For example, Lord Corporation, which specializes in shock- and vibration-damping products for the aerospace industry, was founded in and has major operations in Erie.
Tourism plays an increasingly important role in the local economy as the number of visitors continues to rise.
The millions who visit Presque Isle State Park also frequent downtown Erie and regional attractions.
In February 2007, the Presque Isle Downs racino opened for business in Summit Township, creating more jobs and drawing even more tourists into the area.
KIZ aims to bring businesses and universities together to promote technological innovations and therefore regional economic development at the nexus of education and commerce.
State and local tax relief is provided to qualified Erie businesses, residents, and property owners to encourage them to develop designated Keystone Opportunity Zones.
Erie falls under the jurisdiction of the Northwest Regional Planning and Development Commission (see map) for coordination of KOZ matters with the commonwealth.
HUD approval allows the city access to federal funds through the Community Development Block Grant (CDBG) program.