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 Mont Alto was responsible for $54 million of that amount and nearly 386 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.
"These data are a testament to the excellence of each and every Penn State campus," said David C. Gnage, chancellor at Penn State Mont Alto. "Penn State Mont Alto is a strong partner in this region, working to benefit the citizens of Adams, Cumberland, Franklin and Fulton counties and all of Pennsylvania."
In 2008, Penn State Mont Alto spent more than $2.5 million for capital improvements, goods, services and supplies. In addition to the nearly $8.4 million spent by Penn State Mont Alto students, out-of-state visitors also contributed almost $8 million to the region's economy.
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.
Additional key findings in the 2009 Tripp Umbach report include:
• 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.
• An additional $4.8 million was contributed to the region’s economy by the spending habits of Penn State Mont Alto faculty, staff and technical services employees in 2008.
To view the report in its entirety, visit http://econimpact.psu.edu