Penn State is largest contributor to state economy; statewide impact totals $6.14 billion

A new economic impact study released Nov. 30 positions Penn State as the single largest contributor to the state's economy -- an engine of 24 campuses generating $6.14 billion annually in direct net economic impact to the commonwealth. The University also influences an additional $6.9 billion indirectly each year through business services, research commercialization and the activities of alumni -- for a total of more than $13 billion in annual economic impact in Pennsylvania. Based on the study's findings, Penn State is driving approximately 2 percent of the state's overall business volume -- or $1 out of every $50 in the Pennsylvania economy. Looking forward, the University's direct impact is projected to increase from $6.14 billion in 2003 to $7.4 billion in 2008 based on expected growth in operations and investment in capital expenditures. "Penn State's annual economic impact of more than $6 billion represents the single largest institutional economic impact that Tripp Umbach has calculated after more than 15 years and hundreds of studies.... Penn State has more economic impact on the commonwealth of Pennsylvania than any other individual organization operating within the state," said Paul Umbach, president of Tripp Umbach.
Read the full story at http://live.psu.edu/story/9128
For specific information about the economic impact of Penn State Berks, go to http://live.psu.edu/story/9179
For specific information about the economic impact of Penn State Lehigh Valley, go to http://live.psu.edu/story/9190
To download a full summary of the economic impact study and obtain facts on the methodology used and other information, go to http://www.psu.edu/ur/topics/economic_impact/ and to watch the announcement, go to http://x02.ur.psu.edu/video/psuimpact.html