In 2016, Chestnut Hill Institutional Leaders (CHIL) commissioned Econsult Solutions, Inc. (ESI) to conduct an economic impact study to determine the exact annual fiscal impact the ten member institutions contribute to the greater five-county Philadelphia region. These anchor institutions are hubs of economic activity and important quality of life drivers that contribute to the surrounding areas in a number of complementary ways. This report articulates the depth and breadth of this economic impact, using standard economic impact analysis techniques to translate the direct and indirect economic footprint into the overall effect it has on the 5-County Region’s economy, employment, and tax base. Impacts modeled include economic (jobs, earning and activity, including direct and induced impacts), and fiscal (tax revenues) impacts.
ESI employed economic modeling techniques to translate direct economic activity generated by the member institutions into total economic impact within the Philadelphia five-County Region. Initial data collection was taken directly from each member institution for the most recent operating year to ensure accuracy and consistency across member institutions. Responses from member institutions included detailed information regarding:
- Operating Budget
- Capital Investments
- Visitation Information
- Event Programming
ESI generated the impact analysis estimates by utilizing input-output models to determine the exact amount of economic activity supported by the member institutions from the total initial amount of direct economic activity. Using an industry standard input-output model software program, IMPLAN, ESI estimated two sets of economic spillover impacts from direct expenditures, the indirect effect and induced effect, to help generate the total monetary impact.
The results of the analysis showed that Chestnut Hill generates $482 million of overall annual economic impact, including $360 million from operational impacts, $32 million from capital investments, $41 million from student and visitor spending, and an additional $49 million in increased property values. The region also supports 3,480 jobs with $182.1 million in total earnings as well as bringing in 317,000+ annual visitors, generating $27 million in income.
