing LLP
Donald L. Correll
American Water
William P. Hankowsky
Liberty Property Trust
J. William Mills
PNC
Steven M. Altschuler, M.D.
The Children’s Hospital of
Philadelphia
Nicholas DeBenedictis
Aqua America, Inc.
Dr. Ann Weaver Hart
Temple University
Thomas G. Morr
Select Greater Philadelphia
Lawrence F. Delp
Sovereign Bank Mid-Atlantic
Daniel J. Hilferty
The AmeriHealth Mercy
Family of Companies
William J. Nelligan
IMS Health
Dr. Peter A. Bailey, DBA
(ex officio)
Wilmington University
Frank Baldino, Jr., Ph.D.
Cephalon, Inc.
Debra P. DiLorenzo
(ex officio)
Chamber of Commerce
Southern New Jersey
Roger H. Ballou
CDI Corporation
Philip J. Dunford
The Boeing Company
Robert L. Barchi, M.D., Ph.D.
Daniel F. Bradley, P.T.
NovaCare Rehabilitation
Christopher L. Bruner
Ernst & Young LLP
Thomas A. Caramanico, P.E.
McCormick Taylor, Inc.
Michael C. Carbone
TD Bank
David L. Cohen, Esquire
Comcast Corporation
Feather O. Houstoun
William Penn Foundation
Russel E. Kaufman, M.D.
Daniel K. Fitzpatrick, CFA
Citizens Bank – Eastern PA /
NJ / DE
Mark A. Kleinschmidt
(ex officio)
New Castle County Chamber
of Commerce
Dennis P. Flanagan
(ex officio)
SML Associates
David B. Kutch
The Bank of New York
Mellon
Joseph A. Frick
Independence Blue Cross
Jerry Lee
B101
Gale Y. Given
Verizon Pennsylvania Inc.
Hugh C. Long, II
Wachovia
William L. Graham
Lockheed Martin
Corporation
J. Edward Coleman
Unisys Corporation
Lon R. Greenberg
UGI Corporation
Anthony J. Conti
PricewaterhouseCoopers LLP
Raj L. Gupta
Rohm and Haas Company
J. Gordon Cooney, Jr., Esquire
Morgan, Lewis & Bockius LLP
Amy Gutmann, Ph.D.
Current as of 3/31/2009
Thomas J. Lynch
Tyco Electronics Corporation
Jerry J. Maginnis
KPMG LLP
Tara L. Weiner
Deloitte LLP
Alfred P. West, Jr.
SEI Investments Company
Barton J. Winokur, Esquire
Dechert LLP
Lloyd M. Wirshba
Barclays
Thomas C. Woodward
Bank of America –
Pennsylvania
Denis P. O’Brien
PECO Energy
Tony P. Zook
AstraZeneca
Pharmaceuticals LP
Dr. Constantine N.
Papadakis
Drexel University
Select Oversight
Committee
W. Douglas Parker
US Airways
Dennis P. Flanagan
SML Associates
David M. Pernock
GlaxoSmithKline
William L. Graham
Lockheed Martin
Corporation
Dr. Wendell E. Pritchett
Rutgers University – Camden
William R. Sasso, Esquire
Stradley Ronon
Adam H. Schechter
Merck & Co., Inc.
Mark S. Schweiker
Chamber of Commerce
Gerard H. Sweeney
Brandywine Realty Trust
Brian P. Tierney
Philadelphia Newspapers
Hugh C. Long, II
Wachovia
Dr. Constantine N.
Papadakis
Drexel University
Marvin N. Schoenhals
WSFS Bank
Mark S. Schweiker
Chamber of Commerce
Investors
Select acknowledges with sincere appreciation the
following corporations, foundations, individuals and
governments that have invested in Select’s efforts to
attract business to Greater Philadelphia.
VISIONARY
• City of Philadelphia
• H. F. (Gerry) Lenfest
• Wachovia
FOUNDER
• Aqua America, Inc.
• Brandywine Realty Trust
• Citizens Bank
• Dorrance H. Hamilton 1999
Charitable Trust
• Drexel University
• Greater Philadelphia Chamber of
Commerce
• Independence Blue Cross
• Liberty Property Trust
• Merck & Co., Inc.
• PECO
• PNC
• SEI Investments
• TD Bank
• University of Pennsylvania
• William Penn Foundation
TITAN
• Dechert LLP
• Lincoln Financial Group
CAPTAIN
• ARAMARK
• Bank of America
• Cephalon, Inc.
• GlaxoSmithKline
• Pennsylvania Real Estate Investment
Trust
• Unisys Corporation
• Verizon Foundation
PRINCIPAL
• Albert Einstein Healthcare Network
