Penn is an economic engine. A recent independent report conducted by Econsult Solutions shows the University and Penn Medicine had a combined economic impact on Philadelphia and Pennsylvania of more than $14 billion in Fiscal Year 2015.
In the March edition of By The Numbers, the Current delves into the facts and figures of Penn’s profound impact on the local and state economy.
|90,400||Number of jobs Penn generated, directly and indirectly. Penn directly employs about 37,000 people. 53,400 individuals are indirectly employed through the construction-related industries, professional services, retail, and manufacturing industries.|
|$5.4 billion||Total earnings of individuals directly and indirectly employed at Penn.|
|$932 million||Total capital spending in new buildings and renovations, and that of third-party private real estate development, in the local economy.|
|$572 million||Statewide impact of Penn’s purchasing of goods and services. $344 million of spending was with Philadelphia-based businesses, and $122 million was with West Philadelphia-based businesses.|
|$279 million||Ancillary spending by Penn students, patients, and visitors to campus on local goods and services, such as trips to restaurants, shops, collegiate athletic events, and visits to cultural attractions.|
|$39 million||Penn’s total economic activity from wages, construction, research awards, purchasing, and more, translates into this much economic activity in Pennsylvania every day and $30 million of economic activity in Philadelphia every day.|