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 Schuylkill was responsible for nearly $68.7 million of that amount and nearly 309 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 students add millions of dollars to the Pennsylvania economy. Overall, University students spent more than $932 million in the Commonwealth in 2008 and Penn State Schuylkill students were responsible for more than $16.6 million of that contribution. Penn State employees contribute more than $805 million to the economy through their spending habits. Locally, Penn State Schuylkill employees contribute $3.6 million to that amount.
In addition to the dollars spent by Penn State Schuylkill students and employees, visitors to conferences, sporting, cultural and alumni events contributed $8.1 million to the region’s economy.
"Penn State Schuylkill is an economic catalyst for this region through its purchasing, its payroll, its construction, its students, and its status as a visitors' destination in Schuylkill County," said R. Keith Hillkirck, Penn State Schuylkill chancellor. "The multiplied impact of a Penn State campus here is tremendous."
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 equaling 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. Penn State attracts nearly 1 million visitors who channel more than $1.73 billion annually into Pennsylvania’s economy.
Additional key findings in the 2009 Tripp Umbach report include the fact that 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.
To view the report in its entirety, visit http://econimpact.psu.edu