Economic Roadmap Includes Policy Recommendations, Input from Pennsylvania Businesses
HARRISBURG – In an effort to make Pennsylvania the most competitive state in the nation for business, the PA Chamber Foundation today released the Keystone Initiative, a private sector-led, long-range strategic vision for Pennsylvania to foster economic growth and prosperity.
The Keystone Initiative is a roadmap to strengthen the state’s economic competitiveness and make it a great place to live, work, raise a family, attend school, and grow a business. The plan was led by the Keystone Initiative co-chairs from six PA Chamber member organizations and developed by collecting input from PA Chamber members, key stakeholders from all industry sectors, and other businesses from across Pennsylvania.
“Pennsylvania has played a significant role in the economic and political history of the United States, from the American Revolution to the Industrial Revolution,” PA Chamber Foundation President Luke Bernstein said. “While the Keystone State maintains many strategic advantages, we are at a crossroads. Recent trends in population, job growth, and GDP growth indicate that the state is stagnating. Pennsylvania is competing for people, jobs, and investment across the country and around the globe. The PA Chamber has developed the Keystone Initiative to ensure we realize our full potential and maintain our status as a place that spurs economic opportunity for businesses and prosperity for its residents.”
The PA Chamber Foundation conducted a series of interviews, meetings, and surveys to seek feedback and gather input from Chamber members and business leaders. Additionally, the PA Chamber Foundation collaborated with Economic Leadership Consultants (ELC), a national consulting firm, to develop recommendations for how to improve Pennsylvania’s economic competitiveness.
The Keystone Initiative includes approximately 100 recommendations in eight categories with seven key priority areas. Those priority areas include:
1. Increasing the pace of corporate net income tax rate reductions and adjustments to the net operating loss carryforward cap.
2. Promoting tax reforms that reduce the tax burden on small businesses in Pennsylvania.
3. Addressing tort reform and judicial reform across Pennsylvania.
4. Setting aggressive goals for increasing government responsiveness by improving:
– Client communication with business and permit applicants;
– The speed and predictability of permitting;
– And approval processes for every state agency.
5. Developing a statewide energy plan focusing on innovation and infrastructure development.
6. Supporting policies and initiatives to upskill and reskill adult workers.
7. Supporting solutions to the childcare crisis in Pennsylvania.
The priority areas and recommendations are a starting point for collaborative action by state, regional, and local partners to build a stronger Pennsylvania. The Keystone Initiative is based on the knowledge and experience of Pennsylvania’s business leaders, coupled with expertise and data from external sources. The recommendations are examples of public policy and strategies Pennsylvania can pursue to encourage growth. The report will serve as the basis for PA Chamber advocacy and initiatives.
The Keystone Initiative contains comprehensive policy recommendations addressing vast economic challenges and opportunities, but it is not exhaustive. The PA Chamber Foundation will continue to review and refine the Keystone Initiative, ensuring it remains the most effective roadmap for Pennsylvania to thrive.
The Keystone Initiative was co-chaired by Charles Duncan, Vice President, Comcast; Chris Franklin, Chairman and CEO, Essential Utilities; Christine Martin, President and CEO, PPL Electric Utilities; Tim NeCastro, President and CEO, Erie Insurance; Dan Onorato, Executive VP, Highmark Health; and Toby Rice, CEO, EQT Corporation.
To read the Keystone Initiative, click here.
To learn more about the Keystone Initiative, visit the PA Chamber Foundation website here.