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The IEDC EDj Economic Development Journal 734 15th Street, NW Suite 900 • Washington, DC 20005 Volume 12 / Number 2 / Spring 2013 Diversifying Downtown from the Ground Up Setting and Managing the Stage for Downtown Revival Innovation in Economic Development Transforming Philadelphia’s Economy Manufacturing the Future Greater Philadelphia in the 21st Century The Art of Tourism How Arts & Culture Fuels the Tourism Economy When Partnerships Work in Marketing a Region Success at a Local Level Means the Entire Region Succeeds A River Runs Through Them The Story of Philadelphia and Camden’s Downtown Waterfront Revivals Supporting the Southeastern Pennsylvania Life Sciences Industry The First 30 Years of Innovation & Growth The World Trade Center of Greater Philadelphia Driving Regional Economic Growth and Jobs Through Exports Recession and Recovery Economic Performance in the Third Federal Reserve District Transit-Oriented Development in the Greater Philadelphia Region Progress, Challenges, and Opportunities Economic Development Journal / Spring 2013 / Volume 12 / Number 2 1 it pays intErnational Economic devElopmEnt council to bE a about iEDc mEmbEr The International Economic Development Council (IEDC) is the premier international The savings that association dedicated to leadership and excellence in economic development. IEDC can equip you with the tools and resources that are helping to shape economic development throughout membership brings on the country and around the world. Our services include: conference attendance, • ED Now, a twice-monthly newsletter publications and member • Economic Development Journal, a quarterly publication services more than covers • Improved access to resources and information the cost of membership. • Enhanced educational choices • Stronger advocacy and access at the Federal level Member dues are prorated • Expanded networks and alliances according to the • Industry-leader publications organization or company • Expanded research and technical assistance type. Don’t miss out on • An international presence the value and savings of becoming an IEDC ThE IEDC member. Join the premier Economic Development Journal economic development International Economic Development Council 734 15th Street, NW Suite 900 • Washington, DC 20005 • www.iedconline.org association today. Chair: Paul Krutko, FM President & CEO: Jeffrey A. Finkle, CEcD Call IEDC TODAY to Editor: Jenny Murphy sign yourself up as a Editorial Board: Ronnie Bryant, CEcD, FM, hLM, chairman; William Beyers, Ph.D.; Janet Cypra; Donald haider, Ph.D.; Rick Loessberg; Phillip D. Phillips, Ph.D., CEcD; Karin Richmond, Ph.D., FM; Ronald Swager, Ph.D.; Mark D. Waterhouse, member or to receive CEcD, FM, hLM; and Charles h. Wood, CEcD further membership Manuscripts are invited and should be addressed to the editor. Articles contained in Economic Development Journal represent the authors’ views and not necessarily those of IEDC. No articles may be reproduced without permission from information: IEDC. Copyright (c) 2013, the International Economic Development Council (202) 223-7800. Fax: (202) 223-4745. [email protected]. ISSN 1539-1922 (print). ISSN 2168-5800 (online). (202) 223-7800. Subscriptions $60 per year; for individual issues – $20. Advertising is available. Contact IEDC for details. Or visit our homepage at oFFICErs AND BOARD oF Neil Everson, EcD Anatalio Ubalde, FM James H. Gullyes, HLM www.iedconline.org. DIRECTORS Maurice D. Ewing, CEcD Marty Vanags James C. Hankla, HLM Robert Fine Steve Weathers, CEcD Robin Roberts Krieger, FM Officers Kristen Fish, CEcD Joy S. Wilkins, CEcD Ronald C. Kysiak, HLM Paul Krutko, FM Thomas M. Flynn, CEcD Roy H. Williams Robert E. Leak, Sr., CEcD, HLM Chair Raymond Gilley Marilyn Swartz Lloyd, HLM William C. Sproull, FM Gerald L. Gordon, Ph.D., FM, HLM PAST cHAIRS Joseph A. Marinucci, FM Vice Chair Todd Greene, CEcD William E. Best, FM William J. McDermott, CEcD, JoAnn Crary, CEcD Daniel C. Gundersen Thomas D. Blanchard, Jr., HLM FM, HLM Secretary/Treasurer Cecilia Harry M. Ross Boyle, CEcD, FM, HLM Jay C. Moon, CEcD, FM Barry Matherly, CEcD Lynn Martin Haskin, Ph.D. Ian Bromley, MA, MBA, FM, John D. Morand, CEcD, FM, HLM Janet M. Miller, CEcD, FM Mario Hernandez FRSA Ioanna T. Morfessis, Ph.D., HLM Craig J. Richard, CEcD Clarence L. Hulse Ronnie L. Bryant, CEcD, FM, HLM Edward A. Nelson, Jr., CEcD, Jay C. Moon, CEcD, FM Barbara K. Johnson Steven J. Budd, FM FM, HLM Immediate Past Chair Thomas A. Kucharski, CEcD Robert B. Cassell, CED, FM, HLM D. Kenneth Patton, HLM Jeffrey A. Finkle, CEcD F. Michael Langley Kurt Chilcott, CEcD, FM, HLM James O. Roberson, CEcD, FM, President & CEO Andrew T. Levine John P. Claypool, HLM HLM Board of Directors Tracye McDaniel Dennis G. Coleman, CEcD, FM Judie A. Scalise, CEcD, FM, HLM William Allen Kenny McDonald Gary Conley, HLM Bill R. Shelton, CEcD, FM, HLM Charles S. Alvey, CEcD Brian McGowan James A. Covell, CEcD, FM, HLM Wayne Sterling, CEcD, FM, HLM Darrell Auterson, CEcD, EDFP Fred Morley Walter D’Alessio, HLM David C. Sweet, Ph.D., FM, HLM Ivan Baker, CEcD Mark O’Connell James A. Devine, CEcD, FM, HLM Rick