Economic Development
Economic Development Plan presentation, April 16, 2008 (PDF, 15.8 MB)
Why Plan for Economic Development?
“The competition for economic growth is acute. Companies in Chester County and Pennsylvania can place their job growth and investment capital anywhere – and other regions would welcome them and are making improvements to accommodate them. We must take the steps necessary to have these businesses grow here.”
William Hankowsky
Chairman, President & CEO
Liberty Property Trust
8/16/07 – testimony before the PA State Transportation Commission
A Strong Economy
Chester County has traditionally enjoyed a strong, stable and diverse economy. Employment and other economic indicators are consistently among the best in the region, and better than those of the state and nation. The diversity of our economy is a major factor in the prosperity that Chester County enjoys. Chester County contains some of the major employment centers of the metropolitan region, and is no longer merely a bedroom suburb of the City. Not dominated by a single industry or sector, the County is less vulnerable to fluctuations in the business cycle. There have been changes, however, in recent years, which are presenting challenges to economic growth and stability. Preserving Chester County’s desirability as a place to live, work, and locate a business is critical to maintaining its favorable economic standing.
Business Retention and Expansion
In recent decades, the economic base in Chester County has shifted from one dominated by manufacturing enterprises to a retail and service based economy. A series of industry clusters now exist within the County. The biotechnology, information technology (IT), and financial sectors have experienced significant expansion. Providing continued support to these businesses is critical to retaining them in Chester County. Technological advances have brought major changes to the manufacturing sector, and those businesses that have remained in the county must continuously update their processes in order to remain competitive.
Business Growth and Development
In order to attract businesses, and start and develop new ones in Chester County, a basic system of infrastructure must exist to support those businesses, their employees, and their customers. An updated and reliable transportation infrastructure, including highways, bridges, and public transit services, is critical to sustaining economic growth. Also, a major factor that currently limits economic growth is the lack of public sewer and water service in many parts of the County.
Workforce Development and Retention
The most important resource for businesses is a skilled and educated workforce. Chester County, and much of southeast Pennsylvania, is home to a highly skilled and well-educated population, providing a major incentive for businesses to locate here. Rapidly changing technology dictates that workers have access to ongoing education and training opportunities to keep businesses competitive. Also, population trends indicate that the county’s population is aging, as Pennsylvania is a destination of choice for retirees. Many college graduates and young professionals choose to locate in other areas, where there are more entry level jobs and more affordable housing options.
Revitalization Investment
Revitalizing the County’s urban centers is an important counterpart to preserving valuable open space resources, a priority under Landscapes. Redevelopment of urban areas can also be a driver of economic growth. Urban areas typically provide the infrastructure systems that support businesses, yet improvements are needed in many areas to support continued growth. Redevelopment of abandoned or underutilized urban properties also creates opportunities for the development of moderately-priced housing, to meet the needs of the County’s service sector, education, health care, and emergency response workers.