Page 11 - Guide to Greater Philadelphia

THE ECONOMY
a business powerhouse: fast growth, innovation and internationally known brands lend prestige to the region
If you’re contemplating a move to the Philadelphia region, you’re in good company. The metropolitan area that includes Philadelphia, Camden and Wilmington has seen uninterrupted job growth, and residents make higher wages than the national average, meaning you’re joining an affluent market.
The Philadelphia area is home to the global or North American headquarters of dozens of internationally known firms, and young entrepreneurs and scientists are busy accelerating Greater Philadelphia’s status as a major innovation hub.
Job and Income Growth
According to the U.S. Bureau of Labor Statistics, the number of jobs in Greater Philadelphia has been growing for the past six years. Between February 2016 and 2017 alone, the region added 65,000 jobs, for a growth rate of 2.3 percent. This significantly
outpaced the national rate of 1.7 percent.
The education and health services industries have seen the largest employment gains over the past year,
with 29,400 jobs added. The 11 counties’ growth in this sector was nearly double the nationwide increase. As more jobs become available, our region continues to grow wealthier. According to the U.S. Census Bureau, median income in the Philadelphia-Camden-Wilmington metropolitan area grew from $62,223 to
$65,123 between 2014 and 2015. Nationally, the median income was significantly lower, at $55,775 in 2015. In 2015, one of the world’s largest building-materials companies redoubled its commitment to the
Philadelphia area. Saint-Gobain, founded more than 350 years ago to make glass for Versailles’ Hall of Mirrors, opened a new, state-of-the-art headquarters in Malvern, PA. (The North American headquarters had previously been located in Valley Forge.) The building has received LEED Platinum certification from the U.S. Green Building Council, and the company offers accredited tours to industry professionals to show how these certifi- cations were achieved.
Innovation Hub
Philadelphia is fast emerging as a major East-Coast tech hub. This transformation is being powered by an influx of young, highly educated residents. According to Pew, the city’s population of 20- to 34-year-olds increased by about 100,000 between 2006 and 2012. What’s
more, thanks to the work of Campus Philly, the majority of graduates from Philadelphia-area colleges and universities are staying in the area to pursue their careers.
The city is home to its own tech corridor along North 3rd Street, officially dubbed “N3rd Street” — or NERD Street — by a city-council resolution in 2015.
Notable anchor businesses on N3rd Street include:
• Jarvus:Aweb-designagencywhoseworksupportsfourinnovativehighschoolsandtheannualPhilly Tech Week. Jarvus’ clients also include several Fortune 500 companies.
• Indy Hall: A coworking and community space for designers, developers, writers, artists, entrepre- neurs, scientists, educators and other creatives.
• Seer Interactive: Clients, including Harvard University, PR Newswire, LinkedIn and Crayola, benefit from Seer’s expertise in search-engine optimization and analytics.
Meanwhile, local universities are busy grooming the next generation of innovative entrepreneurs. Temple University’s Fox School of Business has created an Innovation & Entrepreneurship Institute that provides
space and support for students working on business ventures. Villanova University’s Innovation, Creativity
and Entrepreneurship Institute (ICE) offers a multidisciplinary, cross-college focus to advance the University’s strategy by fostering an entrepreneurial spirit in the Villanova culture. Similar initiatives are underway at Rowan University in southern New Jersey and at the University of Delaware’s STAR Campus.
Newcomers to Philadelphia’s innovation scene are building on a proud tradition: The city is home to The University City Science Center, the first and largest urban research park in the United States. In 2015, the center joined forces with Wexford Science + Technology to expand its footprint and deepen its impact. The result is uCity Square, a rapidly expanding innovation corridor. A major new mixed-use space there is set to be completed in 2018 and will provide expanded room for innovators from around the world to learn, work and connect — and to live, dine and play too.
Corporate Headquarters
A great number of major corporations make their home in our Greater Philadelphia area.
A partial list includes:
(formerly Sunoco)
Berlin, NJ Philadelphia, PA Florence, NJ Camden, NJ Philadelphia, PA Conshohocken, PA Moorestown, NJ Wilmington, DE Philadelphia, PA Pennsauken, NJ Wilmington, DE Horsham, PA West Chester, PA Trevose, PA Camden, NJ Cherry Hill, NJ Philadelphia, PA Valley Forge, PA
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