Keystone Initiative launched by PA Chamber Foundation

The PA Chamber Foundation has launched the Keystone Initiative, a plan designed to increase the competitiveness of Pennsylvania‘s businesses.

According to a release, the initiative is a private sector-led, long-range strategic vision to foster economic growth and prosperity. Created as an economic roadmap, the initiative includes policy recommendations and input from commonwealth businesses.

“Pennsylvania has played a significant role in the economic and political history of the United States, from the American Revolution to the Industrial Revolution,” PA Chamber Foundation President Luke Bernstein said in a statement. “While the Keystone State maintains many strategic advantages, we are at a crossroads.

“Recent trends in population, job growth, and GDP growth indicate that the state is stagnating. Pennsylvania is competing for people, jobs, and investment across the country and around the globe,” added Bernstein.

The Keystone Initiative plan was led by the Keystone Initiative co-chairs from six PA Chamber member organizations and developed by collecting input from PA Chamber members, key stakeholders from all industry sectors, and other businesses from across Pennsylvania.

The Keystone Initiative was co-chaired by Charles Duncan, vice president, Comcast; Chris Franklin, chairman and CEO, Essential Utilities; Christine Martin, president and CEO, PPL Electric Utilities; Tim NeCastro, president and CEO, Erie Insurance; Dan Onorato, executive VP, Highmark Health; and Toby Rice, CEO, EQT Corporation.

Interviews, meetings, and surveys were conducted by the PA Chamber to seek feedback and input from Chamber members and business leaders. The PA Chamber Foundation worked with Economic Leadership Consultants, a national consulting firm, to develop recommendations for how to improve Pennsylvania’s economic competitiveness.

Included in the Keystone Initiative are approximately 100 recommendations in eight categories with seven key priority areas. The priority areas include the following:

1. Increasing the pace of corporate net income tax rate reductions and adjustments to the net operating loss carryforward cap.
2. Promoting tax reforms that reduce the tax burden on small businesses in Pennsylvania.
3. Addressing tort reform and judicial reform across Pennsylvania.
4. Setting aggressive goals for increasing government responsiveness by improving client communication with business and permit applicants; the speed and predictability of permitting; and approval processes for every state agency.
5. Developing a statewide energy plan focusing on innovation and infrastructure development.
6. Supporting policies and initiatives to upskill and reskill adult workers.
7. Supporting solutions to the childcare crisis in Pennsylvania.

The priority areas and recommendations are a starting point for collaborative action by state, regional, and local partners to build a stronger Pennsylvania, per the release. The Keystone Initiative will serve as the basis for PA Chamber advocacy and initiatives.

“The PA Chamber has developed the Keystone Initiative to ensure we realize our full potential and maintain our status as a place that spurs economic opportunity for businesses and prosperity for its residents,” said Bernstein.