1. INFRASTRUCTURE: JOBS. While 86% of Americans use the internet, the US is ranked 25th for internet penetration. US eCommerce is $349 Billion, China eCommerce is $563 Billion. 40% of web users will abandon a website if it takes longer than 3 seconds to load. An increase in site speed from 8 to 2 seconds can boost conversion rates by 74%. Stated more bluntly, if a webpage takes 6 seconds to load, 50% of users will drop; and 60% of that 50 % will never return to that site, ever! Broadband matters!
Global broadband prices are dropping 25% per year. Today, America has more than 120 Gigabit Cities, where a one Gigabit internet connection costs $1,000 a year or less. But, the average price for a one Gigabit connection in Pennsylvania exceeds $130,000 a year (2016 and January 2017 price surveys). In other words, every month, Pennsylvania businesses and communities are spending 91% more for much slower broadband, and it’s getting worse.
2. SKILLED-WORKFORCE: JOBS. Pennsylvania is the world’s 25th largest economy and our economic growth requires a rapidly-skilling workforce.Governors Mark Schweiker and Edward Rendell made priority investments that made Pennsylvania the national leader for industry-partnership workforce training. Despite exponentially-increasing skills gaps and a rapidly changing labor market; since 2009 state investment in industry-partnership workforce training has dropped 85% to under $3 million, and community college funding is flat.
3. INNOVATION: JOBS. Kauffman Foundation surveys indicate Pennsylvania is ranked 24th of the 25 larger states for startup entrepreneurs. From 2010 – 2015, Pennsylvania ranked 8th in venture capital deals with only 1.57% of the deals ($3.5 Billion), versus California’s 54% of VC deals ($119 Billion). Source: PricewaterhouseCoopers/ National Venture Capital Association Moneytree ™ Report. Economies failing to attract and grow entrepreneurs and innovation capital will shrink rapidly.