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Business Business Profile: The coal-driven industries that once made Philadelphia prosperous have long gone and manufacturing in general is on the decline. One exception is the steel industry, with its market leader, Crown Cork & Seal Co, whose profits were boosted by the acquisition of the huge French metals firm, CarnaudMetalbox, a few years ago. Electrical components, instruments, medical devices, chemicals, food products and textiles are among the other goods produced in the metropolitan area. Health care is the city’s leading industry. Among US cities, Philadelphia boasts the highest percentage of physicians engaged in research and has the second largest concentration of health care resources. GlaxoSmithKline, Merck and Rhone-Poulenc Rorer are among the leading pharmaceutical producers in the area – there are more than 125 firms specialising in medicine, biotechnology and medical technology. Banking also is a major industry and some of the largest banks in the region have major offices in Philadelphia, including First Union, PNC Bank and Mellon Bank corporations. Education too is a leading employer, not only the University of Pennsylvania but also the other 88 higher education institutions based in and around the city. The Pennsylvania Convention Center also generates much revenue for the city, as does the growing tourism sector. The Philadelphia 100 project tracks local privately owned companies that have seen the greatest growth in recent years. About 60% of these are service-related businesses, including telecommunications, computer firms and architecture. High tech industry is emerging as a highly successful sector. In recent years, business has been on the upswing in the city, as it emerges from a period of budget deficit and unemployment in the latter 20th century. The greatest boost to Philadelphia’s economy came during the 1990s, when Mayor Rendell’s public-private partnership enticed many businesses back to the city, by cutting taxes and funding state programmes for business expansion and consolidation. The Mayor’s Business Action Team helped small and medium-sized companies raise capital and handle regulatory agencies. Today, over a third of Philadelphia’s employment is based in Center City, which is also the main business centre for the whole region. The city’s unemployment rate, at 4.2%, is slightly lower than the national average of 5.4%. Business Etiquette Businesspeople in Philadelphia dress well and, while suits are still the norm for both men and women in many offices and financial institutions, business dress has generally become more relaxed, particularly on Fridays when many companies allow casual dress. In winter, practicality takes precedence over style and a heavy coat, hat, gloves and waterproof boots are essential in bad weather. The normal working day runs 0900-1700, although some businesses start earlier. Meetings often take place over lunch – generally taken between 1200 and 1300 or 1230 and 1330. Business cards should be exchanged at an appropriate moment, usually the end of a meeting. Where alcohol is concerned, it is best to err on the conservative side until a host’s preferences are known. Many Americans stick to soft drinks at lunchtime. By and large, people are health-conscious and smoking or heavy drinking may be frowned upon in a business environment. Visitors may be invited for after-work drinks and/or dinner, although an invitation to the host’s home is unlikely. Gifts are not necessary, although small items – such as pens with the company logo – are sometimes appropriate. |
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