The Philadelphia Region

The Greater Philadelphia area is home to nineteen Fortune 500 companies and 450 international firms. It is a geographic region centered between Washington, D.C. and New York City which is characterized by a stable, yet diversified economy based on health care, chemical, medical, electronics and pharmaceutical industries. Over the past two decades, this historical urban center has emerged to become one of the most stimulating environments in which to start new businesses and grow established ones.

Today, Philadelphia and its surrounding counties enjoy a diverse economy. While there are no single-industry concentrations upon which the economy depends, the region is the second largest health care market in the nation, generating revenues of $21 billion annually. Pharmaceutical and biotechnology companies located along Routes 202 and 422 in southeastern Pennsylvania employ more than 50,000 people.

Thirty major pharmaceutical companies maintain R&D labs in the tri-state region of Pennsylvania, New Jersey and Northern Delaware, including Merck Sharp & Dohme, Wyeth, SmithKline Beecham, Johnson & Johnson and McNeil Laboratories. Joining the health products firms are more than 200 other advanced technology companies engaged in electronics, telecommunications, environmental science, chemicals, medical instruments and information technology.

Another area of excellence in the Philadelphia area is materials. The region is a major materials development and processing center. More than 100,000 work in the manufacturing of chemicals, advanced composites, glass, plastics, industrial gases, metals and textiles. The region's nine chemical companies combined revenues exceed $31 billion, making the Philadelphia area second only to New York in revenue generated. Numerous young enterprises are flourishing as new entities in the textile and chemical fields are creating materials with medical, aerospace and automotive applications.

Within the region are located the federal materials research laboratory and several universities having materials science research programs. These institutions include Drexel, Temple, the University of Delaware, the University of Pennsylvania and Villanova University.