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Business Attraction

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Marissa McGarry

on 26 June 2013

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Transcript of Business Attraction

Welcome to the City of Philadelphia!
What are your impressions of Philadelphia?
What do you know about doing business in Philadelphia?
What do you hope to learn today?
Fifth largest city in the US, with 1.5 million people

Located less than 2 hours south of New York (167 km) and less than 2 hours north of Washington DC (214 km)

Philadelphia has the third largest residential downtown in the nation, offering world-renowned arts and culture, a robust public transit system, and one of the world’s largest urban park systems

Like many large American Industrial cities, Philadelphia had a peak population in the 1950s.

From 2006 to 2012, Philadelphia added 58,897 residents, reversing decades of decline

Today, Philadelphia is having a tremendous resurgence.
Philadelphia is experiencing a construction boom, with over 45 major projects under construction concurrently, representing over $3.1 billion in combined public and private investment.

In 1995, there were 0 outdoor cafes in Center City Philadelphia. In 2012, there were 296.

Center City Philadelphia is second only to Midtown Manhattan in number of arts and cultural organizations, and hotel occupancy has fully rebounded from the recession.

Philadelphia is at the
heart of a thriving economy.
The Philadelphia MSA has the 7th largest Gross Metropolitan Product in the country, larger than San Francisco, Boston, or Atlanta.

Key industries include:
- Health Care and Life Sciences
- Higher Education / Universities
- Professional and Financial Services
- Logistics and Distribution
- Arts and Culture
- A growing Tech Sector
Shinjoo Cho
Director of International Business Investment Philadelphia Department of Commerce
shinjoo.Cho@phila.gov | 215.683.2073

Rebecca Lopez Kriss
Manager, Entrepreneurial Investment
Philadelphia Department of Commerce
rebecca.lopezkriss@phila.gov | 215.683.2044
Philadelphia is attractive to companies.

Diverse regional economy

East Coast location with easy transit connections to NYC and Washington DC, an international airport serving 120 cities worldwide

Proximity to talent – over 100 colleges and universities in the region, including top ranked Drexel University, University of Pennsylvania, and Temple University

Smart Location
Smart City
Affordable living with a remarkable quality of life

Philadelphia is an arts and culture hub

Regional public transit system

Philadelphia is quickly becoming one of the best cities for technology, entrepreneurs, and startups.
From 2004 -2011 employment in IT grew nearly 115% and the number of IT companies grew by 48%.

First Round Capital, one of the most active venture capital firms in the United States, moved to University City neighborhood last year

Philadelphia’s Startup Scene looks like:
350 startups
22 incubators
12 co-working spaces
40 tech-related meet-up groups
12+ venture capitalist + angel investor groups

Establishing Philadelphia as a hub of entrepreneurship and innovation is a priority for Mayor Nutter.
Startup PHL Seed Fund - $6 million seed fund that is a public-private partnership between PIDC and managed by First Round Capital.

Startup PHL Call for Ideas - small grants to organizations that provide training and education to entrepreneurs.

We’ve changed our tax structure to encourage more investors to locate and do business in the City.

We launched Startup PHL in partnership with the Philadelphia Industrial Development Corporation (PIDC), sending the signal that the city government is committed to supporting startups (www.startupphl.com)

Businesses generally now enjoy broad tax reform, and the City continues to reform taxes.
Elimination of business taxes and fees for new businesses that create jobs (Jump Start Philly)

Phased-in exemption of the first $100,000 in gross receipts and a proportionate share of net income from the business income and receipts tax starting in 2014 at $50,000 and fully implemented by 2016

Elimination of the Commercial Activity License fee

A new structure for computing certain business taxes based only on Philadelphia revenues (Single Factor Apportionment) in 2015

Renewed efforts to reduce the City’s wage tax in 2014

Other Philadelphia business incentives include...
Job Creation Tax Credit - $5,000 per job created

Sustainable Business Tax Credit

Below market financing through PIDC

Tax preferred geographic locations:
- Keystone Opportunity Zones
- Keystone Innovation Zones

Smart City. Smart Choice.
Full transcript