HARRISBURG, PA — The Pennsylvania Treasury Department, led by State Treasurer Stacy Garrity, has announced a significant investment in the Ullico Infrastructure Fund. The move signifies a $25 million commitment to projects primarily located in the United States and Canada, with a promise of at least double returns, equating to $50 million, within Pennsylvania over the next four years.
The fund’s investment strategy is aimed at utilities, communications, transportation, and renewable energy infrastructure development projects. These sectors represent critical areas for economic growth and job creation, which could have far-reaching benefits for Pennsylvania’s communities.
“This investment is a huge win for Pennsylvania taxpayers,” Garrity said. “We’ll get a strong return on our investment, and we will benefit tremendously from Ullico’s investments in our state, which will create good-paying jobs and strengthen communities.”
The investment has garnered support from Pennsylvania labor leaders, who see it as a significant boost for the state’s economy and blue-collar job market.
“This is a significant investment that will help move Pennsylvania forward,” said Philip Ameris, President of the Pennsylvania Laborer’s Union Executive Board. “Strong investments in infrastructure are critical to our state’s economy and to promoting blue-collar job creation.”
Paul Mullen, Business Manager of IBEW Local 654, echoed this sentiment, adding, “This investment will help us rebuild our state’s infrastructure, and it will bring great jobs to Pennsylvania.”
The agreement between the Pennsylvania Treasury Department and Ullico was negotiated last fall. As part of the deal, Ullico will identify and secure investment opportunities involving a partnership of at least $50 million in Pennsylvania infrastructure development projects over the next four years.
Garrity views the partnership with Ullico as a continuation of her commitment to making smart investments that drive economic activity in the Commonwealth. Over the past three years, assets under management with Pennsylvania-based firms have increased from approximately $1.5 billion to nearly $4 billion. At the same time, the use of diverse and veteran-owned financial firms has significantly increased, while fees have been reduced, creating an ongoing benefit to taxpayers of $1.9 million per year.
The agreement is now set for review by the Pennsylvania Office of Attorney General for form and legality. This investment sets a promising precedent for the state’s economic future, potentially positioning Pennsylvania as a national leader in infrastructure projects.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and Microsoft Start.