The Institute’s 2024 Indicators Report Highlights Technology and Innovation in Northeastern Pennsylvania
The Institute’s Chief Operating Officer, Jill Avery-Stoss, highlighted the importance of technology and innovation in driving economic resilience and improving quality of life in Northeastern Pennsylvania. In the Institute’s 2024 annual Indicators Report, data on technology and innovation revealed insights into related occupations, industries, funding for clinical trials, venture capital investments, and academic research.
Avery-Stoss emphasized that innovation in regional businesses, healthcare, and educational institutions plays a crucial role in fostering economic growth and creating new opportunities. Despite challenges in measuring the impact of innovation directly, indicators such as venture capital investments and clinical trials serve as signs of progress and development in the region.
The report also highlighted the growth of STEM-related occupations and industries in Northeastern Pennsylvania, with STEM professionals earning higher wages than the regional averages. Additionally, public funding from organizations like the National Science Foundation has supported research in math, sciences, and cancer, benefiting institutions of higher education in the area.
Northeastern Pennsylvania has seen an increase in NSF funding in recent years, reaching a record high in 2023. The region has also received grants from the U.S. Small Business Administration’s SBIR and STTR programs, which support research and development with commercial potential.
Avery-Stoss emphasized the importance of continued commitment to innovation to keep pace with rapid advancements at local and global levels. The region’s focus on technology and innovation is expected to drive economic growth, create new opportunities, and improve the overall quality of life for residents.
For more information, contact Bill O’Boyle at 570-991-6118 or on Twitter @TLBillOBoyle.