In a move poised to rev up Philly's economic engine, Governor Josh Shapiro stepped into the Philadelphia Navy Yard, casting a spotlight on a hefty $30 million boost through the PA SITES grant program. This injection of funds is slated to turn a significant chunk of the yard – 54 acres – into a fertile breeding ground for advanced manufacturing, life sciences, and commercial endeavors, according to PAcast.
Alongside Department of Community and Economic Development Secretary Rick Siger, Shapiro's tour of the soon-to-be reinvigorated space drives home the ambitions of his administration: to give Pennsylvania's economy a shot in the arm with a new district that's green in both innovation and design. It's not just Philadelphia reaping this windfall; $64 million dollars – the lion's share of which stems from the celebrated bipartisan budget – have been earmarked for 11 key locales that span the Commonwealth's verdant expanse, as detailed by PAcast.
When it comes down to choosing where to plant stakes, companies lean heavy on the guidance of national site selectors – professionals with a keen eye for real estate potential. It was feedback from these very individuals that helped to shape the PA SITES program, as Governor Shapiro's office has made clear. The Governor, who negotiated a $500 million kitty for site development in the 2024-25 budget, is planting $400 million squarely into the PA SITES initiative.
Earlier this week in Bedford, the first round of grants was announced, with funding distributed to counties including Berks, Bucks, and Fayette. According to the official release, the grants are intended to support local economic development and business growth across Pennsylvania.
