Comparison of the number of employees at foreign-owned companies (FOC) in Pennsylvania, Pennsylvania FOC employment as a percent of total employment, and Pennsylvania FOC employment as a percent of U.S. FOC Employment

These graphs show the importance of foreign-owned companies to job creation in the Commonwealth. Foreign-owned companies tend to provide high wages because they are typically in high-tech, research-based industries. The presence of foreign-owned companies in a region may also attract other foreign firms, both within and outside of the same industry, ultimately creating more jobs for Pennsylvanians. (Brookings)

For the visualization, we define “foreign-owned companies” referring to the definition of “majority-owned U.S. affiliate” given by BEA (U.S. affiliate and Majority-owned U.S. affiliate). A foreign owned company is defined as a U.S. business enterprise in which there is foreign direct investment (FDI) and the combined ownership of all foreign parents exceeds 50 percent.

The FDI into Pennsylvania has been creating job opportunities in multiple industries, including manufacturing, wholesale trade, retail trade, information, finance and insurance, real estate and rental and leasing, scientific & technical services, and manufacturing industry takes the largest proportion among them.

Source: U.S. Bureau of Economic Analysis - Foreign Direct Investment

The population living in selected Pennsylvania Metro Areas who were born in a foreign country, compared to Pennsylvania.

The percent of STEM degrees/certificates awarded to race/ethnicity groups as a percent of the total number of STEM degrees/certificates awarded the total student population, compared to the percent of all degrees/certificates awarded to race/ethnicity groups as a percent of the total number of degrees/certificates awarded the total student population (Pennsylvania)

The availability of broadband Cable/Fiber Internet by area type (rural, urban, all types) in Pennsylvania PREP Regions as of December 2019.

Utility patents per 100,000 residents by year by state, compared to the national average (selected states, 2015-2019)

Number of Pennsylvania companies appearing in the annual Inc. 5000 list of Fastest Growing Companies in America by industry (top industries in 2020 ranked by number of companies)

The Inc. 5000 is an annually released list that tracks the 5,000 companies in the U.S. that are experiencing the highest revenue growth. Of those companies on the 2020 list, 188 are headquartered in PA.
The literature shows that high growth firms (defined as firms experiencing 20% or greater compound annual revenue grown over 3-years) are responsible for a significantly outsized contribution to economic growth and job creation. It also suggests that small, young, and knowledge-based firms are much more likely to achieve the levels of high growth seen on this list.
The Brookings Institute conducted an analysis and general endorsement of the list: https://www.brookings.edu/research/high-growth-firms-and-cities-in-the-us-an-analysis-of-the-inc-5000/

Data Source: INC 5000, Introducing the 5,000 Fastest-Growing Companies in America

Entrepreneurship
Number of companies appearing in the annual Inc. 5000 list of Fastest Growing Companies in America (top states by number of companies in 2020)

The federal government defines cost-burdened households as those that pay over 30% of household income to rent or mortgage payments. This is caused by high housing prices, low incomes, or both. This is an indicator of whether citizens are sharing in a region’s economic growth: as home prices rise, wages should rise, too. While high housing prices can indicate a region’s attractiveness, they can also deter potential new inhabitants from moving in and contributing to the local economy.