Northeast Pennsylvania ranks in top 10 in U.S. for economic development
Northeast Pennsylvania is once again being recognized as a top region in the United States for economic development, continuing a five-year streak.
The Scranton/Wilkes-Barre metro area ranked top 10 across three categories in Site Selection Magazine's Governor's Cup Awards, according to a news release from Penn's Northeast, a Pittston-based collective aiming to promote new investments, jobs and business opportunities by promoting Northeast Pennsylvania. Penn's Northeast played a key role in compiling and submitting a comprehensive list of qualifying projects to Site Selection Magazine, contributing to the local recognition.
'We participate every year and hope for the best,' Penn's Northeast President and CEO John Augustine said in a phone interview Wednesday. 'Working with our regional economic development partners, we gather the projects that have set up shop in Northeastern Pennsylvania and the investments that they've made, and submit (the projects) to the rankings.'
Those rankings for 2024 were:
Ninth place: Top metro by projects in the United States.
Sixth place: Top metro by projects in the Northeast U.S.
Eighth place: Top metro per capita in the U.S.
Site Selection Magazine describes itself on its website as an award-winning magazine recognized as the leading publication in corporate real estate, facility planning, location analysis and foreign direct investment.
The annual Governor's Cup Awards are the industry standard when it comes to state and regional rankings, with a ranking system that companies look at to track where other firms are moving throughout the United States, Augustine said.
Penn's Northeast began submitting information for the awards seven years ago, though the region didn't secure any awards in the first two years, he said.
In recent years, Northeast Pennsylvania has established itself as a hotbed for development in the warehousing and logistics industry as e-commerce giants like Amazon and Chewy increasingly expand their footprints in the region with sprawling warehouses that tap into the Scranton/Wilkes-Barre area's close proximity to major interstates.
A large piece of undeveloped land slated for nearly 1.4 million square feet of warehouse space is seen at the top of Rushbrook Street on the east side of the Casey Highway in Archbald on Friday, Nov. 1, 2024.(Times-Tribune File)Rows of forklifts are seen at the Amazon AVP9 fulfillment center in Jessup on Thursday, Sept. 16, 2021. (TIMES-TRIBUNE FILE)
The Governor's Cup Awards show Northeast Pennsylvania is undergoing strong, continued economic growth throughout the region, Augustine said.
'The capital investment of more than 20 companies last year locating into Northeastern Pennsylvania is over $1 billion and over 1,000 employees across the board,' he said, noting that the region also brought in manufacturing jobs. 'It's great for the local economy.'
When companies decide on site locations, they look at regions of growth that have economic stability, reliable infrastructure, employee availability and the location, which is one of the area's strong selling points, Augustine said.
'We're in ongoing conversations with site selectors and developers all the time, and they recognize the rankings,' he said. 'They have mentioned many times that this is a growing place, this is top on our radar.'
Because of Northeast Pennsylvania's close proximity to major highways, Augustine said companies are able to reach one-third of the United States and half of Canada in one day's drive.
The region also has strong economic development partners in Lackawanna and Luzerne counties, including the Greater Scranton Chamber of Commerce's industrial development arm, SLIBCO, and the Hazleton area's CAN DO, Augustine said. CAN DO is a private, nonprofit industrial/economic development corporation serving Greater Hazleton, according to its website.
By consistently landing in the top 10 of Governor's Cup Awards, the Scranton/Wilkes-Barre area shows that 'this is a place where companies want to set up shop, and it puts us on a national scale,' Augustine said.
In a statement Wednesday, U.S. Rep. Rob Bresnahan, R-8, Dallas Twp., lauded Northeast Pennsylvania as 'home to a strong, skilled workforce who make this region the hub of economic development that it is.'
'Earning a spot in the top 10 is a testament to the dedication of NEPA's businesses, community leaders, and workforce. NEPA's vast interstate highway systems, natural resource availability, and access to nearby metropolitan areas allow our economy to flourish,' Bresnahan said. 'It is thanks to a commitment to growth and innovation that our region continues to prosper and foster long-term economic vitality, and I look forward to continued investments in NEPA for years to come.'
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