DOING BUSINESS IN PENNSYLVANIA

The View From Pennsylvania: Governor Josh Shapiro

Governor Josh Shapiro has his sights set on making Pennsylvania a top contender for job creation and innovation. And he’s going to do it by revamping the state’s nearly two-decade old economic development strategy.

In September 2023, Gov. Shapiro first announced plans for the comprehensive strategy, which will involve listening sessions with business and economic development leaders, and a pilot program to issue grants for site assessments and remediation preparation.

“This plan will help the Commonwealth create real economic opportunity, where all Pennsylvanians have access to family-sustaining jobs, strong and vibrant communities, and a high quality of life,” he said at the time.

Plan details, unveiled in January, include five pillars: Invest in economic growth to compete; Continue to make government work at the speed of business; Create opportunities for all Pennsylvanians; Innovate; and Build vibrant and resilient regions. Each goal, according to the governor’s office, has specific initiatives.

Meanwhile, both the S&P Global Ratings and Moody’s improved Pennsylvania’s ratings outlook to “positive,” citing budget management policies and an increase in financial reserves.

The state also is the first to secure two regional clean hydrogen hub projects, according to the governor’s office. The projects are funded through a U.S. Department of Energy program and will bring more than 41,000 jobs to the state.

Business Facilities spoke with Gov. Shapiro about the latest for business and citizens in Pennsylvania.

BF: Please tell us about the business climate in Pennsylvania now. What is driving its success?

Gov. Shapiro: There is no better place to grow a business than right here in Pennsylvania. We have the best, most skilled workers in the country, world-class universities and research institutions, and a growing reputation as a hub for biosciences, agribusiness, and advanced manufacturing. Our proximity to major U.S. markets and low cost of doing business position us as a major economic hub, home to more than a million small businesses and 23 Fortune 500 companies.

Pennsylvania is a national center for workforce development, with our colleges and universities producing over 190,000 skilled graduates each year.

Those same colleges and universities invest $5 billion into research and development annually, making Pennsylvania one of the best states in the country for academic research and development — and we have an abundance of natural resources that enhance our economic competitiveness.

Since day one, I promised that my administration would be open for business. That we would work closely with clients and investors in Pennsylvania to create a business-friendly climate that invites companies in and work with top research and training facilities to build up a strong, talented workforce. We’re making big changes to the way our government works with business. And we are already seeing major results. Since I’ve taken office, we’ve already brought over $1.2 billion in new private sector investments to Pennsylvania.

I’m extremely proud of the progress we’ve made together — but there is a lot more we need to do. Pennsylvania now has a historic and comprehensive economic development strategy…

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