Regional Profile > Economic Profile

Regional Economic Profile

The economic profile of Northeastern Pennsylvania reflects an area that is well positioned to assist existing, new and emerging bioscience sector industries and foster the continued growth of a healthcare-based economy. Recent investments of more $250 million in life sciences by The Commonwealth Medical College and other higher education institutions combined with a committed investment of more than $200 million to upgrade and expand regional healthcare facilities is changing the face of healthcare, delivery of services and the business climate in the region. 

Companies currently located in the region, including Sanofi Pasteur, Benco Dental, Pride Mobility, Calvert Labs, Corning Life Sciences and CVS Caremark, find a Northeastern Pennsylvania location beneficial.  More than 80 million consumers within on overnight drive of Northeastern Pennsylvania can be accessed from our superior transportation network.  Companies located in the region have a cost savings of 26.5 % less than doing business in New York and 21.1% less than Philadelphia. 

Utility rates are significantly lower as compared to nearby metropolitan areas. Reliable, affordable electricity and a world class telecommunications system offers high-speed technology service to our diverse business community.

Workforce is one of the greatest assets of Northeastern Pennsylvania. Employee projections in the Healthcare sector are projected to increase by 14.3% and 17.2 % within Logistics over the next five years. Within a 100-mile radius of the 8-county region, there are a total of 233 degree granting higher education institutions; of which 191 report majors in biological, biomedical, health and science fields. There are currently over 147,000 residents living in NEPA with a Bachelor’s degree or higher; of which, approximately 14,000 have a degree in Biological/Agricultural/Environmental or Physical/Related Sciences. 

RBI Facts

  • |

FACT #1:

More than $2 Million in NIH funding has been attracted to NEPA within the last five years.

FACT #2:

Companies including Sanofi Pasteur are currently doing business in NEPA at a cost of 26.5% less than if operating in New York and 21.1% less than in Philadelphia.

FACT #3:

FedEx and UPS are operating refrigerated distribution facilities in NEPA due to our location, labor and operating costs.

FACT #4:

32.3% of NEPA’s population is over the age of 65, providing companies with an available pool of patients for equipment and pharmaceutical testing.

FACT #5:

Companies providing specialty healthcare services can capitalize on $1 Billion of annual patient care revenue currently leaving the NEPA region.

Testimonials

  • |

NEPA presents a unique opportunity for bioscience companies to capitalize on the region’s intellectual resources and geographic proximity to major metropolitan areas.

John P. Wiercinski
Regional VP for Geisinger Health System

The key reasons for our success in distribution in Northeastern Penn. are we are located within 5 hours of all major cities in the Mid-Atlantic and New England areas, low overhead, low taxes and an inspired workforce.

Ray Lick
Wilkes Barre Regional Manager, Henry Schein

This area’s great access, combined with a dedicated and highly productive workforce, has helped Benco Dental become the nation’s largest independent dental distributor.

Rick Cohen
Managing Director, Benco Dental

It is undeniable that our northeastern region has a wealth of diverse bioscience resources.

Jerry Musheno
Vice President, Project /Program Administration, Maximus

The rapid growth and success of this region has provided BioSpectra will a skilled labor force and contributed to our own growth.

Dora Meissner
BioSpectra

Questions?

For more information,
contact:

Penn's Northeast

John L Augustine III

President/CEO

(570) 883-0504

- OR -

Amy Luyster

Assistant Vice President,
The Scranton Plan

(570) 342-7711