reading economic report

8/12/2019 Reading Economic Report

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ReDesign Reading CDCReinventing Economic Development

613 Franklin StreetReading, PA 19602

[email protected]

www.redesignreading.org

Dear Reader, In the attached Reading Economic Report, the Local Economy Center (LEC) at Franklin & Marshall Collegehas done an excellent job of highlighting the economic trends in Reading, and contextualizing them withinBerks County as well as with other local, state and national trends. These trends are very important at helpingus to understand our current reality, and provides useful information to regional leaders as we develop aneconomic strategy that ensures Reading is thriving throughout the 21st century. As individuals interested in thefuture economic vitality of the City of Reading, this report provides some critical new insights, in addition tosome helpful reminders of data we sometimes overlook.

To start, worsening macroeconomic trends have had large impacts on our local economy. As we see in thereport, the trends are not unique to Reading and Berks County, but rather mirror national shifts. The long-termflight of manufacturing, which corresponds to over a half century of suburbanization, deindustrialization, and

globalization, has been devastating for Reading, as it has for so many other manufacturing towns (Mallach,2012).

Second, the LEC report focuses on the unique industrial structure and trends in the City of Reading. Lookingat Reading in the context of the County and other areas shows that the challenging economic dynamicsaffecting it are especially strong, earning its reputation as a distressed City. One implication of LEC analysis isthat the City of Reading has special economic development needs, and improving macro-economic trends alonemay not address those needs.By presenting these local trends alongside those of other regional cities including Allentown, Lancaster, andYork, the report helps to draw attention to the nuanced differences between those different economies. Theauthors of the LEC report suggest that direct comparisons to Allentown and Lancaster are misguided due tofundamental differences in industrial characteristics. They conclude that although manufacturing has been acritical component of each city's local economy, this is even more pronounced in Reading. Whereas Allentown

and Lancaster have specific advantages that helped them diversify their economies, Readings strategy mayrely more heavily on harnessing production-based energies.Berks County and the City of Reading are intimately interconnected; one cannot exist without the other. Thehistorical emphasis on manufacturing relies heavily on the urban workforce. In fact, despite supplying only15% of the total county workforce, City residents supply 25% of the total jobs in the manufacturing sector.Any integrated economic development strategies must take into account the geographic distribution ofemployees in various sectors.

Another important piece to remember is that even though a sector shows up as a small percentage of the localGDP, that does not mean that we should disinvest from this sector. There are real people working in each ofthese sectors, and the dynamics of each sector have cascading effects on the rest of the economy. It isimportant to think about the residual impacts of each sector, not just their impact on GDP, but on how theseelements promote economic resiliency and increased quality of life for residents. The future of Reading's

economic health lies in a multi-pronged strategy that invests in the expansion of production activities while alsoincreasing support to non-manufacturing activities that diversify our economy.
http://www.redesignreading.org/http://www.redesignreading.org/


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The LEC report juxtaposes this economic data with demographic trends, noting the high percentage of Latinoentrepreneurship and the high percentage of young people under the age of 19. These emerging trends representsignificant components for any economic development strategy. How are we making sure that the next generation isequipped to actively participate in economic life? How do we ensure that our policies and technical assistancesupport the growing number of Latino entrepreneurs? These populations will increasingly determine the economicdirection of the region, and therefore any economic development strategy must be developed with heavyrepresentation of young people and Latinos.

It is important to recognize that the LEC analysis fits inside of the context of other reports recently released here inBerks County: The Economic Forecast and the Vital Signs reports. Each of these reports provides helpful insightsinto the health of our greater Reading community.

In May, 2014, the Berks County Economic Forecast report was released. This collaboration between the ReadingEagle and Kutztown University provided a great overview of the industrial structure of the Berks economy, itstrends, and projections about what the future may hold in various economic sectors. Notable is the importance ofmanufacturing as a share of the local economy, and the projected growth in most industries, with construction andagriculture/mining as particular exceptions. The forecast projects continued growth in manufacturing, though at aslightly decreasing rate.

