$10.8 billion: Upenn's economic impact in Philly
There’s no doubt: The University of Pennsylvania and Penn Medicine have a huge economic impact in the city and the state. But just how big is it?
An independent report conducted by Econsult Solutions shows that organizations contributed $10.8 billion to the local economy in the 2015 fiscal year — that’s $29.6 million daily.
During this period, Penn generated 68,500 jobs, $5.4 billion in wages and $197 million in City taxes.
But the City of Brotherly Love is not the only one to benefit from the academic and medical institution. Penn’s impact spreads all over the Commonwealth.
In fiscal year 2015, some 90,400 people worked for Penn in Pennsylvania. The institution paid around $6.4 billion in wages to it 37,000 direct employees and 53,400 indirect employees.
Across the state, UPenn and Penn Medicine’s made an impact of $14.3 billion yearly and $272 million in annual taxes.
The institutions also effect the real estate and building sector. During the same year, UPenn invested $932 in construction and renovation works, and it employed 10,300 Pennsylvanians— 35 percent of them worked from minority- and women-owned business.
The students and it visitors contributed to the economy of the city. According to the report, its students spent $246 million, while its visitors spent $26 million. Those who came to Penn’s hospitals spent $7 million in the city.
They were not the only one that spent their money in the region. UPenn and Penn Medicine invested $572 million in the purchase of goods, supplies and services— $344 in Philadelphia-based businesses and $122 in West Philly-based companies.
UPenn also attracted $939 million in research grants. Of those $939 million, $486 million came from the National Institute of Health and $139 million from the National Science Foundation, Department of Defense, Health and Human Services, Department of Energy and other federal sources.
The private sector was another source of funding for Penn. Private sponsored research from industries and foundations represented $161.3 million last year. Other private and government sources invested $152.7 in research grants.
“The University of Pennsylvania and its Health System are an innovating force for good in Philadelphia, our region, society and the world: advancing creative knowledge, making impactful discoveries, sustaining health and educating great new leaders,” said Penn President Amy Gutmann. “As Philadelphia’s largest private employer, Penn provides 37,000 stable jobs with good wages and exceptional benefits. Penn powers key sectors of our regional economy while contributing in manifold ways to making Philadelphia a thriving and exciting place to live, work, study and visit.”