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PEDA Release Report on Success of Public/Private Partnerships’ Economic Development Impact

The Pennsylvania Economic Development Association (PEDA) has unveiled a groundbreaking new report that reveals its members have partnered with local, state and federal governments, as well as the private sector, to leverage $4.8 billion in investments in Pennsylvania that have helped to create 186,000 jobs.

The report, 2007 Economic Development Corporation Impact and Client Satisfactory Study, covers work done by PEDA members during the first four years of the Rendell administration, from 2003-06. To determine impact, surveys were completed of PEDA members and their customers.

“The results are clear – PEDA, through its member economic and industrial development corporations are making a dramatic difference in communities all across the state,” said Chuck Leonard, Executive Director of Pocono Mountains Economic Development Corporation. “We are getting results.”

Among the other findings were:

  • Industrial Development Corporations (IDC) worked with funding sources to help provide more than $1.45 billion from grants, loans, tax credits and other sources to clients;
  • Through IDC assistance, respondents also leveraged more than $3.35 billion in private equity, bank participation and bond sales;
  • IDCs account for more than $1 billion in activity every year;
  • The top method of job creation reported in the survey is expanding local businesses;
  • As experienced community leaders that understand their communities, IDCofficials target specific industries for promotion and recruitment;
  • Target industries include cutting edge fields in biomedical, health care and information technology; and
  • The most commonly used funding sources are the Pennsylvania Industrial Development Authority (PIDA) and the federal Economic Development Administration (EDA) and Governor Edward G. Rendell’s Economic Stimulus Package.

IDC/EDCs in Pennsylvania are proud of the role we play in Pennsylvania’s future by helping companies to grow, expand and locate in the commonwealth,” said PEDA IDC Committee Co-Chair David Black, who is President & CEO of the Harrisburg Regional Chamber and CREDC.

During the time of the study, a wide array of development projects were initiated statewide, including the Pocono Mountains Corporate Center East, here in Coolbaugh Township.

“The study clearly identified economic development in Pennsylvania as a partnership of the private sector, state, federal and local government and talented economic development professionals at the regional and local levels throughout Pennsylvania,” said PEDA President J. Patrick Killian, who is a volunteer with PEDA and professional economic developer who is the Director of the Delaware County Commerce Center. “We especially want to note and thank Secretary Dennis Yablonsky and the Pennsylvania Department of Community and Economic Development and members of the General Assembly for providing both leadership and partnership.”

The report was done by Urban Research and Development Corporation of Bethlehem, Lehigh County with funding provided by a grant from the Team Pennsylvania Foundation. Team Pennsylvania Foundation is a public/private, economic development partnership whose mission is to improve Pennsylvania’s competitiveness and economic prosperity. For more information on Team Pennsylvania Foundation, click here.

About PEDA

The Pennsylvania Economic Development Association (PEDA) is the statewide association of local, state, corporate and non-profit economic development professionals and partners. We represent economic development and economic development professionals in the Commonwealth of Pennsylvania.

For more information on PEDA and to view the entire report, click here.

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