This graph shows funds allocated to the Dept. of Community and Economic Development (DCED) from the state’s General Fund, by year. This is part of the annual budget proposed by the Governor and altered or approved by the General Assembly. The three DCED programs highlighted—the Ben Franklin Technology Partners, Manufacture PA, and Partnerships for Regional Economic Performance (PREP)—are central to fostering the Commonwealth’s entrepreneurial community and emerging technology companies, often providing necessary capital before the private market can feasibly be expected to step in.
Note re Small Business Assistance/PREP (red series): In FY 2011, Industrial Development Assistance Local Development Districts, Small Business Development Centers, and Industrial Resource Centers were consolidated into Partnerships for Regional Economic Performance (PREP).
Note re Manufacturing PA (green series): In FY 2017-18, the Manufacturing PA line item was created at $12M. That line includes the Industrial Resource Centers (IRCs). As a result of the IRCs being moved out of the PREP line item, coupled with the creation of a new program within the PREP line, the overall appropriation for PREP was reduced by $2M, but its programs were not negatively impacted.
Source: Pennsylvania Department of Community and Economic Development
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/
Milken State Technology & Science Index Rankings
The Milken State Technology and Science provides a simple glance at how Pennsylvania is doing relative to other states. The Index considers 106 indicators across R&D inputs, risk capital and entrepreneurial infrastructure, human capital investment, technology and science workforce, and technology concentration and dynamism. Though there are some areas the Milken Index does not account for.
Data Source : Milken Institute
New Business Early Survival Rate by State (2011-2020) Community and Economic Development
The percentage of new employer establishments that are still active after one year of operation (comparative yearly percentage for the U.S. and selected states from 2011 to 2020)
The official FCC broadband definition is a minimum of 25 Mbps download and 3 Mbps upload.
Cable/fiber internet connection is used to define access to broadband, since these are the most commonly used and currently best two types of internet for a fast connection. Other technologies are less preferable due to slowness, instability, data caps, and latency.