Philadelphia ranks 7th for number of economic development projects in 2012
3/6/2013 | Real Estate Blog
According to a recent publication ranking regions and metropolitan areas annually on how many new companies and jobs they attract, Pittsburgh beat the Philadelphia region. With a total of 126 projects in 2012 compared with the 124 in the Philadelphia-Camden-Wilmington metro area, Pittsburgh was slightly ahead.
Pittsburgh itself ranked number 6 and Philadelphia at number 7 out of the 10 metro areas with populations over one million. Still, neither Philadelphia nor Pittsburgh compare when it comes to other major metropolitan areas. Houston, for instance, came in first with 325 economic development projects in 2012. Chicago came in at 311 and Dallas-Fort Worth.
Economic growth, of which real estate development is a part, is something state leadership has been working to improve. Governor Corbett recently announced that $125 million would be awarded through the Redevelopment Assistance Capital Program for 54 projects, including 14 in Southeastern Pennsylvania.
For its part, Philadelphia receved three of seven $5 million awards, the lagest possible. Those awards reportedly went to Braskem America Inc. in Marcus Hook, Philadelphia Energy Solutions in Philadelphia, and the Philadelphia Museum of Art.
According to Corbett, the Economic Growth Initiative Awards will create or retain 56,000 jobs in 28 counties, providing an important stimulus for the state.
Real estate development can be a difficult business to be in. Acquiring land, handling complex environmental and building issues, resolving financing challenges and contract disputes are all part of the process, and can cost a lot in terms of time and financial resources.
Source: Philadelphia Business Journal, “Pa. not near top when it comes to development projects,” Natalie Kostelni, March 5, 2013