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.