On behalf of its nearly 10,000 members representing businesses of all sizes and all industries across Pennsylvania, the PA Chamber stood alongside Gov. Josh Shapiro and administration officials today at a press conference announcing the creation of three entities dedicated to fostering innovation, supporting transformational economic development, and creating opportunity for businesses and workers in Pennsylvania.
The Pennsylvania Office of Transformation and Opportunity, the Economic Development Strategy Group, and the Governor’s Innovation Council will collectively be tasked with cutting red tape and increasing state government’s responsiveness to businesses in order to spur private sector investment and job growth in Pennsylvania.
“The Pennsylvania Chamber’s mission is to drive economic opportunity, and we engage with our members extensively to understand how to improve the Commonwealth’s business climate and competitiveness,” PA Chamber President and CEO Luke Bernstein said. “Regulatory and permitting reform continue to be among the critical issues that businesses would like to see addressed – initiatives the PA Chamber has discussed with Gov. Shapiro during his campaign and throughout his transition. We are thankful that Gov. Shapiro is taking immediate action to strengthen and streamline our economic development efforts and improve the regulatory climate. We look forward to working with the governor and his administration to make Pennsylvania more competitive.”
Pennsylvania’s uncompetitive tax structure and slow permitting process has long stood as a deterrent to business investment. Last year, Arkansas made headlines for securing a $3 billion investment from a leading steel company for new, highly efficient mills to be built in the state. Asa Hutchinson, the state’s governor at the time, said that the plants, which will support 900 jobs paying six figures, would be built “before you could even get a permit to start construction in Pennsylvania.”
Recently enacted reforms to Pennsylvania’s Tax Code – including the reduction of our Corporate Net Income Tax rate from 9.99 percent to 4.99 percent by 2031 – and today’s executive order are important steps toward making Pennsylvania more competitive and incentivizing economic growth.
The Governor’s Office is creating the Office of Transformation and Opportunity to help develop and lead an overall growth strategy and implement economic development projects – coordinating with Commonwealth agencies, expediting permit reviews, and ensuring the speed of business reviews and the approval of key incentive programs. The Economic Development Strategy Group will be directed to advise Gov. Shapiro on Economic Development projects and processes to attract and retain employers, recruit innovation leaders, and create good-paying jobs here in Pennsylvania. Lastly, the Governor’s Innovation Council will be tasked with bringing together a regionally diverse group of leaders and experts to advise the governor and his team on industry trends and important investment opportunities.
