As Philadelphia’s largest employer, Penn Medicine and the University combined to generate over $14 billion in 2015 according to an independent report. The report highlights some phenomenal statistics:
- Penn generates $39 million per day to the Pennsylvania economy.
- Of that, $29.6 is generated in Philadelphia alone.
- Jobs at Penn account for 1 out of every 9 in the city
- And 5% of the entire city’s fund.
Penn President Amy Gutmann added “The University of Pennsylvania and its Health System are an innovating force for good in Philadelphia, our region, society, and the world: advancing creative knowledge, making impactful discoveries, sustaining health, and educating great new leaders.
“As Philadelphia’s largest private employer, Penn provides 37,000 stable jobs with good wages and exceptional benefits. Penn powers key sectors of our regional economy while contributing in manifold ways to making Philadelphia a thriving and exciting place to live, work, study, and visit.”
At Penn Jersey we pride ourselves on our commitment to the local West Philadelphia economy - employing full time and seasonal staff from deprived areas in our vicinity. We’re also proud to work with the University and its health system to help the local economy grow. Some of the statistics the report has provided are truly stunning. They include:
- Penn generated 90,400 direct and indirect jobs in 2015.
- This breaks down into 37,000 direct employees and 53,000 indirect employees.
- Indirect employees include construction, retail, manufacturing, and professional services such as Penn Jersey Building Services.
- Penn spent $932 million within the local economy on new buildings, renovations, and third-party private real estate developments.
- The University spent $572 million on goods and services, with $344 million going to Philadelphia-based businesses including $122 million in West Philadelphia alone.
As we can attest, the University has also provided substantial support to West Philadelphia. Their investment in neighborhood services has helped to supplement municipal services including public space management, workforce development, homeownership programs, retail development and safety. This has included a $1 million annual investment by Penn’s Netter Center for Community Partnerships and $800,000 to the Sadie Tanner Mossell Alexander Elementary School.
