Penn Puts the Wealth
The University and its health system contribute $9.6 billion annually to Pennsylvania’s economy, according to an independent economic and fiscal impact report. That figure reflects the impact of salaries, purchases, research, construction projects, taxes, and indirect and induced expenditures.
Penn and private developers have invested $500 million during the past decade in neighborhood retail and residential construction projects, and Penn’s expenditures also are responsible for generating more than 100,000 jobs statewide in addition to its workforce of 24,750.
The report also stated that:
Visitors to the University and the Hospital of the University of Pennsylvania spend about $14.5 million in the region annually on hotel stays, restaurants, and other purchases.
Penn contributes more than $372 million in state and local tax revenue each year.
For every $4 the University spends, another $2.50 is generated in Philadelphia, and $5.60 in the state in indirect or induced expenditures.
Penn purchased more than $3.5 billion in goods and services from Pennsylvania suppliers last year.
The sponsored research awards Penn received last year resulted in more than $700 million in research and development expenditures.
GAZETTEER : News & Sports
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|©2006 The Pennsylvania Gazette
Last modified 08/31/06