EDC Lancaster County Updates | October 2019 - Click here if you are having trouble viewing this message.
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EDC 2019 Annual Meeting

2019 EDC Annual Meeting -
Two Weeks Left to Register!

Click here to register.  Seats and tables are filling up quickly.  Event registration will close on Monday, October 28th.  Need to sign up 8 or more?  Talk to Lisa or Amanda at 717-397-4046 about a table discount.  

In addition to great networking, you'll hear updates on EDC's efforts and our friend and partner Ryan Unger, President and CEO of
Team Pennsylvania, will address key economic development issues impacting the Commonwealth.
 
CRA
Lancaster's Weekly & Annual Pay v. Commonwealth
 

Low unemployment nationally and locally has triggered discussions about wage increases.  Here is a quick snapshot comparing Lancaster County's average weekly and annual pay to the Commonwealth's.

Pay in Lancaster has consistently tracked below the State’s average, and the gap is widening. Pay in the first quarter of this year was $911 for Lancaster; the State average was $1146.

Since 2001, pay (weekly and annual) in PA has grown at a compound annual growth rate of 2.8%.  In contrast, pay in Lancaster has been growing more slowly, 2.3%.  The difference in growth rates amounts to the gap nearly doubling. In 2001, Lancaster’s average weekly pay was about 10% lower than the state’s average ($606 and $673, respectively).  By 2018, Lancaster’s average weekly pay was 20% lower. 

 
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Rock Lititz Expands Footprint
 
Growing live events leader, Rock Lititz, was recently approved for four economic development loans from the Pennsylvania Industrial Development Authority and Commonwealth Financing Authority with the assistance of EDC Finance Corporation.  The two PIDA loans and two Building PA loans total $10.5 million of financing provided through EDC Finance that will leverage tens of millions of dollars of additional investment to this special industry boosting Lancaster County's economy.

“EDC is thrilled to be able to provide support to the continued growth of Rock Lititz and the
extraordinary collaborative industry cluster that is being driven by the 30 plus businesses that have set up shop on the campus. This next phase of development builds on already strong performance. Lancaster County is fortunate to have these global leaders of live entertainment driving economic growth in our community.”
Lisa Riggs, President, Economic Development Company of Lancaster County


Click on the below links to view recent LNP articles detailing the impressive Rock Lititz expansion:
LNP: Rock Lititz's proposed expansion gets another $4.25M in state loans
LNP: Rock Lititz eyes $30M expansion creating +200 jobs
LNP: State approves loans for $41.7M Rock Lititz expansion, to create 220 jobs
 
Become an EDC Member Today!
 
EDC is generously supported by 140 business members across Lancaster County.  Thank you to our 2019 members!  To learn more about EDC membership, contact Lisa Riggs by email or phone (717-397-4046).
 
EDC Finance Update
Lending Rates
PIDA: 1.75% - 2.75%
SBA 504: 3.37% - 3.56%