PENNSYLVANIA

Affordability

Pennsylvania has a general low cost of living. The median housing value is at least $30,000 less than the national average. As an example, the national average house value is $134,100 and in Pittsburgh, the average is $92,600. Many other areas are even lower such as $86,200 in Erie and $76,700 in Altoona. Every year, Pennsylvania releases a study of the 100 best places to work in PA among medium- and large-sized companies.

Information from: http://www.newpa.com/default.aspx?id=14

Employment Opportunities

Pennsylvania is a stable, prosperous market that has the wherewithal to support new development and innovative business ideas. The Commonwealth is split between male and female residents, and nearly 10% of households routinely speak a language other than English. Pennsylvania is almost a microcosm of the national economy.

  • More than 12 million people call the Keystone State home
  • The median household income is more than $40,000 a year
  • 71% own their own homes. 632,469 people own their own businesses in Pennsylvania
  • 226,814 (26.4%) are women-owned businesses
  • The largest ethnic groups are: White (85%), African American (10%), Hispanic (3%) and Asian (2%)
  • 25% of the Commonwealth's population is of German ancestry; 16% is Irish, and 11% is Italian

Information from: http://www.newpa.com/default.aspx?id=13

Back to top

Economic Potential of Pennsylvania

The Commonwealth of Pennsylvania has the 17th largest economy in the world, and six out of 10 major U.S. market areas lie within a 500-mile radius of its capital, Harrisburg.

Within this radius lies access to vital markets that encompass:

  • 40% of the U.S. population and purchasing power
  • More than 60% of Canada's population
  • 45% of U.S. manufacturers
  • 41% of the nation's domestic trade and service industries
  • Pennsylvania's work force numbers 6,299,000, and 82% have earned at least a high school degree

In addition, technology is a growing industry in Pennsylvania. Pennsylvania is home to 2,038 biosciences establishments (Pennsylvania Bio State of the Industry Report, 2004). Some additional points:

  • 7th as a nanotechnology "hotspot" according to Small Times Magazine, 3-04.
  • Pennsylvania, New York, New Jersey, and Connecticut Consolidated Metropolitan Statistical Area (CMSA) rated #1 for location of biotechnology companies (Brookings Report, 2003).
  • 4th in industrial research and development funds in Pharmaceuticals (Milken 2004)
  • 5th in number of Doctoral Scientists employed in the state (National Science Foundation)
  • Greater Philadelphia is the 3rd most vibrant biosciences cluster in the U.S. (Milken, 2005)

According to the World Bank, World Development Indicators 2005 Pennsylvania is the 17th largest economy in the world with $450 billion Gross Domestic Product (GDP).

Information from: http://www.newpa.com/default.aspx?id=5

Back to top

Visit Pennsylvania

Pennsylvania can truly say, "George Washington slept here." From Valley Forge to Braddock's Trail, Pennsylvania is the keystone to U.S. history. Cultural events are also remarkably diverse. You'll find everything from dance to jazz to incredible street festivals and amusement parks at http://www.newpa.com/default.aspx?id=14

Back to top
DCED

 

 

 

love