Penn State Shenango shares in university's huge impact on state

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 Shenango was responsible for more than $45 million of that amount and nearly 199 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 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 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, by attracting nearly 1 million visitors and channeling more than $1.73 billion annually into Pennsylvania's economy.

Additional key findings and specific information about Penn State Shenango in the 2009 Tripp Umbach report include:

• Penn State Shenango spent nearly $1.5 million on improvements to its facilities and capital equipment purchases made with Pennsylvania contractors and vendors. This amount also includes the purchase, from in-state vendors, of goods, services and supplies.

• Penn State is the largest generator of total employment among nongovernmental entities. Penn State Shenango generates more than $2.6 million in direct impact through faculty, staff and technical service employees spending.

• 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 Shenango students were responsible for $12.2 of that amount.

• In addition to the more than $12 million spent by Penn State Shenango students, out-of-state visitors also contributed almost $6.3 million to the region’s economy.

To view the report in its entirety, visit http://econimpact.psu.edu .

 

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Last Updated April 30, 2009