Penn State DuBois continues to contribute millions of dollars to the region each year, even in a delicate economic environment.
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 DuBois was responsible for more than $66 million of that amount and 342 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 DuBois has offered valuable services to area industry with Continuing Education programs and by becoming the educational partner in the Tri-County Keystone Innovation Zone (KIZ). The KIZ was created through Governor Rendell’s original economic stimulus package to gather and align the combined resources of institutions of higher education, private business, commercial lending, venture capital and foundations. Through the KIZ, area entrepreneurs and existing organizations are assisted in developing ideas and products that increase productivity, reduce costs and meet new market demands.
Campus chancellor Anita McDonald noted that members of the campus community also contribute to the region through their everyday lives.
"We have faculty members who have moved to the DuBois area and bought homes, shop at area stores and utilize area businesses and services," she said. "Also, our students utilize these same services, in addition to providing over 12,000 hours of community service each school year."
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 DuBois students were responsible for about $15 million of that contribution.
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 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.
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.