Penn State Worthington Scranton economic impact almost $77 million

Dunmore, Pa. – 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 Worthington Scranton contributed $76.8 million of that amount and nearly 380 regional jobs.

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 Worthington Scranton, with a student population of 1,379, contributed more than $57 million last year to Penn State’s total business volume impact in Lackawanna, Pike, Susquehanna, Wayne and Wyoming counties. The University overall 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.

Spending for capital improvements, goods and services and supplies contributed more than $26.3 million to Lackawanna, Pike, Susquehanna, Wayne and Wyoming counties.

Penn State contributes in a variety of ways to the vitality of Pennsylvania's economy. According to the report, 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.

Clearly, Penn State has positive effects on the Pennsylvania economy and contributes much to the economic vitality of the state, as well as to the local economy.
In Northeastern Pennsylvania, Penn State Worthington Scranton’s operations generated more than $5 million in government revenue impact and over $2.2 million in county government revenue.

Students attending Penn State Worthington Scranton spent almost $21.9 million during 2008 on housing, food, supplies, entertainment and other items and services in local communities. The campus’ faculty, staff and technical service employees spent more than $17 million in Lackawanna, Pike, Susquehanna, Wayne and Wyoming counties.

Campus events, such as conferences, and sporting, cultural and alumni events, generated another $9.1 million.

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.

"This report is an important testament to the tremendous economic impact every Penn State campus has on both our state and local communities,” said Mary-Beth Krogh-Jespersen, Penn State Worthington Scranton chancellor. “It also highlights the immense contributions our campuses make across the Commonwealth.”
To view the report in its entirety, visit http://econimpact.psu.edu

 

Contacts: 

Amy Gruzesky

Work Phone: 
570-561-8658
Home Phone: 
570-561-8658
Last Updated April 27, 2009