The University of Pennsylvania’s status as one of the world’s top educational institutions makes it an anchor institution and key economic player in the City of Philadelphia, the Philadelphia metropolitan region, and the state of Pennsylvania. Not only does it yield significant value to its students and graduates, but to the regional and state economy.
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 the 2010 report with data from fiscal year 2015.
The economic and fiscal impacts were estimated for the following categories:
- Capital investments
- Student and visitor spending
- Wage premium
- Global engagement
- Local impacts
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.
You can view the report on Penn’s website.