Penn contributes over $14 billion to state and local economies in 2015

The University of Pennsylvania and Penn Medicine contributed more than $14 billion towards the Pennsylvania and Philadelphia economies in fiscal year 2015.

According to the report by Econsult Solutions, Penn contributed $14.3 billion in 2015 to Pennsylvania’s economy, $10.8 billion of which went directly to Philadelphia’s economy. This created $6.4 billion in salaries and wages for the state.

Penn created one out of every nine jobs in Philadelphia, totaling up to 90,400 jobs created both directly and indirectly in 2015. As the city’s largest private employer, Penn directly employed 37,000 people, with another 53,000 indirectly connected to Penn through construction, retail and professional service industries.In particular, the report highlighted the large number of capital projects Penn undertook in 2015 that created a significant amount of jobs. Penn spent $932 million in constructing and renovating buildings on campus in 2015, resulting in the indirect employment of 10,300 workers in Pennsylvania.

Research and development was another area in which Penn generated cash. The University received $939 million in research money from the government and other sources in 2015 and ranked among the top five institutions in the country to receive the most government funding for research.

A behemoth presence in Philadelphia, Penn also gave back to the Philadelphia community through investment and spending. Penn spent $344 million on Philadelphia-based businesses, with around 35 percent of this amount spent specifically on West Philadelphia-based businesses. The University pumped $1.8 million in contributions and investments towards public schools in Philadelphia.

Penn students and visitors, as well as patients admitted to Penn Medicine, together summed up $279 million spent locally on various goods and services.

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