Greater Philadelphia Metro Export Plan Steering Committee Meeting

Despite more than 80 percent of global GDP growth projected to occur outside the U.S. between 2013 and 2018, only five percent of American companies currently export and, among those that do, 58 percent export to only one market.

These numbers underscore the significant opportunity for Greater Philadelphia and other U.S. metros to grow by going global. In fact, estimates indicate that doubling Greater Philadelphia’s annual export growth rate to bring it in line with competitor metros could generate up to 40,000 new jobs in our region over five years.

Recognizing the opportunity to take our region’s export outcomes to the next level, the Economy League and the World Trade Center of Greater Philadelphia are leading a coalition of partners for a 12-month project to develop and disseminate a customized, data-driven metro export strategy.

In conjunction with this effort, Greater Philadelphia is participating in an exclusive economic development network created by the Global Cities Initiative, a four-year joint project of the Brookings Institution and JPMorgan Chase. This network, the Global Cities Initiative’s Exchange, assists metropolitan areas as they develop plans to achieve sustainable growth, first addressing exports and then foreign direct investment.

A detailed market assessment will be released in summer 2015, setting the stage for completion of a metro export plan by the end of 2015 along with announcement of initial implementation efforts.

The export initiative is being supported in part by a U.S. Economic Development Administration grant awarded to the Economy League to advance the World Class Business Growth agenda. The two-year, $200,000 matching grant will also fund in-depth analysis and strategy development for a priority industry sector as well as the formation of a World Class Business Growth Network in the region.

For more information, contact Managing Director of Regional Engagement, Josh Sevin.