The University published a website with updates on federal policy changes affecting higher education and research.
Credit: Jean ParkPenn contributed $37 billion to the economies of Philadelphia, the city’s surrounding counties, and the state of Pennsylvania in fiscal year 2024 according to the University's newly released economic impact report.
The March 10 report detailed Penn’s contributions to various economies and was conducted by the independent consulting firm Econsult Solutions, Inc. The report estimated that the combined financial impact of the University, including the University of Pennsylvania Health System totals $37.7 billion annually, with $30.4 billion benefiting the state of Pennsylvania and $25.2 billion supporting the city of Philadelphia.
The reports are generated approximately every five years and derive Penn's calculated impact from the University's audited financial statements.
“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,” Penn President Larry Jameson said in announcing the report.
Penn is currently Philadelphia’s largest private employer — with Penn Medicine ranking No. 30 and the University ranking No. 65 on Forbes' 2023 Best Large Employers list. According to the economic impact report, Penn contributes to one in every seven jobs within the Philadelphia area. In 2024, Penn generated approximately 106,600 jobs across the city through both direct and indirect employment capacities.
Penn directly employs 53,000 people in Pennsylvania and supports an additional 53,000 jobs through indirect employment in the retail, manufacturing, and construction industries, according to Penn Today. Throughout the 2024 fiscal year, approximately 6,900 private-sector construction jobs were created by Penn’s $1 billion expenditure in local infrastructure projects.
The report similarly emphasized the impact of Penn’s local purchasing across the Philadelphia area. Penn spent $572 million at more than 5,000 Philadelphia businesses, including $186 million in West Philadelphia, and $170 million at “women- and minority-owned businesses.”
According to the report, in fiscal year 2024, Penn’s roughly 25,000 students and visitors to the University and the Health System generated $402 million of economic activity within Philadelphia. This includes spending on retail, restaurants, and local businesses.
The University also significantly generates public sector revenue across the region, Senior Executive Vice President Craig Carnaroli said in the announcement of the report.
“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,” Carnaroli said.
Penn, as a leading research institution, spends $1.37 billion annually across multiple fields, including medicine, technology, business, and natural science. In fiscal year 2024, these investments generated $2.5 billion in total annual output within Philadelphia including 9,400 jobs and $875 million in employee compensation according to the report.
During fiscal year 2024, the University’s investments in research additionally generated $2.8 billion in total annual output within the Commonwealth of Pennsylvania, along with 10,800 jobs and $964 million in employee compensation.
Additionally, during the 2024 fiscal year, the Health System's annual revenue surpassed $10 billion.
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