Economic Profile

Growth

The business climate of Punxsutawney has been undergoing a positive change since 2002 with the opening of a Wal-Mart Supercenter and retail plaza on the outskirts of the town. Peebles Department Store opened in November 2003 in the western business district of Punxsutawney (one mile from downtown) and a new Eckerd Drug store opened in 2004 on the corner of West Mahoning Street and South Gilpin Street (the intersection of U.S. Route 119 and State Route 36.) In addition, the Punxsutawney Regional Development Corporation and Chamber of Commerce recently transferred ownership of a downtown anchor building to Indiana University of Pennsylvania (IUP) to be renovated for use by IUP's Academy of Culinary Arts The Fairman Centre, as the building will be called, has a tentataive completion date of June 2008.

Industrial and commercial growth in the greater Punxsutawney area are encouraged and supported by borough and township governments, the Chamber of Commerce, the Punxsutawney Regional Development Corporation, the Jefferson County Department of Development, North Central Pennsylvania Regional Planning and Development Commission, and the Pennsylvania Small Business Development Centers at Clarion University and IUP.

Trade Area

Local market research shows that, on average, Punxsutawney businesses attract and serve customers from a 40-mile radius. The area's largest employers, Punxsutawney Area School District and Punxsutawney Area Hospital, draw employees from communities as far as 50 miles from the town.

Population

Population in the borough of Punxsutawney stands at just over 6,200. Including the townships surrounding the town, the population of the greater Punxsutawney area is close to 20,000.

Tourism

In addition to the local and regional markets, yearly tourism brings visitors from across the nation and around the world to the home of Punxsutawney Phil, the famous weather-forecasting groundhog. Estimates, which include the large influx of visitors on Groundhog Day, indicate that approximately 10,000 - 30,000 tourists visit the town throughout the year. According to the regional visitor's bureau, Northwest Pennsylvania's Great Outdoors, visitors to the region spend an average of $47.30 per person per day.