Business Journal NORTHEAST
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PENNSYLVANIA
THE REGION’S AWARD-WINNING SOURCE OF BUSINESS NEWS AND INFORMATION
Profiles in
Banking Excellence
SEPTEMBER 2015 VOL. 30 NO. 10
Pennsylvania business sour on EPA clean power plan:
It’s the competitive energy market that’s aided manufacturing’s come-back This past winter demonstrated in real time the value of the existing coal fleet. During the winter of 2014, coal was the only fuel with the ability to meet demand increases for electricity, providing 92 percent of incremental electricity in January/February 2014 versus the same months in 2013.
Profiles In Banking Excellence
Our annual look at the area’s most esteemed bankers ........................ 25
— Institute for Energy Research
sharply critical of the new federal energy policy. The Obama Administration’s Clean Power Plan Announced last month, it will make Pennsylwill kill jobs and drive up energy costs, according to vania’s energy-producing power plants cut carbon many leaders in the business community who are Please see EPA on page 41
By Phil Yacuboski
Overburdened American Bankers
Indicators: Take-aways from NEPA’s annual check up
TS_CNG/NPBJ/PAGES [B01] | 08/26/15
Association finds almost half of financial institutions cut offerings due to government regulations .....7
Life changes Survey finds majority
of U.S. working adults long to change career ................................ 8
Source of charts: The Institute for Public Policy & Economic Development
By Dave Gardner
Fair to partly cloudy is the ongoing forecast for the economies of Lackawanna and Luzerne counties, according to the data-rich 2015 Indicators Report created by The Institute for Public Policy & Economic Development. According to the Institute’s findings, although the Great Recession and the lengthy recovery significantly challenged NEPA, the NEPA economy actually was a bit more resilient than many other areas of the country in terms of recession resistance. In other encouraging findings, the report demonstrates that regional housing values did not drop dramatically during the recession. The report says, “Median home sale price peaked in 2007 in both Lackawanna and Luzerne counties, at $129,500 and $89,300, respectively. Since that time, a downturn in the real estate market nationally led to a fall in prices in virtually all markets. The median home sale price in both counties trended downward, reaching a low of $75,500 in Luzerne County in 2011, and a low of $97,500 in Lackawanna County in 2012. The 2013 median home sale price in
ALSO INSIDE:
Despite a decline in investments, Wilkes University president, Dr. Patrick Leahy says data suggests research, development and innovation efforts are beginning to bear fruit. Lackawanna County was 7.7 percent higher than its lowest point. Luzerne County’s 2013 median price was unchanged from 2012, but still up six percent from its low point in 2011.” Moreover, NEPA’s overall economy has been assisted by growing ethnic and cultural diversity. Meanwhile, a solid manufacturing sector and strong presence by the defense industry rolls on, accompanied by growth in the service industries. Other positive economic factors in the two-
16:12 | ZYGMUNTLIZ
county area identified by the report include the ongoing tourism base and positive net migration. Through immigration, slightly more people are moving into NEPA than leaving. Additionally, the region’s health-care infrastructure has undergone major transformation through mergers and expansion. Plus, institutes of higher education are striving to increase the number of physicians in the area. Please see INDICATORS on page 10
Deadly Diagnosis TCMC researchers on the trail of a treatment for triple negative breast cancer ................. 16
Leadership decisions Most tough
choices area leaders face concern ‘people issues’ ............................. 22
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