Greater Philadelphia Economy to Turn Upward Later this Year According to New Leading Indicator

PHILADELPHIA--(Business Wire)--
The Greater Philadelphia economy is projected to begin a recovery from the worst
recession in the post-World War II era during the final months of 2009,
according to Select Greater Philadelphia`s and IHS Global Insight`s Leading
Index for the Greater Philadelphia region.

For the first time since the start of the recession in December 2007, the
leading indicator turned up slightly in May. The Leading Index has been
indicating in recent months that the Region`s economy was probably approaching
the trough of the recession as the month to month percent declines have been
declining.

"Greater Philadelphia's diversified economic base has cushioned the shock waves
from the global economic crisis," said James Diffley, executive managing
director of U.S. Regional Economics for IHS Global Insight.

June data confirmed the trend with a reading of 97.2, up from 97.1 in May and
the trough of 96.9 in March and April. The back-to-back positive monthly
readings are in stark contrast to the series of declines which began in
September 2008.

According to Phil Hopkins, Director of Research for Select Greater Philadelphia,
"The rise in the Leading Index values in May and June suggests the possibility
of a return to positive, but modest, economic growth in the region by the end of
this year, but cautions that several more months of increases in the Leading
Index are needed to confirm the likelihood of the recovery."

The Leading Index shows that the Greater Philadelphia Region`s economy is
expected to continue to experience a slower rate of decline than the U.S.
economy. It provides important signals about the direction of future economic
conditions in the Greater Philadelphia region and was launched as part of a
growing need to understand how global and national events affect the economy of
Greater Philadelphia, particularly given the turbulent economic climate.

IHS Global Insight forecasts that the GPR and U.S. economies will recover at the
same time, with output recovering first, and employment growth not resuming
until at least well into 2010.

For more news on the latest index please visit
www.selectgreaterphiladelphia.com, go to the Regional Data link and select
Economic Indicators. The current values can be found at:
http://selectgreaterphiladelphia.com/data/eco_indicators.cfm

About Select Greater Philadelphia

Select Greater Philadelphia (Select) is an economic development marketing
organization dedicated to attracting companies to the Greater Philadelphia
region. Select assists companies interested in the vicinity by providing
detailed information about the 11-county area and a one-stop connection to
numerous resources that help companies make informed decisions about locating to
the region. Through global marketing efforts, Select works to promote the
region`s key assets to help build the area`s economy. The Greater Philadelphia
region encompasses northern Delaware, southern New Jersey and southeastern
Pennsylvania. Select is a private, non-profit organization and an affiliate of
the Greater Philadelphia Chamber of Commerce. For more information, visit
www.selectgreaterphiladelphia.com or call 215-790-3777.

About IHS Global Insight

IHS Global Insight (www.globalinsight.com), an IHS company, provides the most
comprehensive economic and financial information available on countries, regions
and industries, using a unique combination of expertise, models, data and
software within a common analytical framework to support planning and
decision-making. Through the world's first same-day analysis and risk assessment
service, IHS Global Insight provides immediate insightful analysis of market
conditions and key events around the world, covering economic, political, and
operational factors. IHS (NYSE:IHS) is a leading global source of critical
information and insight, dedicated to providing the most complete and trusted
information and expertise. IHS product and service solutions span four areas of
information that encompass the most important concerns facing global business
today: Energy, Product Lifecycle, Security, and Environment supported by
Macroeconomics. IHS employs approximately 3,800 people in 20 countries.

IHS is a registered trademark of IHS Inc. All other company and product names
may be trademarks of their respective owners. Copyright © 2009 IHS Inc. All
rights reserved.

IHS Global Insight
Jim Dorsey, +1-781-301-9069
jim.dorsey@ihsglobalinsight.com
or
IHS Press Desk
+1-303-305-8021
press@ihs.com
or
Select Greater Philadelphia
Bryan Evans, +1-215-790-3831
bevans@selectgreaterphila.com

Copyright Business Wire 2009