Thrasher, CEcD, FM, HLM David Berzina, CEcD Diane Palmintera Donald G. Dunshee, CED, FM, Mark D. Waterhouse, CEcD, FM, Dyan Lingle Brasington, CEcD, FM Phillip D. Phillips, Ph.D., CEcD HLM HLM Robert J. Camoin, CEcD Jan Rogers Murray A. Elder, HLM Rick L. Weddle, FM Tim Chase, CEcD, FM Gurbax Sahota Harry G. Foden, CEcD, FM, HLM April Young, Ph.D., HLM Tedra Cheatham, CEcD Noreen Scott, CEcD Jay A. Garner, CEcD, CCE, FM Christopher M. Chung Pat Sims HLM Amy Clickner John Sternlicht James A. Garver, CEcD, FM, HLM J. Vann Cunningham Michael Taylor Victor S. Grgas, HLM Jackie Davis-Wellington Allison J.H. Thompson, CEcD, James W. Griffin, CEcD, FM, HLM EDFP 2 Economic Development Journal / Spring 2013 / Volume 12 / Number 2 Economic Development Journal / Spring 2013 / Volume 12 / Number 2 3 lEttEr From the GovErnor welcome to pennsylvania Tom Corbett Governor of Pennsylvania Dear IEDC Members: On behalf of the Commonwealth of Pennsylvania, I invite you to attend the 2013 Inter- national Economic Development Council’s Annual Conference in Philadelphia, Pennsylvania on October 6-9, 2013. I look forward to welcoming you and other economic development professionals from all over the world to Pennsylvania so that you can see for yourself all the development opportunities that exist in our beautiful state. I have made it a top priority to create an environment in which companies can grow by enacting historic business tax and regulatory reforms. A business-friendly environment along with Pennsylvania’s world-class higher education institutions, skilled workforce, low- cost energy, and proximity to 40 percent of our nation’s population make the possibilities for success limitless. Pennsylvania’s keystone location provides companies one-day trucking access to all major markets on the eastern seaboard. Our three major ports provide shipping access to the Atlantic Ocean, Great Lakes, and the Gulf of Mexico. Pennsylvania is a leader in cross-border projects with the largest network of overseas of- fices of any U.S. state, and we are committed to breaking down barriers for businesses look- ing to expand. We stand ready to help you become the next Pennsylvania success. Many of our partners in the Philadelphia region and throughout the state have been preparing for your arrival for quite some time. Philadelphia is an economic success story that spotlights revitalization and accentuates the theme of the conference: Transformation, In- novation, Reinvention: Creating Tomorrow’s Economy Today. Philadelphia, the City of Brotherly Love, is packed with diverse industries and is home to Fortune 500 companies as well as international companies with home offices in Asia, Europe and South America. Philadelphia is also a remarkable city with many historic destinations. Be sure to make time to experience our nation’s history with a visit to the National Constitution Center or spend some time at the Liberty Bell and Independence hall. I hope to see you in Philadelphia where you can hear more about why we are so proud to live and do business in the Keystone State. Sincerely, Tom Corbett Governor of Pennsylvania 4 Economic Development Journal / Spring 2013 / Volume 12 / Number 2 LettEr From the mayor welcome to philadelphia Michael A. Nutter Mayor of Philadelphia Greetings! It is a great pleasure for me to welcome you to the International Economic Development Council’s (IEDC) 2013 Annual Conference. Through a program of top speakers, cutting- edge topics, and educational tours, conference attendees will not only see the region’s in- novative energy, but leave with fresh strategies and tools to take their organizations to the next level. IEDC is a non-profit membership organization dedicated to helping economic devel- opers do their job more effectively and raising the profile of the profession. When the organization succeeds, their members create more high-quality jobs, develop more vibrant communities, and generally improve the quality of life in their regions. Philadelphia is proud to have been chosen as the host city for this conference that will address obstacles facing economic developers, as well as existing trends in our dynamic economy. With the right tools, economic developers everywhere can create a vision for the future, stimulate consensus, and prepare their communities for 21st century success. On behalf of the City of Philadelphia I extend best wishes for a productive and success- ful conference. May you return home with fond memories of the City of Philadelphia and its citizens. Sincerely, Michael A. Nutter Mayor of Philadelphia Economic Development Journal / Spring 2013 / Volume 12 / Number 2 5 The IEDC Economic Development Journal TablE of ConTEnTs Diversifying Downtown from the Ground Up ...................................... 7 Setting and Managing the Stage for Downtown Revival by Paul Levy Innovation in Economic Development ............................................... 13 Transforming Philadelphia’s Economy paGE 13 by John Grady Manufacturing the Future ................................................................... 18 Greater Philadelphia in the 21st Century by Joseph J.
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