Aerial perspective of Pennsylvania's economic development initiatives.
Pennsylvania has unveiled a comprehensive $500 million economic development strategy aimed at enhancing its business landscape. The plan allocates $400 million towards the PA SITES program to improve undeveloped lands into job centers, while also supporting small businesses and tourism. This initiative signifies a shift towards collaborative growth and infrastructure enhancement, particularly spotlighting Horsham Township’s business-friendly environment and its significant investments in recent projects.
It’s a great day for business in Pennsylvania! The state has just rolled out a bold new plan to supercharge its economy, and it’s grabbing a hefty $500 million for the cause. This exciting move is part of the 2024-25 budget and is aimed squarely at making Pennsylvania an even better place for companies to thrive.
A chunk of this funding, to the tune of $400 million, is going directly into the Pennsylvania Strategic Investments to Enhance Sites (or PA SITES for short) program. The goal? To transform undeveloped land into bustling job centers that attract all kinds of exciting economic projects. It’s all about bringing in businesses that can provide good jobs and support local communities.
It’s worth mentioning that the PA SITES program has been quite popular. In its last funding round, 102 applications were submitted, with requests exceeding $236 million. Clearly, there’s a wealth of interest in site development! Last year, the pilot version of the PA SITES program offered $10 million in grants, so this year’s funding is a tremendous leap forward! The state is all geared up to enhance the competitive edge of its sites—think better transportation access, improved utility services, and pad-ready sites that are just waiting for businesses to move in.
This substantial funding isn’t a shot in the dark. It builds on earlier investments, including $13 million from last year’s PA First funding, which focused on site enhancements. The bipartisan support behind this budget illustrates a collective commitment to boosting the local economy.
In addition to the money for site development, the budget also highlights investments in various areas to stimulate small business growth—something everyone can appreciate! There are $20 million earmarked for the Main Street Matters program to lend assistance to small businesses, another $20 million for fostering small minority-owned businesses, and $15 million set aside for tourism marketing efforts to draw visitors to Pennsylvania.
But as if that’s not enough, let’s shine the spotlight on Horsham Township, just a stone’s throw from Philadelphia. This township is showcasing an amazing business-friendly environment, focusing on smart development that benefits the community. With five major business parks spanning over seven million square feet of commercial space, Horsham is positioned near key innovation zones.
Horsham isn’t just about big numbers, though. The township has poured over $35 million into infrastructure improvements, which has sparked more than $250 million in private investments! What’s more, they’ve managed to keep their environment inviting by not burdening businesses with mercantile or business privilege taxes and maintaining one of the lowest real estate tax burdens in the region.
If you’re considering commercial spaces, you’ll find competitive rental rates compared to surrounding markets. And, if it’s green space you love, Horsham won’t disappoint – boasting nearly 900 acres of open spaces and 14 miles of trails in one of the largest municipal park systems around!
The township also holds historical significance, being the site of the former Naval Air Station – Joint Reserve Base (NAS-JRB) Willow Grove, which can present exciting opportunities for future development on its 862-acre land. A notable addition to this community is Align Precision, a manufacturer in aerospace and defense that recently opened its doors in Horsham, creating 150 jobs with plans for even more in the pipeline.
With its strategic location within the greater Philadelphia area, Horsham Township continues to attract innovators and businesses alike. Pennsylvania’s new economic strategy, especially with its emphasis on local site improvements, looks like a promising pathway to a flourishing future!
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