Pennsylvania’s increased commitment to economic development is paying off, with triple the amount of private investment since the state rolled out a strategy that includes making sites shovel ready, streamlining permitting approvals, boosting support for small businesses, and focusing on key industry sectors. 
In 2024, projects supported by various state programs resulted in private investment of more than $3 billion, Gov. Josh Shapiro said during a recent visit to the Lehigh Valley. In 2023, state supported projects triggered private investment of about $1 billion.
“We want to know that when we're investing a dollar of taxpayers’ hard-earned money that we're spurring on private sector investment, because that's what's going to lead to real growth and opportunity on our main streets, in our suburban office parks, and in our downtowns,” Shapiro said Dec. 19 in Easton at Three OAK Steakhouse, one of several small businesses he visited to highlight their importance to the regional and state economies.
“There's a lot that Pennsylvanians can learn from what's happening here in Easton. And it's not just beautiful restaurants like this, or wonderful bakeries. It's about the whole vision and everyone working together. That attitude really, really matters,” Shapiro said.
"Easton’s small business owners are more than entrepreneurs ― they’re community builders, creating gathering spaces, preserving traditions, and driving innovation,” said Julie VanOsdol, manager of the Easton Main Street Initiative.
Shapiro said Pennsylvania is more welcoming for businesses because of recent changes to the tax climate. They include a gradual reduction of the corporate net income tax rate to 4.99% in 2031, and a gradual increase in the amount of net operating losses that can be carried over for tax purposes.
In Easton, he visited Sweet Girlz Bakery, Queso at Casa, and Casa 401 before concluding at Three OAK Steakhouse. He was joined on the tour by Easton Mayor Sal Panto, state Sen. Lisa Boscola, state Rep. Bob Freeman, and VanOsdol, and during his remarks at Three OAK Steakhouse by Easton City Council members and representatives of Lehigh Valley Economic Development Corporation (LVEDC), the Greater Lehigh Valley Chamber of Commerce, and other local officials.
“As a former small business owner of a grocery store and meat market, I know firsthand the challenges it brings,” Panto said. “Our Governor understands the importance of supporting locally owned businesses that contribute so much to our economy."
In January 2024, Shapiro chose the Lehigh Valley as the location to announce Pennsylvania’s first statewide economic development strategy in two decades. He said he chose to announce the plan at OraSure Technologies in Bethlehem Township because the Lehigh Valley is a “region on the rise” and a model for economic development.
The strategy, which can be downloaded here, focuses on five key industry sectors: life sciences, robotics and technology, manufacturing, agriculture, and energy. The plan was backed by a bipartisan state budget supported by the Legislature that provides $400 million for the PA SITES program to invest in infrastructure to make properties shovel-ready for development and $20 million for small businesses, among other investments.
Permits and business licenses are being issued faster, and key economic development projects are being “fast tracked” through the state permitting process.
(Photos courtesy of PA Cast)