Econsult Solutions, Inc. (ESI) was retained in 2015 by the Parkway Council to conduct a study on the economic, fiscal, educational, and social impact the Parkway institutions have on both the City of Philadelphia and the Commonwealth of Pennsylvania.
ESI’s study found that the Parkway Council member institutions create an impressive amount of economic activity within Philadelphia. Approximately $434 million is generated each year in total expenditures through the operations of the member organizations. This spending supports 3,515 jobs with $187 million in annual earnings. Within Pennsylvania, the operational expenses lead to $471 million in economic impact, supporting 3,745 jobs with $198 million in earnings.
The study also determined that the economic activity (direct, indirect and induced) driven by the operations and visitor spending associated with the Parkway institutions generates tax revenue for the City of Philadelphia and the Commonwealth of Pennsylvania. In total Philadelphia gains an additional $18.5 million and Pennsylvania an additional $10.4 million in tax revenues attributable to the Parkway Council institutions.
Beyond the quantitative monetary impacts, ESI found that the Parkway Council institutions and organizations also benefit the area with the educational and social opportunities they provide. Nearly all of the members organizations are involved in extensive educational programming that are important aspects of the Parkway Council’s overall collective impact on the Philadelphia region.
