The University of Pennsylvania today released a report demonstrating a combined economic impact of the University and Penn Medicine of more than $14 billion on the state and citywide economy in fiscal year 2015.
ESI was commissioned by UPenn to conduct a study on the University’s economic impact on the City of Philadelphia and Pennsylvania. The report shows that in fiscal year 2015 Penn contributed $14.3 billion yearly, or $39 million per day, to the economy of the Commonwealth of Pennsylvania, and $10.8 billion, or $29.6 million per day, to the City of Philadelphia. According to the Econsult report $1 out of every $20 in Philadelphia’s general fund and one of every nine jobs in the Philadelphia economy are generated by Penn.
The report also details substantial support in West Philadelphia, where the University’s investment in neighborhood services includes supplementing municipal services such as safety, public space management, workforce development and home ownership programs, and retail development.
More about the report here.