Philadelphia Gets the Business
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| Bernard Dagenais |
The list just keeps getting longer and longer. The list of reasons why our beloved city is such a great place to live near. What's not to like about the history, the music, the art, the architecture, the location and you name it? We at the Right Angle club were apprised of another goodness at our June 26th luncheon when Bernard Dagenais, editor of the Philadelphia Business Journal, spoke about the current economic conditions and how we in this area are fortunate to have a healthy business climate that has allowed the region to weather the storm better than many other major centers in the U.S. To be sure, it's been no picnic. Unemployment in Philadelphia County is currently 9.7% while the whole of Pennsylvania is suffering at 8.2%. Compared to the likes of California which has hit 11.2%, though, we're not doing so badly. What we have in this region is a true diversity of business that many cities cannot match.
Our region's major work-force breakdown runs like this: 28% - Office oriented 26% - Manufacturing 23% - Hospitality, retail, tourism, etc. 18% - Health and education Rather than having our work force concentrated in just a couple of areas we are strongly represented inhigh-tech manufacturing, pharmaceuticals, bio-tech, consumer products and financials to name only a few. Greater Philadelphia has always had a strong interest in education and can point to having a strong, well-trained work force that can be tapped for just about any efforts imaginable.
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| Convention Center |
Recent initiatives that are being pursued and which have come to fruition are graphic examples of our willingness to work. The Comcast Center which was recently completed is a perfect example of the work-ethic and vision of the city itself. Taken along with the expansion of the Philadelphia Convention Center which will allow two conventions to be held simultaneously, a new soccer stadium which will bring many jobs to the area as well as tourists, the Delaware River waterfront overhaul and the American Commerce Center which will top out at 1500', the city is working hard to promote its strengths and work out all its kinks. It's no easy job what with the budgetary ills such as the high wage taxes, expensive parking, vast expenditures in the pension programs and other such outlays but, again, these afflictions are less serious than many large cities - the region overall is strong and vibrant and has much to be hopeful about.
Many newspapers are having a good deal of trouble recently, not just the Inquirer and Daily News, and these problems become worse by the day. But the Business Journal has been able to continue its strong presence through a balance between the paper and on-line editions. Unlike many larger publications which have totally free on-line content, the PBJ gives the general reader a lot of breaking news about business in greater Philadelphia without charge but the in-depth articles are still subscriber-only. Although the paper does have advertising it has never relied on that for its main source of income and thus has had a steady, even increasing, income. The Journal seems to be an appropriate symbol of the relative health of the region and maybe Mr. Dagenais' optimism will prove to be well-grounded in fact.
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