Penn State Berks impact totals more than $142 million
Penn State's impact extends well beyond its teaching and research. In fact, Penn State is Pennsylvania's largest economic engine, generating more than $17 billion a year in overall economic impact and supporting more than 67,000 jobs. Penn State Berks was responsible for more than $142 million of that amount and nearly 900 jobs in the region.
In an independent report released April 23, data show that Penn State not only is fueling the growth of Pennsylvania by directly generating nearly $8.5 billion in economic impact but also influences an additional $8.7 billion through business services, research commercialization and the activities of alumni.
Penn State Berks also contributes significantly to Penn State's total business volume impact in surrounding Berks and Lebanon counties, by contributing nearly $100 million and $314 million respectively in those areas.
"Each year, Penn State Berks becomes an even more significant partner in the economic health of the local region and the Commonwealth," commented Susan Phillips Speece, chancellor of Penn State Berks. "Providing quality educational experiences for our students is good for the region and the state."
Penn State students add millions of dollars to the Pennsylvania economy. Penn State students overall spent more than $932 million in the Commonwealth in 2008, and Penn State Berks students were responsible for nearly $27 million of that contribution.
People are the driving force behind much of the University's statewide economic impact. As of 2008, Penn State Berks had a total employment impact of nearly 900 jobs, resulting in a more than $11 million dollars in employee spending in the state's economy.
Penn State contributes in a variety of ways to the vitality of Pennsylvania's economy. According to the report, the University generated more than 2 percent of the state's business volume or more than $1 out of every $50 dollars in the state's total economy. In addition, Penn State leverages its state funding. For every dollar invested in 2008 by the Commonwealth to support the operations of Penn State, the University returned $25.06 in economic impact to Pennsylvania.
The University annually expends more than $700 million through its research activities. Research at Penn State supports more than 18,000 additional jobs in Pennsylvania, which generates more than $1.9 billion in additional economic impact and more than $61 million in additional revenue for the Commonwealth annually.
The four-month study by Pittsburgh-based Tripp Umbach indicates that Penn State's impact far outweighs other industries in the state. With the total direct, indirect and induced annual economic impact equalling more than $17 billion, the University currently creates more impact than the combined total impact of all of the state's airport hubs, professional sports teams, and arts and cultural organizations, by attracting nearly 1 million visitors and channeling more than $1.73 billion annually into Pennsylvania's economy.
Key findings in the Tripp Umbach report for Penn State Berks include:
-In 2008, Penn State Berks contributed more than $142 million to the state's economy and nearly $100 million to the economy of Berks County.
-Penn State Berks is responsible for the employment of nearly 900 people in various sectors throughout the Commonwealth and nearly 800 people in Berks County.
-In 2008, Penn State Berks generated more than $7 million in tax revenue for the state and nearly $1.5 million in government revenue for Berks County.
-In 2008, Penn State Berks generated nearly $6 million in direct spending for capital improvements, goods and services, and supplies in the state; more than $11 million in direct spending by employees in the state; nearly $27 million in direct spending by students in the state; and more than $18 million in direct spending by out-of-state visitors.
To download a full summary of the economic impact study and obtain facts on the methodology used and other information, go to http://econimpact.psu.edu/