Companies Continue to Favor Greater Philadelphia

The international packaging company, MPS Systems, is in the process of relocating their North American headquarters from Green Bay, Wisconsin to Levittown, Pennsylvania. The deciding factor was Levittown’s proximity to many major cities.

“We have found a brand-new location ideally located between Philadelphia and New York City, providing more travel flexibility than our current North American home in Green Bay,” said Harm-Jan de Jong, Vice President of MPS Systems North America.

MPS opened its first North American facility in 2015 and moved again in 2017.

“Over the years, our North American organization has grown considerably, and now it’s time for a new chapter,” said de Jong.

The relocation is expected to be completed by the end of January 2020 and indicates a trend of world companies positioning offices in our region, finding Greater Philadelphia a great place to do business. A few months prior, Eastern Air Lines moved its headquarters from North Carolina to an approximately 18,000-square-foot space in Wayne, Pennsylvania.

Listen to S2 Ep40: The Art of Public Speaking with Orai

Listen to our Growing Greater podcast episode with the Co-founders of Orai, Aasim Sani and Paritosh Gupta.

In this episode, Aasim and Paritosh explain how their innovative mobile app that helps people become more effective and confident communicators and how they were able to grow their company out of their Drexel University dorm rooms and gain funding through various pitch competitions.

Catch up on previous episodes of Growing Greater to hear engaging stories of economic development, innovation, health care, and more from industry leaders. We encourage you to subscribe, share, and rate Growing Greater in your favorite podcast app.

Photo from Orai

Listen to S2 Ep38: Flying with a Need with Flying Angels

Listen to our Growing Greater podcast episode with Bob Bacheler, Managing Director of Flying Angels, a more cost-effective and practical alternative to what is known as “air ambulance” services.

In this episode, Bob explains how he transversed his career as a flight nurse and the future of Flying Angels.

Catch up on previous episodes of Growing Greater to hear engaging stories of economic development, innovation, health care, and more from industry leaders. We encourage you to subscribe, share, and rate Growing Greater in your favorite podcast app.

Listen to S2 Ep37: Growing an Entrepreneur with Arcweb Technologies

Listen to our Growing Greater podcast episode with Chris Cera, CEO of Arcweb Technologies.

Creating something that is meaningful, that has an impact and lasting effect is one indicator of success. In this episode, Chris explains how he is dedicated to making the Greater Philadelphia region a supportive ecosystem for entrepreneurs.

Catch up on previous episodes of Growing Greater to hear engaging stories of economic development, innovation, health care, and more from industry leaders. We encourage you to subscribe, share, and rate Growing Greater in your favorite podcast app.

Malvern Investment Management Company Holds Billions in Assets

Vanguard, the mutual funds company based in Malvern, Pennsylvania, has experienced substantial growth.

According to the global financial services firm Morningstar, “Vanguard’s 25.6% market share is greater than that of its next three biggest competitors combined.”

The 10 largest asset managers, American Funds, BlackRock, Dimensional Fund Advisors, Fidelity, Franklin Templeton, Invesco, PIMCO, SPDR State Street Global Advisors, T. Rowe Price, and Vanguard, have approximately $13 trillion in assets. Vanguard holds a third of that.

“Decades of doing right by their end investors have been rewarded by steady and growing net new flows into the system,” Morningstar’s Ben Johnson told MarketWatch.

In 2016, Vanguard opened the Vanguard Innovation Center in West Philadelphia to meet the needs of its clients in the digital age. This center continues to foster innovation in Greater Philadelphia and beyond.

Local Businesses and Nonprofits Creating Opportunities in southern New Jersey

Six local nonprofits have joined to launch the Camden Works employment initiative. The goal of this initiative is to match Camden residences with full-time employment and sustainable wages to reduce the city’s unemployment and poverty rates.

“There is no shortage of talented and ambitious people in the City of Camden,” said Congressman Donald Norcross in a press release. “Many new jobs that have come to Camden are now filled by city residents. This initiative will give us the opportunity to build on that progress.”

