Why Invest In Erie, Pennsylvania?
Erie, Pennsylvania has the market momentum private investors are looking for.
QUICK FACTS
- Nearly $750 Million in ongoing private, public, and philanthropic investment
- 23,000 university students in Erie at any given time
- 1,000,000+ square feet of commercial and residential property ready for redevelopment
- 176 acres of bayfront property prime for development
- Secure Smart City Pilot in all 8 Opportunity Zones
- Only one of two 1,000 foot dry docks and the largest crane on the entire Great Lakes
Significant Capital Investment from Anchor Institutions
Over the last few years, some of the largest anchor institutions in the region have invested nearly $750 million dollars in capital projects, including Fortune 500 company Erie Insurance, UPMC- Hamot Hospital, Allegheny Health Network - Saint Vincent Hospital, Gannon University, Mercyhurst University, Scott Enterprises, and Velocity Network.
Water Availability, Reliability, and Sustainability
Erie County MSA has nearly 51 miles of shoreline and a natural peninsula known as Presque Isle State Park.
36 million gallons of excess water and sewer capacity; membrane filtration system provides highest quality water available; and the largest industrial crane at the only Pennsylvania port on the Great Lakes.
ERIE'S DIVERSE ECONOMY
Erie is a diverse economy with a 2.0 manufacturing location quotient, and emerging strengths in education, medicine, advanced manufacturing, and tourism. These industries are not only providing an abundance of employment opportunities, but also livable wages for the thousands of families living in the surrounding communities.
Erie's nascent Innovation District - focusing on cybersecurity, data science, insurtech, fintech, and other emerging industries - is poised to create jobs for the 21st century in Erie County. Radius CoWork and the Erie Technology Incubator hatch new startups every day – and will continue to create a diverse mix of tech-enabled jobs in the region.
Engaged Philanthropic Community Focused on Transformational Change
Susan Hirt Hagen Center for Transformational Philanthropy
$10 million Community Investment
Erie Innovation District $4 million investment
Empower Erie | Community College $4 million investment
Erie School District Community Schools $1.5 million investment
Neighborhood Revitalization Investment $500 thousand investment
Erie Community Foundation
The ECF made grants totaling $18.8 million in 2017. At year-end, assets totaled $259 million with an increase in $77 million over the last decade
Erie County Gaming Revenue Authority
Created in 2008 in reaction to the 2004 PA Racehorse Development and Gaming Act, the Erie County Gaming Revenue Authority (ECGRA), an innovative local share gaming revenue model, has invested nearly $50 million across Erie County to support placemaking, neighborhoods, education, arts and culture, and entrepreneurship and innovation
Over $50 Million in Ongoing Investments from the Commonwealth
The Commonwealth of Pennsylvania, through various agencies, has invested tens of millions of dollars in a concentrated manner to protect and de-risk investment for the private sector. Investments include capital projects, infrastructure improvements, neighborhood support, and environmental sustainability.
Department of Agriculture (DOA)
Department of Environmental Protection (DEP)
Department of Conservation and Natural Resources (DCNR)
Department of Community and Economic Development (DCED)
Redevelopment Assistance Capital Program (RACP)
Pennsylvania Department of Transportations (PennDOT)
Market Proximity, Strategic Transportation Infrastructure, and Great Lakes Port Access
Pennsylvania's only port access to the Great Lakes and located at the nexus of two major interstate highways (I-90 & I-79) Erie boasts market proximity to major markets in Pittsburgh, Buffalo, Cleveland, and Toronto. And falls within one day's drive to 80% of consumers in the continental United States. Erie has also been gaining visibility in recent years as a regional tourist destination by leveraging its natural resources
Renewed Confidence in Civic and Public Leadership
Energized leadership from City Hall; Mayor Joe Schember and his administration have embraced the city's comprehensive plan Erie Refocused to bring transformational change to the city and the region.
Mayor Schember has added several new positions to his administration including a City Planner, Liaison to the African American Community, Liaison to the New American Community, Digital Media Coordinator, Business Development Officer, and Full-time Grant Writer.
The Department of Economic & Community Development manages over $7 million in self-sustaining revolving loan funds and manages a $50 thousand small business micro-grant fund.
