Amanda Mott, Penn Today
The University of Pennsylvania has released a new report showcasing its substantial economic impact for fiscal year 2024 (FY24), with approximately $37 billion circulating annually through the economies of the City of Philadelphia, the Commonwealth of Pennsylvania, and 14 surrounding counties in Pennsylvania, New Jersey, Delaware, and Maryland.
The report highlights how Penn, as Philadelphia’s largest private employer, plays a vital role in stimulating economic growth. According to the analysis, one in every seven jobs in the Philadelphia area is supported by Penn, with the University’s wide-ranging activities in local construction, research, innovation, and procurement delivering a significant positive economic impact. The total regional economic impact of the University and Health System amounts to $37.7 billion annually, with $30.4 billion benefiting the state of Pennsylvania and $25.2 billion supporting the City of Philadelphia.
The independent analysis, conducted by Econsult Solutions, Inc. of Philadelphia, draws on data presented in the University and Health System’s FY24 audited financial statements. The report identifies four key areas where Penn’s influence is most felt: as the City’s largest private employer, through its extensive campus and neighborhood development projects, as a leader in research and innovation, and through its substantial purchasing power with local vendors and suppliers.
“U.S. higher education is a key driver of American competitiveness in the world. This is especially true of excellent research universities such as Penn,” says Interim President J. Larry Jameson. “Educating, innovating, and providing outstanding clinical care: Penn’s transformative discoveries grow the economy, improve lives, and increase opportunity for people far beyond our campus. One in seven jobs in Philadelphia and 155,000 jobs in Pennsylvania stem from Penn, and we foster deep relationships throughout our region and the Commonwealth to help communities thrive and achieve their goals. As America’s first university, Penn takes enormous pride in contributing to our city, state, and country in such significant ways.”
“Penn’s work with local companies, combined with the broad reach of our educational, medical, and research efforts, directly and indirectly supports thousands of jobs and generates billions in economic activity,” says senior executive vice president Craig Carnaroli. “The FY24 Economic Impact Report demonstrates how the University and Health System anchor the economies of the City of Philadelphia, the Commonwealth of Pennsylvania, and the greater Penn Region while driving economic activity and generating public sector revenue that contributes to local growth.”