Econometric projections are, of course, only one part of the puzzle. The 2014 Berks Vital Signs Report, released bythe Berks Community Foundation in conjunction with Alvernia University's OPake Institute for Ethics, Leadership,

and Public Service, provides an excellent overview of important quality of life indicators in employment, health,safety, education, transportation, housing and the environment. Released earlier this year, this community indicatorsreport combines statistical data with invaluable insight into the perceptions of the Berks community in these areas.Any economic development strategy must take into consideration these broader quality of life indicators.

The analysis presented here by the Local Economy Center has added to this conversation in some very critical ways.In the context of the other reports produced for Berks county, this analysis helps to inform the various potential

strategies for economic stimulus in the City of Reading specifically. As those strategies are developed,implemented, and refined, it is important to keep a few things in mind: An economic system is a complex phenomenon made up of lots of interconnected components. There is no singlestrategy that will cause a magical economic renaissance. The lure of the single solution is dangerous, andsignificantly reduces our understanding of the adjacent possible. The key to economic revitalization will be adiverse strategy that leverages our strengths and harnesses the resiliency, diversity, and entrepreneurialism of ourworkforce and population. So what will those next steps look like?The one-time industrial prominence of the City of Reading as the industrial capital of the world is a critical part ofour history, but our path forward must take into account the new economic and environmental realities of the 21stcentury. In an age of global capital mobility and climate change, our challenge in Reading is not dissimilar from thethree primary challenges of other historically-industrial urban centers: 1) How do we figure out how to groundcapital locally? More specifically, how do we make sure that a dollar spent in Reading stays in the local economy aslong as possible before leaving? 2) In addition, how do we make sure that our economic system works within thenatural limits of the containing ecosystem? 3) Finally, how can we ensure an adaptable, competent workforce thatcan meet the quickly changing needs of industry in the 21stcentury?

Several key components will be necessary. Traditional economic development approaches will continue to beimportant, which will focus on the identification of specific bricks and mortar projects and workforce development

programs. This will ensure an ample supply of employees with the skills necessary for the needs of our localindustries. Due to the particular economic development needs of the City of Reading, production-based activitieswill play a critical role, especially labor-intensive initiatives that can engage the Citys workforce.

The fundamental shift in the nature of manufacturing in Reading remains consistent with the national trend towarddecentralized networks of small, specialized firms (Mistry & Byron, 2011). We need to support the local industrythat does exist, and encourage innovative entrepreneurial industrial activity as well, especially industrial activity thatembraces adaptive and sustainable uses of our natural resources. Weatherization initiatives, for example, could havea huge local impact by increasing employment while decreasing economic leakage spent on energy costs.


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Support systems and incentives for current and potential manufacturers will be paramount. The Greater ReadingEconomic Partnership has reported that in the last ten years, prospective manufacturer interest has doubled and nowaccounts for over 70% of their business lead generation. Current initiatives that support this strategy are theReading Chamber of Commerce and Industrys flagshipReignite in PAprogram that targets outreach, coaching,mentoring, training and consulting for small- and medium-sized manufacturers, and the Career in Two Yearscampaign that encourages the growth of a competent, local workforce that can supply the labor needs for modernindustry.

An economic development strategy must identify and leverage our other regional assets, such as Go GreaterReading's initiative for a destination market analysis that will help to identify some of the key market niches played

by the greater Reading area, such as the region's comparable affordability and access to nature and outdoorrecreational activity.In addition to these traditional approaches, we need to support complementary initiatives that encourage socialinnovators to experiment with ways to solve structural economic problems like the widening wealth gap,vulnerability to macroeconomic forces, environmental degradation, and social inequality. A robust economicdevelopment strategy will include initiatives that build community wealth, strengthen social capital, and impact themost vulnerable parts of our local population. Production cooperatives will be a key ingredient here, and will requirespecific technical assistance as they emerge into new market niches.

