The Federal Aviation Administration (FAA) has approved a massive and urgently needed expansion of Philadelphia International Airport (PHL). The $5.2 billion, 13-year construction project is intended to reduce flight delays and congestion and will ensure that PHL “is strategically positioned to meet future air service demands, enhance its competitive stature in the global aviation marketplace and maintain the region's economic vitality,” according to an airport statement. (Photo to right provided by Rick McMullin, Philadelphia International Airport)

“Since improvements to the airport is the CEO Council for Growth's number one infrastructure priority, [FAA] approval … is an important milestone in our overall effort to make PHL world-class,” said Stephen S. Aichele, Esquire, chairman, Saul Ewing LLP and co-chair of the CEO Council's Infrastructure Working Group. “The CEO Council has actively supported this effort and worked with the City, PHL and federal officials to move the project forward.” The CEO Council is Select Greater Philadelphia's governing board.

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A new survey shows continued steady formation of new companies based on university research. The Association of University Technology Managers reported that 596 new such companies were formed in fiscal 2009, one more than in 2008 and 41 more than in 2007, before the economic downturn began. Nationally, 658 new commercial products were introduced as a result of university tech transfer, 3,417 US patents were issued and total licensing income was $2.3 billion.

Drilling down on the survey data, Philadelphia Inquirer columnist Mike Armstrong reported that the University of Pennsylvania and Drexel University each created three companies from university research. Penn generated $11.7 million in license income, the most of any local university; Thomas Jefferson University received $5.5 million.

Two New Flex Buildings Break Ground at Navy Yard

Liberty Property Trust rang in the New Year with a groundbreaking for two of three planned flex buildings at The Philadelphia Navy Yard. The Malvern, PA-based real estate investment trust also announced the signing of the project's first tenant.

“It's great to start 2011 with this groundbreaking,” said John Gattuso, Liberty Property Trust senior vice president and region director. “These two buildings will bring highly sought flex space to the City of Philadelphia. Already, prior to groundbreaking, more than 20% of the project has been leased. This is a very exciting time as leading companies are actively considering The Navy Yard as a location for their future growth. We expect this momentum to accelerate as the local economy moves more clearly into recovery.”

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How Regional Grads Stack Up in Earnings Potential

Graduates of Princeton University earn a median $123,000 at mid-career, ranking the school second in a recent survey of graduate salaries at mid-career by PayScale.com. Princeton grads median starting salary is $58,900, according to the website.

Several other Greater Philadelphia schools also ranked high in the survey. The University of the Sciences in Philadelphia ranked 12th, with a median starting salary of $49,700 and a mid-career median of $113,000. The University of Pennsylvania was #15, at $59,600 and $111,000, respectively.

The school with the highest earning potential for its graduates, according to the website, is Harvey Mudd College in Claremont, California, a private liberal-arts college focusing on mathematics, the physical and biological sciences and engineering. Its graduates earn a median $126,000 at mid-career and $68,900 upon graduation.

A word of warning: those whose children are interested in “party” schools might think twice; the highest median mid-career salary for graduates of such schools was only $99,900.

First Woman President Inducted at Union League

In December the venerable Union League of Philadelphia inducted Joan Carter as the first female president in its 149-year history. Carter is the co-founder and president of the private equity firm UM Holdings Ltd. in Haddonfield, NJ. She is vice chair of the board at CYBEX International Inc. , based in Medway, Mass., and is on the boards at New York-based EHE International and Horsham, Pa.-based Penn Mutual Life Insurance Co.

In 1986, Carter was among the first women admitted to the Union League, which was founded in 1862 as a patriotic society to support the Union and President Lincoln. Since then it has evolved as a private club and meeting place for business leaders.

Choose New Jersey Names Tracye McDaniel as CEO

Choose New Jersey, a non-profit corporation launched in June to aggressively promote the state of New Jersey as an excellent place to invest and do business, has named Tracye McDaniel as its first chief executive officer.

McDaniel had served as executive vice president and chief operating officer of the Greater Houston Partnership (GHP), the fifth largest business alliance in the nation, since June 2006. At GHP, she oversaw the organization’s major marketing program designed to generate leads for economic development organizations throughout the 10-county region around Houston.

NJ Passes New Jobs & Investment Incentives

The New Jersey legislature earlier this month passed a package of eight bills aimed at stimulating economic growth.

“Two of the most important were a turbo-charged BRRAG tax credit for job retention and a new Closing Fund to capture catalytic new projects,” said Biggins Lacy Shapiro & Company, a business location consultant.

Gov. Christie has indicated support for the expanded BRRAG tax credits, which would increase maximum potential job retention tax credits from $1,500 to $13,500 per job.

The Closing Fund is a $50 million annual “war chest” for discretionary grants needed to close hotly competitive projects, Biggins reported, adding that it is unclear whether Gov. Christie will sign the measure into law. The legislature also enacted a single sales factor for corporate income tax and incentives for venture investment and small businesses, Biggins added. It also is readying refinements to the ERGG program and the Urban Transit Hub Tax Credit.

Frick and Elsenhans to be Honored

The Greater Philadelphia Chamber of Commerce has announced the recipients of two major business leadership awards.

Joseph A. Frick, the recently retired president and chief executive officer of Independence Blue Cross (IBC), was named recipient of the 2010 William Penn Award. Frick, a former board chair of the Greater Philadelphia Chamber of Commerce, will maintain a leadership role with IBC, serving as a vice chair of its board of directors and leading a newly created board committee that will focus on strategic initiatives.

Lynn L. Elsenhans, chairman and chief executive officer of Sunoco, Inc. and Sunoco Logistics Partners LP, will receive the 2011 Paradigm Award, the region's most prestigious award for businesswomen.

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Select Attracts Norwegian Pharma to NJ to Focus on Specialty Dermatology Field

Photocure, a Norwegian pharmaceutical company, has opened its first US subsidiary in Princeton, NJ with help from Select Greater Philadelphia.

Terry J. Conrad, Photocure, Inc. president, said that the new office would focus on marketing and sales to the cosmetic dermatology market of “Allumera,” a new skin cream to be launched in the second quarter of the year.

Photocure selected its Princeton location because of the region's life sciences cluster and ready access to two large airports – Newark and Philadelphia – with direct, nonstop flights to the company's Oslo headquarters.

Once Conrad had determined that the Princeton area was ideal, Select was his first stop. Select's Business Development team coordinated meetings with Pennsylvania and New Jersey bio groups, helped Photocure obtain a Business Employment Incentive Program (BEIP) grant from New Jersey, connected the company with a tenant broker and “was a great connector and a great answer-getter,” Conrad said.

Philadelphia Auto Show Returns This Month!

Show dates and hours include:
Saturday, January 29: 9am – 10pm
Sunday, January 30: 9am – 8pm
Monday, January 31 - Friday, February 4: 12noon – 10pm
Saturday, February 5: 9am – 10pm
Sunday, February 6: 9am – 6pm

Location: The Pennsylvania Convention Center 1101 Arch Street, Philadelphia PA 19107

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