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 Beaver was responsible for $55.1 million of that amount and nearly 349 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.
The economic impact of Penn State's operations and employment is only the first chapter in a powerful economic story that affects every community in the Commonwealth.
Penn State Beaver spent $2.7 million for capital improvements, goods and services, and supplies in 2008. Spending by Beaver campus faculty, staff and technical service employees totaled nearly $3.9 million in 2008, and Penn State Beaver students spent almost $10.4 million, part of the overall University student contribution of $932 million.
Penn State Beaver also was a destination place for conferences, sporting, cultural, and alumni events that brought close to $7.2 million to the region, and the Beaver campus government revenue impact totaled $3.8 million in 2008.
“This study clearly shows the significant impact Penn State Beaver has on the local economy” said Gary B. Keefer, chancellor of Penn State Beaver. “However, it is not just about the direct and indirect dollar impact. The campus continues to place talented graduates into the local workforce through both our own baccalaureate programs and those our students complete at University Park or other Penn State campuses.
“The teaching and learning, research, campus life and community service that Beaver campus contributes to our area is critical to the success and growth of our region,” continued Keefer, “and I believe that’s made evident by the growing number of public and private partnerships the campus has built over the years.”
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