Butterfingers! Biotech, along with residential housing construction, is really the only bright spot in Montgomery County's otherwise-moribund economy. Decisions - and hefty tax breaks, which coincidentally only apply to these two industries (wow, you mean tax breaks generate economic growth?) - made by County and Maryland leaders decades ago led to the development of a strong biotech sector. But even this couldn't prevent MoCo officials' latest fumble of a corporate headquarters, as the relocation search of Adare Pharma Solutions' global headquarters ended with the selection of...Philadelphia.
The New Jersey-based biotech firm made its decision last month, but the Pennsylvania Department of Community and Economic Development celebrated the victory at a ceremony on Friday. “Having a company like Adare relocate its global headquarters to Philadelphia is a fantastic win for our Commonwealth and proves Pennsylvania gets it done,” DCED Secretary Rick Siger said. “The company’s growth is helping to boost our already robust life sciences sector ― a key element of our economic development strategy — while creating more opportunities for Pennsylvanians.”
Steering the Keystone state's successful bid was the Governor's Action Team. “I’m competitive as hell and I believe Pennsylvania is the best state in the nation for companies who want to innovate, grow, and succeed so I’m thrilled that Adare has chosen Pennsylvania over other states for its headquarters and continued growth,” Governor Josh Shapiro said in a statement. “Pennsylvania is a leader in biotech and life sciences – with a talented workforce, access to key markets, and significant laboratory infrastructure – and Adare’s growth here will build on that legacy while creating more opportunity for Pennsylvanians. Pennsylvania is open for business, and I look forward to welcoming more companies to our Commonwealth in the near future.”
Adare's new global HQ will bring "at least 115 new, well-paying jobs" to Pennsylvania, the governor's statement indicated. Meanwhile, on the day that Philadelphia was celebrating the Adare HQ prize, the Montgomery County Council was tweeting about placing even more costly environmental regulations and paperwork responsibilities on building owners in the County. "Doh!" Now there's a great recruiting message to send to firms around the world. Montgomery County continues to be closed for business.
13 comments:
These posts are as boring as they are insufferable. Now we're supposedly in competition with both Southern Virginia AND Eastern Pennsylvania for every single small company that moves 30 miles within their own regions? What complete nonsense.
Admitting you have a problem is the first step in solving it. How can we fix our moribund Montgomery County and Maryland economies if the topic can't be discussed candidly? We are in competition with every jurisdiction out there.
The Montgomery County unemployment rate is 3%, the average income is $125,371. Philadelphia's unemployment rate is 4.8% and their average income is $60,302.
Admitting you don't know what moribund means or what an economy is is the first step to admitting you have a problem
6:54. Like a business saying 'we lose on everything we sell but make it up on volume!'
7:17: And once again, I will remind you that unemployment rate of a jurisdiction has nothing to do with the health of its economy. The majority of MoCo residents making good incomes are working at jobs located in D.C. or NoVa.
There are many more Fortune 500 companies in Philadelphia than in Montgomery County. [Sad trombone]
Even Wes Moore and Brooke Lierman have agreed that our economy is moribund.
"There are many more Fortune 500 companies in Philadelphia than in Montgomery County."
Great job proving how useless your favorite metric is. I'll take the low unemployment and high salaries found here, thank you.
8:38: Alas, you'll also take the high taxes that come from a structural budget deficit caused by a lack of commercial business revenue, and out-of-control spending the County Council. "Great job" again showing your misunderstanding of simple economics, that MoCo's unemployment rate and average income have zero to do with the health of our economy.
Even Wes Moore says you are wrong.
"structural budget deficit"
Wow, so you understand the county's financial strength better than Moody's, S&P and Fitch? Impressive!
Yes, America's 6th largest city has more Fortune 500 companies than a DC suburb. This is true. Also, Wes Moore would probably point out that Maryland ranks higher in per capita income than Virginia or Pennsylvania. It also has a basically the same (2.8 v. 2.9) unemployment rate as VA and a lower unemployment rate than PA.
Fortune 500 companies are nice to have...but they are hardly indicative of the economy of a state, much less a suburb.
11:30: Yes, I do.
11:50: The "other Wes Moore" - the one who is currently governor - said our economy is too moribund to fund the initiatives he had planned.
Maryland Comptroller Brooke Lierman said our "private sector job growth has been stagnant," and "Maryland is behind neighboring states and the nation in gross domestic product, personal income, real wages and population growth."
Fortune 500 companies are nice to have - that's why Virginia is ranked #1 for business, and Maryland is...31st.
"Yes I do" yeah right....
Let’s look at the situation realistically. The company has three sites - two in Philadelphia and one in nearby New Jersey. They are consolidating the three sites into two - closing the New Jersey site and moving the offices to the existing site Philadelphia.
Why would this company possibly be a candidate for moving its offices to Montgomery County, nearly 180 miles away?
I know several people who live in Philadelphia and worked in Lawrenceville NJ before the company consolidated its offices and research facilities in Philadelphia. Their commutes shortened from a one hour train ride to a 10-20 minute bus ride.
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