PENNSYLVANIA QUICK FACTS

Transcription

1 PENNSYLVANIA QUICK FACTS 1. World Class Economy 2. Location / Access to Markets 3. Transportation / Infrastructure 4. Workforce 5. Research & Development Center 1. WORLD-CLASS ECONOMY Fact: Pennsylvania stands as an important player in the world economy. United States: $14.53 trillion gross domestic product World s largest economy Indonesia: $706 billion 18 th largest economy Pennsylvania: $ billion 19 th largest economy Switzerland: $528 billion 20 th largest economy Pennsylvania ranks 1 st in the U.S. for biotechnology strength and 3 rd in medical equipment and supplies manufacturing. It also ranks 1 st in private sector life sciences facilities and 3 rd in life sciences by investment of dollars and jobs. 2. LOCATION / ACCESS TO MARKETS Fact: Pennsylvania offers access to vital markets. Pennsylvania s ideal location gives global companies access to many North American markets especially the U.S. East Coast and the Midwest. Four of the top 10 logistics metros in the U.S. Northeast are located in Pennsylvania. Six out of 10 major U.S. market areas lie within a 500-mile radius of Pennsylvania s capital. 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 Page 1 / 5

2 3. TRANSPORTATION / INFRASTRUCTURE Fact: Pennsylvania offers every means to move your products. Reaching customers and markets is easy and convenient. Pennsylvania s comprehensive transportation network includes: 3 Major Ports o Access to the Atlantic via the Port of Philadelphia o Access to the Great Lakes and the Atlantic Ocean via the Port of Erie. o Port of Pittsburgh is the 2nd largest inland port in the U.S., with access to the Gulf of Mexico and Atlantic, as well as the Pacific through the Panama Canal Modern Freight Railroad System o Pennsylvania leads the U.S. with more than 65 operating railroads and ranks 5 th in the nation in total track mileage at approximately 5,600 miles o Pennsylvania rail freight employment ranks 8 th in the nation with 6,490 jobs o 3 Class 1 railroads serve the Port of Philadelphia Airports o 6 international airports and 15 scheduled service airports, boarding over 20 million passengers and moving nearly 1.2 million metric tons of cargo annually Extensive Highway System o Pennsylvania has over 120,000 miles of highways and invests nearly $3.2 billion annually on road and bridge construction and maintenance Pennsylvania provides 7 approved general-purpose foreign trade zones. Individual manufacturers also hold sub zones, which are special-purpose zones, usually located at manufacturing facilities. Product and materials stored, manufactured, repackaged, or exhibited in a U.S. Customs Bonded Warehouse qualify for a lower duty or, upon re-export, the duty can be eliminated. Page 2 / 5

3 4. WORKFORCE Fact: Pennsylvania boasts a high-quality, educated workforce. Pennsylvania s workforce: over 6 million Total population: over 12 million Pennsylvania recognizes a quality workforce is a critical component of business competitiveness. Those companies with a presence in Pennsylvania acknowledge our workforce as one of the best. 87% of Pennsylvania adults have earned at least a high school degree and more than 26% have a Bachelor s Degree or higher. Extensive, customized job training programs and grants are available to businesses Pennsylvania also recognizes the key to a quality workforce is a quality education. Each year, our world-class colleges and universities attract over 100,000 students from across the United States and around the world. Pennsylvania is home to: 4 of the nation s top 50 universities University of Pennsylvania, Carnegie Mellon University, Lehigh University and Pennsylvania State University 8 of the top 50 liberal arts colleges; 3 of the top business schools and 1 of the top 50 law schools One of the nation s top undergraduate and graduate business schools Wharton School One of the nation s top graduate computer engineering schools Carnegie Mellon University One of the nation s top biomedical / bioengineering universities University of Pennsylvania Page 3 / 5

4 5. RESEARCH & DEVELOPMENT CENTER Fact: Pennsylvania ranks 3 rd in R&D spending. Pennsylvania industries invest more than $9.8 billion annually in R&D Pennsylvania academics invest more than $2.4 billion annually in R&D. The University of Pennsylvania ranks 2 nd in the top medical research universities Pennsylvania supports businesses R&D efforts with the $55 million R&D Tax Credit program, which provides a tax credit of up to 20% for qualifying employers increased research and development expenses over a base period. INTERNATIONAL BUSINESS DEVELOPMENT Great companies are built in Pennsylvania including international ones. Not only is Pennsylvania home to over 6,600 foreign-owned businesses employing more than 255,000 people, we are also one of the nation s fastest growing exporters. Domestic and foreign companies alike have reaped the benefits of Pennsylvania s integration into the global economy. A leader in cross-border projects, with the largest network of overseas offices of any U.S. state, Pennsylvania is committed to helping businesses succeed. Foreign Direct Investment Are you located outside of the U.S. and interested in establishing a U.S. presence? Pennsylvania s international foreign direct investment representatives can assist you in locating investment opportunities, such as: establishment of a new facility joint ventures licensing opportunities business partnerships Page 4 / 5

5 We as Representative for Germany, Austria and Switzerland are committed to eliminating the barriers that foreign companies might encounter in investing, expanding and operating a business in Pennsylvania. Visit our website or contact us directly for further information. All services are of course free of charge for interested companies. Contact data Stefan Peikert Director Investment Germany Austria & Switzerland Commonwealth of Pennsylvania Office of International Business Development Department of Community & Economic Development Authorized Trade & Investment Representative AHP Group Berlin - Münster - Heidelberg Leipzig - Munich Berlin +49 (0) Münster +49 (0) Mobile +49 (0) Fax +49 (0) [email protected] / Page 5 / 5