As higher education faces increasing criticism and scrutiny, the University released its latest economic impact report, showing that Penn and its health system helped drive approximately $37 billion through the region’s economy for the fiscal year 2024—contributing to the circulation of $30.4 billion in Pennsylvania, including $25.2 billion within the city of Philadelphia.
The independent analysis, conducted by the consultancy firm Econsult Solutions, identifies four areas where Penn’s influence is most felt: as the city’s largest private employer; through campus and neighborhood development projects; as a leader in research and innovation; and through its purchasing power with local vendors and suppliers.
“US 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 J. Larry Jameson said in a statement. “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.” Jameson added that with one in seven jobs in Philadelphia and 155,000 jobs in Pennsylvania stemming directly or indirectly from Penn, the University “takes enormous pride in contributing to our city, state, and country in such significant ways.”
The entire economic impact report can be viewed at the Penn & Philly website (pennandphilly.upenn.edu), which was launched last year to also measure the University’s social impact via community partnerships [“Gazetteer,” May|Jun 2024].
