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SELECT GREATER PHILADELPHIA HELPS ATTRACT 50 COMPANIES TO THE TRISTATE REGION SINCE 2005 Organization Assists in the Creation of More Than 3,600 jobs adding $682 Million to the Region's Gross Regional Product Select Greater Philadelphia has worked with a number of City and State partners, organizations, and economic developers to attract 50 businesses to the Greater Philadelphia region from across the globe. Since inception in 2005, Select has worked with Greater Philadelphia's business community to recruit and welcome these companies that have added more than 3,600 jobs, leased nearly 1.9 million square feet of space, and generated an annual economic impact of $682 million to the gross regional product of the Greater Philadelphia Region. The impacts are based in the total full time equivalent of 3,611 jobs that will be present in region over the next 3 to 5 years when the locates reach full capacity. "For every job that Select attracts, an additional 1.8 jobs are created in the region through econonic multipliers," said Phil Hopkins, Vice President of Research at Select Greater Philadelphia. "In fact, there will be 10,283 total direct, indirect and induced jobs resulting from these locates within the next several years." The 50th company to locate to the region is LECG - a global expert service and consulting firm - which recently merged with SMART Business Advisory and Consulting. The company will locate its new corporate headquarters in a 52,400-square-foot facility in Devon that formerly served as SMART's headquarters. The deal will create 57 jobs within three years and retain 329 existing positions statewide. The company employs 1400 professionals in 39 offices around the world. Gregg Melinson, CEO Council for Growth member and Partner at Drinker Biddle, gave Select staff the lead that a merger was forthcoming between two companies, one of which was local to Chester County. Select staff worked with the companies providing information and an introduction to PA's Governor's Action Team. Prior to LECG, The Commonwealth of Pennsylvania, City of Philadelphia, Philadelphia Industrial Development Corporation and Select Greater Philadelphia worked with Greek solar panel firm - HelioSphera - to assure them that this region was the ideal location to open its $500 million solar manufacturing plant. The company - one of the world's leading thin-filmed solar panel producers - will break ground this year and open its facility at the Philadelphia Navy Yard in 2011, adding 400 jobs in the region. HelioSphera chose to locate at the Navel Business Center in Philadelphia after considering 35 sites in eight states. The company's decision to move to Philadelphia came down to the region's access to major academic institutions, a world class airport with strong service to Europe, a high quality workforce, an important incentive by the Commonwealth, and the City's decision to extend Keystone Opportunity Zone benefits until 2025. Greater Philadelphia is located at the core of the country's wealthiest region. In 2009 within a 200-mile radius of Philadelphia there were more than 46 million residents with a combined income of $1.46 trillion. Approximately 98 million people, 31.9% of the total U.S. population, lived within a 600-mile radius of Center City Philadelphia in 2008. As the 4th lowest rental rate for Class A office space among the 12 largest metro areas during the 3rd quarter of 2009 at $27.55 per square foot, Greater Philadelphia provides a strong option for companies looking to expand or locate in the major U.S. market along the East Coast. Also, with 92 colleges and universities, the Greater Philadelphia region continues to fuel a talented and highly-skilled workforce. |
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