In an annual review that has become a leading economic indicator for one of Pennsylvania’s top economies, the Chester County Economic Development Council is releasing its economic development milestones for fiscal year 2017-2018.

The CCEDC recently showcased the data at its Annual Stakeholders’ Meeting attended by more than 150 local business leaders at the Desmond Hotel in Malvern. The work of the CCEDC is supported by more than 230 investors spanning every major industry, from startups to Fortune 500 companies, including Cerner Health Services, PECO Energy, QVC, Vanguard, and West Pharmaceuticals.

Highlights of the CCEDC’s milestones for fiscal year 2017-2018 include:

• Financing of more than $16 million for 19 projects to grow local business and create jobs for local workforce
• Among them: $10 million in state funding for remediation and transformation of the 120-acre former Pennhurst State Hospital into a mixed-use commercial and industrial site
• $9.6 million in tax exempt financing
• $9.7 million in total grant project funding
• $1.2 million in Keystone Innovation Zone (KIZ) tax credits for emerging growth companies
• $23 million spent by CCEDC’s network of i2n companies on research, development, and testing
• More than $500,000 in grant support for incumbent worker training and a new STEM Innovation approach to serving local youth
• Collaboration on 18 economic development projects throughout Chester County

“Financing remains the foundation of CCEDC services,” said Gary W. Smith, the CCEDC’s President and CEO. “We use a variety of grant and loan programs to meet the needs of our clients and to get projects across the finish line.”

Workforce development has been a major focus, with more than 6,900 attendees at CCEDC workforce events from 975 organizations. Also, more than 4,300 youth participated in CCEDC career exploration activities.

“We know that the growth and success of companies in Chester County depends on the talent and availability of a qualified workforce,” said Michael L. Grigalonis, the CCEDC’s Chief Operating Officer and Executive Vice President. “The Council strongly believes that workforce development is economic development.”

While continuing to build the ecosystem of resources for emerging tech companies, the CCEDC engaged with more than 90 emerging growth companies in the life sciences, biotechnology, energy, and technology industries. Partnership with West Chester University resulted in the first-ever Tech Start-up Weekend in the suburbs, as well as the Angel Venture Fund Workshop.

One of the leading continuing strategic priorities is VISTA 2025, the 10-year economic development strategy that is a unique collaboration between Chester County and the CCEDC. Launched in 2014, the initiative is co-chaired by Chester County Commissioner Michelle Kichline, who gave a brief progress report with more details to be released this Friday.

“Chester County’s success can be measured in so many ways because we plan for our future, we invest in our future, and we work hard to make that future happen,” said Kichline. “VISTA 2025 is a great example of how having an overall strategy – with specific goals that are followed by both the public and private sector – can help us to keep Chester County the vibrant, beautiful, and progressive place that it is.”

Click here for a complete copy of the CCEDC’s 2017-2018 Annual Report.

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