Effective Monday, March 16, 2020 and until further notice, Econsult Solutions is having staff members work from home. This form of “social distancing” has been implemented with the safety of our staff and the community at large in mind. We have instituted all necessary remote-working features and remain open for business, hard at work on current engagements and eager to hear how we can support your needs.
These are extraordinary times. The global pandemic has reached every aspect of every life in every corner of the world. More than ever, ESI stands ready to apply economics, strategy, and insight to help you move forward. Be on the lookout for additional content on our blog, Present Value. Together we will emerge stronger and wiser.
ECONOMIC AND FISCAL IMPACT STUDY
Econsult Solutions, Inc. (“ESI”) was commissioned by the University of Pennsylvania (“Penn”) to measure and articulate the depth and breadth of this economic impact. The report also included how the university achieves its impact. ESI has produced similar reports for Penn in the past. This study is an update of a 2010 report with data from the fiscal year 2015.
The economic and fiscal impacts were estimated for the following categories:
Penn produces significant economic and fiscal impacts that extend well beyond the local and state economy. The report also indicates Penn’s position as a local and global leader, with its worldwide reputation conferring benefit to Philadelphia and Pennsylvania. In addition to playing a pivotal role in generating employment, earnings and output in the region, Penn draws the vast majority of its students, alumni donations and research funding from outside the region. Further, Penn also acts as an innovation center, drawing talent and capital into the region, and producing research breakthroughs and successful capital ventures.
Penn’s active local engagements have benefited its immediate community in numerous ways, including, but not limited to, diversity inclusion, influx of tourism and developers, and an overall higher quality of life.
Penn Contributes Over $14 Billion to State and Local Economies in 2015
“The University of Pennsylvania and Penn Medicine contributed more than $14 billion towards the Pennsylvania and Philadelphia economies in fiscal year 2015.
According to the report by Econsult Solutions, Penn contributed $14.3 billion in 2015 to Pennsylvania’s economy, $10.8 billion of which went directly to Philadelphia’s economy. This created $6.4 billion in salaries and wages for the state.
Penn created one out of every nine jobs in Philadelphia, totaling up to 90,400 jobs created both directly and indirectly in 2015. As the city’s largest private employer, Penn directly employed 37,000 people, with another 53,000 indirectly connected to Penn through construction, retail and professional service industries.”
The Daily Pennsylvanian, February 2, 2016