Kampf, Hackett Host Policy Hearing on Job Creation and Investments in High-Tech
BERWYN--Reps. Warren Kampf (R-Chester/Montgomery) and Joe Hackett (R-Delaware) hosted a House Majority Policy Committee hearing Wednesday in Tredyffrin Township to gather input from specialists in the vital life science and high-tech industries on how the state can help these companies fuel job creation.
“The economic downturn led to a cut in the state investment in these industries from $53 million to $14 million, even though we see an extraordinary return on those investments,” Kampf said. “The potential for job growth and business expansion is limitless.”
“That’s why we would like to find a new funding source that does not rely on existing state money,” Hackett said.
Among the advocacy groups who testified were PA Bio and Select Greater Philadelphia. Representatives from Ben Franklin Partners of Southeastern Pennsylvania testified about current initiatives in the state, including how tax credits can be used to encourage expansion.
Also testifying were representatives from Greater Philadelphia Alliance for Capital & Technology, BioAdvance – The Biotechnology Greenhouse of Southeastern Pennsylvania, and Cromwell Schmisser, LLC.
Several founders and officers of companies in these sectors also testified, asking that the Commonwealth renew its commitment to early-stage investment.
The bio-science industry, which is among the most robust growing industries in the state, accounts for nearly 80,000 jobs and more than $8 billion in total annual wages. The average wage is more than $90,000.
“Creating an environment that encourages growth in this and other technologically advanced industries will help promote long-term, family-sustaining jobs here in the Greater Philadelphia region and throughout the Commonwealth,” Hackett said.
“Emerging industries such as biotechnologies, medical devices, software and advanced networking technologies are the future of our economy,” Kampf said. “We must embrace opportunities to bolster Pennsylvania’s status as a home to these industries by supporting venture capital funding and investing in new high-tech industries.”
State Representative Warren Kampf
157th District, Pennsylvania House of Representatives
State Representative Joe Hackett
161st District, Pennsylvania House of Representatives