• The AmeriHealth Mercy Family of
Companies
• B101
• Christiana Care Health System
• Cozen O’Connor
• Health Partners of Philadelphia
Current as of 3/31/2009
• Lockheed Martin Corporation
• O’Neill Properties Group
• Philadelphia Newspapers
• Saul Ewing LLP
• Shire Pharmaceuticals
• Sovereign Bank Mid-Atlantic
• Stradley Ronon Stevens & Young LLP
• Temple University Health System
• Thomas Jefferson University &
Hospital
• University of Pennsylvania Health
System
• Vanguard
• Virtua
LEADER
• AlliedBarton Security Services
• AmerisourceBergen
• Anonymous
• Children’s Hospital of Philadelphia
• CIGNA Foundation
• Crozer-Keystone Health System
• Deloitte LLP
• Drinker Biddle & Reath LLP
• GVA Smith Mack
• Houghton International Inc.
• KPMG LLP
• McCormick Taylor, Inc.
• Montgomery, McCracken, Walker &
Rhoads, LLP
• Morgan, Lewis & Bockius LLP
• Pennoni Associates Inc.
• Pepper Hamilton LLP
• Philadelphia Phillies
• PricewaterhouseCoopers LLP
• Schnader Harrison Segal
& Lewis LLP
• Spencer Stuart
• Temple University
• Urban Engineers, Inc.
• UPS
PRODUCER
• The Bank of New York Mellon
• Binswanger
• Robert L. Byers
• Center City District/Central
Philadelphia Development
Corporation
• CB Richard Ellis
• EwingCole
• Goldman, Sachs & Co.
• Grubb & Ellis
• Holt Logistics
• Knoll
• Lawrence J. Kent
• Main Line Health
• Parente Randolph, LLC
• Tierney Communications
• WSFS Bank
BUILDER
• Al Paul Lefton Company
• Alta Communications
• American Executive Centers
• American International Group, Inc.
• Braithwaite Communications, Inc.
• The Buccini/Pollin Group, Inc.
• CAI
• Clemens Construction Company, Inc.
• Diversified Search Ray & Berndtson
• Employee Transfer Corporation
• Hess Companies
• Jones Lang LaSalle
• Kaplan & Associates, Inc.
• Kreischer Miller
• LandAmerica Financial Group
• LarsonAllen LLP
• M&T Bank
• Mobius New Media
• Parkway Corporation
• Philadelphia Bar Association
• Philadelphia Business Journal
• Prudential Fox & Roach Realtors/
The Trident Group
• Salveson Stetson Group, Inc.
• Studley
• UGI Corporation
• West Pharmaceutical Services
• WPVI-TV
ECONOMIC DEVELOPMENT PARTNERS
Delaware
New Castle County Economic Development Council
New Jersey
Burlington County Economic Development & Regional Planning
Camden County Improvement Authority
Gloucester County Department of Economic Development
Mercer County Office of Economic Development and Sustainability
Salem County Department of Economic Development
Pennsylvania
Bucks County Economic Development Corporation
Chester County Economic Development Council
Delaware County Commerce Center
Montgomery County Industrial Development Corporation
City of Philadelphia, Department of Commerce
Philadelphia Industrial Development Corporation
State of Delaware
State of New Jersey
Commonwealth of Pennsylvania
39
Special thanks to the many regional organizations and
companies that contributed to the development of this year’s
Regional Report.
Photo Credits: Rusty Kennedy; GPTMC – K. Ciappa, J. Holder,
B. Kristi and G. Widman; Boeing; Bristol-Myers Squibb; Campbell
Soup Company; DuPont; KlingStubbins; Lockheed Martin;
Philadelphia Phillies; Denise Applewhite, Princeton University
A CEO Council For Grow th Initiative
200 South Broad Street, Suite 700
Philadelphia, PA 19102
T: 215-790-3777
F: 215-790-3720

2009 - Select Greater Philadelphia

Transcription

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