Center City District: Housing Boom Continues

The housing boom rolling across central Philadelphia showed no signs of weakening last year, according to data released Tuesday, but a population exodus could be on the near horizon if little is done to fix the city’s schools and tax structure.

The news was mostly positive out of Center City District’s annual housing report, which found that 1,983 new apartments, condos, and houses between Girard and Tasker Avenues, and the Schuylkill and Delaware River hit the market in 2014, thanks to an influx of empty nesters and young professionals, said CCD chief executive Paul Levy.

That number was down 8.5 percent from the record-breaking 2,168 logged a year earlier. But Levy and his staff concluded that demand for the torrent of new construction of homes and apartments would be strong for at least several more years.

“Property is selling for more. It’s selling more quickly,” Levy said.

Read more at http://www.philly.com/philly/news/20150218_Center_City_District__Housing_boom_continues.html#gfAQAl0PUIx9wOV9.99

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Shale Oil, Gas Finds Put Mon Valley On Path To Renaissance, Leaders Say

Map of Pennsylvania highlighting Washington County

Map of Pennsylvania highlighting Washington County (Photo credit: Wikipedia)

Lue Ann Pawlick never envisioned companies connected with oil and gas beating a path to Alta Vista Business Park when it broke ground in tiny Fallowfield, Washington County, in 2001.

Today, three of the five companies in Alta Vista work in the industry. An energy company is set to start construction in the spring, and at least one more is close to signing a deal to locate there.

“We’re trying to keep it a mixed-use business park, but we have to recognize the oil and gas industry is the biggest game in town right now,” said Pawlick, executive director of the Middle Monongahela Industrial Development Association. “They are the ones driving demand.”

Ten years ago, Fort Worth-based Range Resources Corp. drilled the first Marcellus shale well in Washington County. Now the county — which dubs itself “Energy Capital of the East” — is home to about 1,000 wells, the most in Pennsylvania.

Read more: http://triblive.com/news/washington/6815491-74/county-mon-valley#ixzz3GhruaosZ
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Study Showing Area’s Shaky Economy No Surprise

Locator map of the Scranton-Wilkes-Barre Metro...

Locator map of the Scranton-Wilkes-Barre Metropolitan Statistical Area in the northeastern part of the of . (Photo credit: Wikipedia)

Frank Nemeth, of Wilkes-Barre, doesn’t need a study to tell him the region is in rough shape.

Nemeth works at the Main Street Trading Post, a pawn shop south of Public Square, and he said his job has exposed him to the harsh realities of the city’s economy.

“I don’t see any recovery happening,” he said.

Instead, Nemeth said he sees some of the same people everyday — sometimes two or three times — trying to sell their belongings to afford necessities like food and gas.

Read more: http://timesleader.com/news/news/1334175/Study-showing-areas-shaky-economy-no-surprise

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Scranton/Wilkes-Barre Last In Beating Recession

Locator map of the Scranton-Wilkes-Barre Metro...

Locator map of the Scranton-Wilkes-Barre Metropolitan Statistical Area in the northeastern part of the of . (Photo credit: Wikipedia)

In the race to climb out of recession, the Scranton/Wilkes-Barre metropolitan area is dead last among the 100 largest urban areas nationwide.

That is the finding in a recent “Metro Monitor” study by The Brookings Institution that tracked the economic performance of 100 metropolitan areas on four indicators: jobs, unemployment, output (gross product) and house prices. The analysis focused on the change of the indicators during three time periods: the recession, recovery and a combination of both.

During the recovery period, Scranton/Wilkes-Barre ranked 100, or last, trailing Little Rock, Ark., (99) and Greater Hartford, Conn. (98).

“In terms of recovery, it has been pretty slow” for Scranton/Wilkes-Barre, said Siddharth Kulkarni, a research assistant in Brooking’s Metropolitan Policy Program.

Read more: http://citizensvoice.com/news/scranton-w-b-last-in-beating-recession-1.1667766

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Chevron Acquires Kmart Property In Moon Township For Possible Regional Headquarters

Map of Pennsylvania highlighting Allegheny County

Map of Pennsylvania highlighting Allegheny County (Photo credit: Wikipedia)

A discount superstore and a large vacant tract of land on a bluff overlooking the Parkway West could become the latest symbols of the region’s growing energy identity.

Global energy giant Chevron has reached agreements to acquire 61 acres of land in Moon, including a Kmart targeted for closing in July, as a potential site for a regional headquarters.

The San Ramon, Calif.-based company made the announcement Wednesday, only days after Sears Holdings Corp. confirmed it would be closing the Kmart. It made no mention at the time that the store was closing to make room for the first major global driller to build a regional campus.

In its statement, Chevron said it expects to close on the acquisitions in the next few months. No terms were disclosed. It said a decision on the use of the properties would be made later this year.

Read more: http://www.post-gazette.com/stories/business/news/chevron-acquires-kmart-property-in-moon-for-possible-regional-headquarters-685784/#ixzz2S9hTaqc3