Companies looking for a northeastern US location will find that Wayne County offers comparatively lower start-up and operating costs and the benefits of a lower cost of living for employees. The overall tax climate in Pennsylvania is superior to neighboring states, operating costs, and labor costs are lower than other northeast U.S. locations.
Favorable Tax Climate – State & Local Tax Rates
An apples to apples comparison of taxes with other northeast states would be difficult because of the multiplicity of taxes at all levels of government. The Commonwealth tax rates are considerably lower than neighboring states like New York, New Jersey, Maryland, West Virginia, and Ohio, especially for Limted Liability Corporations.
Cost of Living Advantages
Although wages are lower in northeast PA than surrounding metro areas, employers and employees relocating here will find that our lower cost of living could result in a positive net change in disposable income. Simply put, your dollar buys more lifestyle here.
Studies of northeastern Pennsylvania’s electronics industry and financial services support assertions that operating costs are lower in this area than competing locations. Below are findings from both studies. Operating costs for light industrial and office operations in the region (Hazleton, Mount Pocono and Pittston were used as proxy locations) compared favorably against operating costs in three competitor locations (e.g., Lehigh Valley, PA; Bergen County, NJ,; and Suffolk County, NY). The three northeast PA communities offer lower cost environments relative to labor, real estate, and electric power when compared to Lehigh Valley, and dramatically lower relative operating costs compared to Bergen County and Suffolk County.
In 2017, a manufacturing company moved from New York State to Wayne County Pennsylvania experienced a savings of approximately 20% per year on operating costs.