Deputy Secretary's Speech

Deputy Commerce Secretary David A. Sampson
Check Presentation to the University City Science Center
Philadelphia, Pennsylvania

Thank you, Dr. Banerjee for that kind introduction, and thank you all for being here today.

It's pleasure to be here in the great city of Philadelphia on behalf of President Bush and Secretary Gutierrez for today's celebration. I would like to thank Chairman Richard Jaffe and Dr. Pradip Banerjee for hosting this event.

Senator Rick Santorum wanted to be here today, but could not attend due to another commitment. He is a strong supporter of the biotech industry in southeastern Pennsylvania and the job creation it provides. His support for these Science Center initiatives have helped make today's grants possible. I want to thank him for his support and leadership.

I would also like to welcome Pennsylvania State Senators Anthony Williams and Vincent Hughes. Thank you both for being here today.

Successful economic development is driven at the local level - by leaders like those here today. It's worthwhile, however, to consider the national context in which you are working, and to remind ourselves of what we have achieved as a nation in the past few years:

• 128,000 new jobs were created in August, and over 1.7 million jobs in the last year. That's over 5.7 million new American jobs since August 2003;
• The unemployment rate dipped to 4.7% in August, which is lower than the decadal average of the 70s, 80s, and 90s;
• Wages are growing, gas prices are dropping, and real, after tax incomes have risen nearly 15% since January 2001;
• In July, we saw the fastest rise in consumer spending in 6 months (0.8%);

The manufacturing sector, so important to Pennsylvania, grew 5.6% over the last year, and manufacturing productivity increased 3.8% in the same time period; and

• Our economy has grown at a 3.6% rate over the past year - and, we've experienced strong growth for 19 straight quarters, demonstrating that, despite the challenges of devastating hurricanes and high energy costs, the American economy is still strong, growing and as resilient as ever.

A growing national economy provides the folks here in Philadelphia a better opportunity to realize economic growth right here at home. It takes both smart national policies and smart local initiatives to ensure that the American dream reaches all parts of our great nation -- and we are celebrating both here today.

These Economic Development Administration investments will assist the University City Science Center in two ways:

• The $1.25 million EDA grant will support the business assistance elements of Project Soft Landing, and
• The $1 million grant will assist in the construction of a 10,000 square-foot pilot production laboratory to provide space for Project Soft Landing.

Project Soft Landing will provide the necessary technical, cultural, and regulatory environment for foreign early-stage businesses to establish pharmaceutical, medical, and chemical technology commercialization operations here in the University City Science Center.

Project Soft Landing will draw new small pharmaceutical, medical and chemical businesses to Philadelphia, helping to diversify the city's economy. It will create new, high-tech, higher-wage jobs and will lead to significant new private investment in the region.

It also encourages foreign businesses to locate here, countering the long-term migration of manufacturing jobs away from Philadelphia.

This investment is part of the Bush Administration's ongoing commitment to work with the Commonwealth of Pennsylvania to grow the state's economy.

Over the past 5 years, EDA has invested over $71 million in Pennsylvania, helping to create and save over 44,000 jobs, and generating over $1.8 billion in private capital investment.

Project Soft Landing is anticipated to help to create 225 jobs and infuse $75 million of private sector investment into the regional economy. The Commerce Department and the Economic Development Administration are proud to be partners in this important project, and I would like to thank everyone involved in making this investment possible.

I would also like to thank Paul Raetsch and Paul Matyskiela of EDA's Philadelphia Regional office for their hard work on this investment and throughout Pennsylvania.

Now, on behalf of President Bush, it is my pleasure to present to Chairman Richard Jaffe and Dr. Pradip Banerjee a check for $1.25 million to the University City Science Center for the support the business assistance elements of Project Soft Landing, and with a check for $1 million for EDA's investments in the construction element of Project Soft Landing.

Congratulations.