This four-year job training and employment program will gain resident participation in an effort to boost Camden’s local economy and was developed by the State of New Jersey National Association for the Advancement of Colored People (NAACP), Cooper’s Ferry Partnership, Latin America Economic Development Association, Center for Family Services, Hopeworks, and Camden County Workforce Investment Board.

Camden’s economy continues to rise as more businesses invest in the southern New Jersey city. By the end of 2023, Hilton Garden Inn will open along the Camden Waterfront and JP Morgan Chase opened the first bank to open in downtown Camden in a decade. Both business expansion projects are creating economic opportunity for the community and its residents.

Fintech Building Opening on the University of Delaware’s STAR Campus

The University of Delaware announced that it will begin another construction project to expand its Science, Technology, and Advanced Research (STAR) Campus.

The university will construct a 100,000-square-foot financial services technology (fintech) building, which will become a collaborative space for Delaware Technology Park startups and students of the university’s business and engineering schools.

“Combining our expertise and resources in these complementary fields will yield exciting opportunities for our students and faculty with meaningful impact on society,” University of Delaware President Dennis Assanis said in a statement.

The $38 million fintech building is expected to open in 2021.

Just six years ago, the University of Delaware invested in the 272-acre land south of its campus that is now known as the STAR Campus. This research center has had tremendous value for innovation, research, and academics alike, and the Greater Philadelphia region.

Electric Vehicles Potentially Expanding Throughout New Jersey

Rowan University has been rewarded a $100,000 grant by the New Jersey State Board of Public Utilities (BPU) to study expanding electric vehicle (EV) infrastructure to local underserved communities.

“New Jersey’s energy future must be as fair as it is clean,” BPU President Joseph Fiordaliso said in a statement. “Initiatives like this … will help us ensure that all communities in New Jersey have access to transformative technologies like EVs.”

Rowan will conduct a market analysis to potentially install plug-in EV infrastructure and usage programs in low-income populations and multi-family residences. This study aligns with Governor Phil Murphy’s goal of putting 330,000 electric vehicles on the road by 2025.

“This new initiative is part of our broader effort to make renewable energy solutions work for everyone in New Jersey,” Governor Murphy said.

Rowan University is also leading a $14.5 million Department of Defense/Army Research Lab project to improve army modernization and safety. Rowan continues to lead initiatives that will grow our region’s innovation economy.

Seven Greater Philadelphia Tech Companies Recognized for Growth

Deloitte, the multinational professional services network, recently released its annual Technology Fast 500. This list ranks the fastest-growing technology companies in North America.

Seven Greater Philadelphia companies were listed as some of the fastest-growing tech companies.

Congratulations to the seven technology companies that are making our region an innovation sector:

This fall, Greater Philadelphia was named the sixth biotech hub in the country for a second year. According to Genetic Engineering & Biotechnology News, in the past year our region obtained $806 million in 37 venture capital deals, created approximately 48,000 jobs, and has 10.6 million square feet of lab space. Technology companies throughout the region continue to make Greater Philadelphia an excellent place to live, work, and thrive.

Multi-Million Square Foot Development Project Underway in Lower Merion

The New York-based real estate company Tishman Speyer Properties announced plans to add 2.6 million square feet of mixed-use space in Lower Merion Township, PA.

This massive addition will include office, retail, and restaurant space along with a hotel and over 700 apartments at the Bala Plaza in Bala Cynwyd, PA.

“The plan we have unveiled is consistent with our original vision, which was to create a vibrant neighborhood that complements the adjoining communities in Lower Merion and Philadelphia,” said a Tishman Speyer Properties spokesperson.

This new vibrant space is expected to attract residents, employers, and visitors to Greater Philadelphia. Planners of Lower Merion are also considering creating new transportation connections, such as mass transit, scooters, bicycles, or pedestrian pathways.

SEPTA is working towards increasing connectivity throughout the region as well. In early 2019, the transportation company shared upcoming construction plans to extend the Norristown High Speed Line, which will connect the region’s three largest areas of employment —Center City, University City, and King of Prussia.