A new analysis by Select Greater Philadelphia (Select) for its 2011 Regional Report looks at the market potential within 200-miles of the Greater Philadelphia Region. The total gross regional product generated within this mega-region, if considered as a single national economy, would rank 5th in the world.
For the report released today by the regional economic development group, Select found that the total gross regional product generated within a 200-mile radius of Philadelphia in 2010 was $2.8 trillion. If considered as a single national economy, it would rank below Germany and ahead of France.
Select’s 2011 Regional Report also finds that the 11-County, tri-state Greater Philadelphia Region has withstood the global recession better than many communities due in large part to the strength of its powerful economic drivers, particularly the health sciences and higher education.
“With steadily improving conditions, our strongly diversified region, at the heart of an immensely rich economic marketplace, is poised for growth,” said Select President and CEO Thomas G. Morr.
Select worked with city, state and local economic development partners and business leaders to assist in recruiting 66 companies to the region in the past six years. Of the 66 companies, 54 of them are actively in business.
These companies are expected to have leased a total of more than 1.5 million square feet of space in the region at full occupancy.
Among the firms that Select has helped to attract to the 11-county, tri-state region in the past 12 months are:
- Car Group Holdings
- Gardner Denver
- Mark Group
- Swedish Orphan Biovitrum
Select found that Greater Philadelphia, located at the heart of the vast Northeast mega-region, is at the center of a market within 200 miles that accounts for:
- 122 companies on the 2010 Fortune 500 list;
- A 2009 population of more than 46.1 million, second highest among the 12 largest Metropolitan Statistical Areas, accounting for 18% of total US population;
- A total 2009 personal income of more than $1.46 billion, second highest among the top 12 MSAs;
- 19.1% of the total US gross domestic product.
Select’s Regional Report highlights the competitive advantages – the large and highly skilled labor force, extensive transportation infrastructure, quality of life and advantageous cost of living and doing business – that make Greater Philadelphia such an excellent place to locate or expand a business.
Barcodes printed throughout the report take smartphone users directly to a series of videos produced by Select, which features business leaders discussing the opportunities and benefits of doing business here. The regional cross-section of industry leaders on video include:
- Francis DiNuzzo, President and CEO, SDIX
- Dr. Patrick T. Harker, President, University of Delaware
- Courtney Kronenthal, Ph.D., Director, Communicat