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Pennsylvania Chamber Launches Keystone Initiative for Economic Growth

The Keystone Initiative is aimed at boosting economic growth in Pennsylvania.

News Summary

The Pennsylvania Chamber of Business and Industry has launched the Keystone Initiative to improve the state’s economic competitiveness and stimulate business growth. This comprehensive plan includes recommendations for tax reform, expanded internship programs, and increased childcare access to boost workforce participation. Governor Shapiro also announced significant investments, including $2 million for an industrial redevelopment project, emphasizing the importance of infrastructure to attract businesses. This initiative aims to strengthen Pennsylvania’s economy and support sustainable growth through strategic investments and policy changes.

Pennsylvania Chamber of Business and Industry Launches Keystone Initiative to Boost Economic Growth

The Pennsylvania Chamber of Business and Industry has unveiled a new initiative aimed at enhancing the state’s economic competitiveness and encouraging business growth. This initiative, known as the Keystone Initiative, is designed to create a roadmap that fosters economic expansion and career development throughout Pennsylvania.

With a current ratio of 62 available workers for every 100 jobs, Pennsylvania is experiencing slower growth compared to other states across the nation. In response, the Chamber has examined successful practices implemented in various states and compiled over 100 recommendations to strengthen workforce participation and enhance business opportunities within the state.

Key Priorities of the Keystone Initiative

As part of the Keystone Initiative, several priorities have been identified to address the challenges facing Pennsylvania’s economy. These include:

Tax reform aimed at supporting small business growth
Expansion of internship programs to retain college graduates and young professionals
Increased access to childcare to enable more parents to join the workforce

The Pennsylvania Chamber highlights that population growth is essential for expanding the workforce, thereby stimulating further economic development. Luke Bernstein, the Chamber’s President and CEO, underscored the necessity of creating a favorable business climate to attract and retain companies in the state.

Policy Advocacy and Progress

The Keystone Initiative marks the first step in advocating for essential policy changes to improve Pennsylvania’s economic landscape. While the Chamber has achieved some progress concerning tax reform, it acknowledges that numerous areas, including the permitting process, still require attention and improvement.

Government Support and Investments

In addition to the Chamber’s efforts, government action is reinforcing Pennsylvania’s economic goals. Recently, Governor Josh Shapiro announced a $2 million investment in an industrial redevelopment project in Bristol Township, part of the Pennsylvania Strategic Investments to Enhance Sites Program (PA SITES). This funding will facilitate the preparation of the last undeveloped section of the Crownwood Industrial Park for a new 100,000 square foot industrial facility.

Governor Shapiro emphasized the necessity for Pennsylvania to enhance its capacity to develop industrial sites to attract growing companies. The PA SITES program has already received 66 applications, requesting over $377 million in state investments, showcasing the demand for improved infrastructure and business-ready sites.

Additionally, a grant of $2.3 million has been allocated for improvements to the Southern Berks Industrial Park, focusing on enhancing utility infrastructure. These initiatives reflect the strategic importance of infrastructure enhancement to bolster Pennsylvania’s competitiveness in attracting businesses.

Funding for Economic Development

The state has committed $400 million from the 2024-2025 budget towards the PA SITES program. This funding aims to create “shovel-ready” properties that align with the needs of prospective businesses, positioning Pennsylvania as an attractive option for companies seeking to establish operations or expand within the state.

With the Keystone Initiative and additional investments underway, Pennsylvania is making strides towards a more robust economic future, addressing workforce challenges, and encouraging an environment conducive to business growth.