Bringing in biotechnology firms and other businesses may help West Philadelphia's declining economy. The report is correct in attributing part of West Philadelphia's economic woes to the exit of large industrial companies. Yet in revitalizing the area, the answer is not to bring large industry, but to bring companies to West Philadelphia that will complement the area. For example, Genovo -- a gene therapy company -- moving its headquarters to 3025 Walnut Street is exactly what this area needs. There are several hospitals and medical research facilities already in the neighborhood. Biotechnology companies are perfect fits. Genovo will also create about 200 jobs in the next three years -- hiring locals and bringing in new residents. West Philadelphia is also situated perfectly for companies that need to ship a lot of their products -- such as mail-order businesses. The neighborhood is close to a railroad system as well as to major highways, making it relatively easy to transport materials from this area. With Penn and Drexel in University City, high tech firms in the telecommunications and computer industries could ideally incorporate themselves in the research environment the institutions create. The Philadelphia Industrial Development Corporation is also helping economic growth by overseeing the industrial park project at 49th and Jefferson streets. The park plans to house approximately 30 factories and businesses, creating over 2,000 jobs. Bringing in companies and residents are key to improving the overall condition of our neighborhood. The city, University, PIDC and any new businesses they can attract to the area may just be able to pull West Philadelphia out of its economic slump.
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