Localizing supply chains produce a multiplier effect in the regional economy. A basic economic leakage analysis

has identified manufacturing as a critical area for improving local economic resiliency. What products are beingimported which could be produced here and captured by local entrepreneurial activity? Despite the lower householdincomes in Reading, the highest density of household purchasing power actually exists inside the City, asdemonstrated on page 43 of the LEC report, which may inform potential market expansion.

We will need to get creative about what economic activity means. In its most basic form, economics is the study ofhow society provisions its resources to its citizens. Economic development, therefore, goes beyond simplyincreasing the number of monetary exchanges and maximizing dollar values. It means that our strategies for

promoting economic development need to focus on how we are meeting the needs of our population, and how weensure that key constituencies are playing a productive role in the provisioning of those needs. As targeted economic interventions are developed as part of a revitalization strategy, we will need to ask severalimportant questions. What policies and changes are necessary to structure enabling conditions for multipleeconomic development approaches? Who benefits from the current allocation system and who will benefit from the

proposed interventions? How do we match unmet needs in our local community with underutilized assets? How dowe ensure that the economic system we are building promotes equality of opportunity for all members of ourcommunity?The LEC report highlights some significant challenges that Reading faces with respect to educational attainment,unemployment levels, and economic sectoral shrinkage. At ReDesign Reading, we take the information presented inthe LEC report as a challenge - a challenge to be creative. We need to support all of the elements of our economy,and make sure that all of the members of our community are included in the next phase of our economic life. We areexcited about all of the opportunities present in the greater Reading area to reinvent our local economy. As we takean asset-based approach to community economic development and focus on identifying underutilized resources torelease locked capital and wealth in our community, we encourage all of those reading this report to be an active partof co-creating our regional economic future.

Brian KellyReDesign Reading

1. Mallach, Alan.In Philadelphia's Shadow: Small Cities in the Third Federal Reserve District.Philadelphia. Federal Reserve Bank ofPhiladelphia, 2012.2. Mistry, Nisha & Byron, Joan. The Federal Role in Supporting Urban Manufacturing. Washington, D.C. The Brookings Institution, 2011.


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Reading Economic ReportThe Local Economy Center at Franklin & Marshall College

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Allentown is not an ideal yardstick by which to measure Readings economic performance and potential.

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years (see pages 6 and 10). The graphs on page 8 show that a quarter of Readings workforce holds jobs in+#$% %'1+)*9 T+ $% ,.1-'0* $2 +#' *'1'.+ ,(+,*. 6$-- @' %,%+0$.'/: @,+ $+ $% $4()*+0.+ +) .)+' +#0+ 40.,201+,*=

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This section documents the people and households of Readings economy. We discuss demographic

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Though Readings high rate of poverty has drawn media attention, it is comparable to that of York City.T+ %#),-/ 0-%) @' .)+'/ +#0+ +#' *0+' )2 ()7'*+5 $. 0-- 1)4(0*$%). 1$+$'% #0% %($;'/ %$.1' G_f^9 "#' $.=

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Under $50 Million

$50 "$125 Million

$125 "$250 Million

$250 "$400 Million

$400 "$700 Million


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B70. b'.+*5: &'%'0*1# [('1$0-$%+Arya Bhattarai 15, Seachrist Public Entrepreneurship Undergraduate Fellow

Shangquin Chen 14, Seachrist Public Entrepreneurship Undergraduate FellowDarielle Christman 14, Seachrist Public Entrepreneurship Undergraduate Fellow

Gabrielle Connor 14, Seachrist Public Entrepreneurship Undergraduate FellowJennifer Dickey 14, Seachrist Public Entrepreneurship Undergraduate Fellow

Seok Kim 14, Seachrist Public Entrepreneurship Undergraduate FellowMussie Tizazu 14, Seachrist Public Entrepreneurship Undergraduate Fellow

Ameesh Upadhyay 15, Seachrist Public Entrepreneurship Undergraduate Fellow

Zefang Wang 15, Seachrist Public Entrepreneurship Undergraduate FellowZhang Ka Chun Zhang Guo Xiong 16, Seachrist Public Entrepreneurship Undergraduate Fellow

.-89$5: 34/5/6$4 .-"/#0 I

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