The University of Pennsylvania and Health System have a combined economic impact of more than $14 billion on the state and citywide economy annually. *
The FY2015 Economic Impact report paints a broad picture of the University’s wide-ranging and deep impact on the state, city and region’s economic development and prosperity. The full report is available at www.evp.upenn.edu
- Daily Impact: $39 million per day, to the economy of Pennsylvania, and $29.6 million per day, to the Philadelphia economy.
- A large and stable employer: As the second-largest private employer in Pennsylvania, and largest private employer in Philadelphia, Penn directly employs 37,000 people.
- Significant generator of new developments: Penn’s capital spending in new buildings and renovations, and that of third party private real estate development was $932 million in the local economy, employing 10,300 Pennsylvanians in construction-related jobs.
- Penn attracts nearly $1 billion in sponsored research funding from government grants and other sources stimulating job creation and spending in the local economy.
- Local purchasing: Penn’s purchasing of $572 million in goods and services included $344 million with Philadelphia-based businesses, and $122 million with West Philadelphia-based businesses.
- A Philadelphia Destination: Ancillary spending by Penn students, patients and visitors to campus was $279 million on local goods and services such as trips to restaurants, shops, collegiate athletic events and visits to cultural attractions.
- Locally engaged: The University’s investment in neighborhood services includes supplementing municipal services such as safety, public space management, workforce development and homeownership programs, and retail development, as well as support for public education.
* All data is from Fiscal year 2015.