May 14, 2016 08:33 AM EDT
Penn University $14 Billion Economy Impact on Pennsylvania, Philadelphia [VIDEO]
An independent report made by Econsult Solutions, Inc finds that Penn economic has a huge impact on the city and state. The University and Penn Medicine give a huge impact on the economic, including $39 million of daily impact, significantly funded projects, local goods purchasing, stable employer and a destination for various visit purposes.
It has an impact of $14 billion to the growth of economy on state, as published in University of Pennsylvania official site. An infographics of Penn's economic impact on Philadelphia shows an annual tax revenue of $197 million with direct and indirect job induced up to 68,500. Being labeled as the state's largest private employer, Penn contributes to 37,000 stable jobs and good incomes, plus perks that make the city a thriving place to travel, work and study.
Reached out for comment, Penn President Amy Gutmann explains that the University of Pennsylvania strives to innovate for the good of the Philadelphia region. The advance system helps improving creative knowledge and finding impactful researches as well as preparing the people in leadership.
The report uses its 2015 financial statements and Penn seems to have a huge influence on the region's overall economic. The study also finds that Penn creates significant projects with huge funds and the center of innovations and studies.
For instance, grants and funds from sponsors and government have been the source of jobs. It also becomes one from five top recipients to get sponsors from federal. Penn also spent money on renovation with a development that costs $392 million. There are more than 10,000 people involved in the construction jobs. These jobs also recorded 26 percent contract were done by minority and women entrepreneur.
Another Penn's contribution to the economic is the visitors to campus, from students to patients. The data recorded $279 million from local businesses, athletic events, and cultural attractions. The university also supplements services from public space management to homeownership programs in West Philadelphia.
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