Did You Know: Penn State's economic impact

-- Penn State is the single largest contributor to the state's economy. The operation of the University system generates $6.14 billion annually in net economic impact to the commonwealth of Pennsylvania and supports more than 60,000 total jobs.

-- Every dollar invested in 2003 by the commonwealth of Pennsylvania to support the operations of Pennsylvania State University returned $19.42 in total economic impact to the commonwealth.

-- With total direct, indirect and induced annual economic impact equaling more than $13 billion, no other single entity in the commonwealth does more than Penn State to drive the state's economy. Penn State generated approximately 2 percent of the state's business volume, or $1 out of every $50 dollars in the state's total economy.

-- The total economic impact of Penn State is projected to continue to grow over the next five years. It is estimated that Penn State's total economic impact will grow from $6.14 billion in 2003 to $7.4 billion in 2008, based on the University's continued growth in operations and investment in capital expenditures.

-- With more than 35,000 full- and part-time employees in 2003, the total payroll and benefits provided to Penn State employees ranks it as the largest generator of total employment among nongovernmental entities. Total employment, including direct employment and jobs within the commonwealth that are in support of Penn State (indirect), is estimated at more than 60,000 people. Total employment attributable to Penn State is projected to grow to 72,000 by 2008, based on the most recent capital growth projections.

-- Taxes created as a result of Penn State's operations, including payroll, institutional spending in the state's economy and generation of fresh taxable dollars, equaled $291 million in 2003. It is estimated that Penn State will generate $350 million in state tax revenue annually by 2008, based on capital budget projections provided by the University.

-- In 2003, the commonwealth of Pennsylvania provided $316 million to Penn State in operational support. Since Penn State's operations generate $291 million in government revenue, the University returns $0.92 to the commonwealth for every $1 that the University receives.

-- It is estimated that Penn State�s 35,000 full- and part-time employees donate more than $116 million annually in charitable donations and volunteer services within the commonwealth. Penn State's more than 83,000 students donate more than $88 million annually in charitable donations and volunteer services within the commonwealth.

-- The 200,000 alumni who reside in Pennsylvania generate $1.3 billion annually in additional economic impact, and generate more than $40.7 million in additional government revenue for the commonwealth.

-- Each Penn State alumnus volunteers more than 13.8 hours annually with charitable organizations throughout Pennsylvania. It is estimated that the value of such services from all to be $235 million annually, according to an alumni survey. Penn State alumni donate more than $103.3 million annually to charitable organizations throughout Pennsylvania, according to the same alumni survey.

-- More than 15,000 Penn State alumni own businesses in Pennsylvania. These businesses directly employ more than 425,000 residents. The average wage of employees at companies owned by Penn State graduates is $8,500 higher than the average wage-earner in Pennsylvania. This translates into more than $3.6 billion in additional expansion of the state's economy and more than $108 million in additional government revenue for the commonwealth annually.

-- Penn State annually attracts more than $545 million to Pennsylvania from sources outside of the commonwealth to support research activities. Research conducted at Penn State supports more than 16,000 additional jobs throughout the commonwealth, which generates more than $1.7 billion in additional economic impact and more than $52.8 million in additional revenue for the commonwealth annually.

-- Penn State has a combined payroll and benefits obligation to faculty, staff and technical service employees of more than $1 billion annually. The majority of this goes to Pennsylvania residents who spend the majority of their disposable income in the state. Adjusting for payroll to faculty, staff and technical employees residing out-of-state, savings and taxes, the total payroll fromPenn State generates more than $522 million in direct impact through faculty, staff and technical service employee spending.

-- The spending by off-campus students, outside the University, for housing, food, supplies, entertainment and other items and services, as well as the spending by on-campus students outside of the University for entertainment and other items and services, comprise students' direct impact on the Pennsylvania economy. In total, student spending amounts to more than $717 million in the state�s economy.

-- In 2003, out-of-state visitors to Penn State generated more than $632 million in the Pennsylvania economy in terms of accommodations, gifts, services and other items during their stay.

-- Pennsylvania businesses have invested a total of $906.5 million in real property developments to support their business with Pennsylvania State University. Business inventories in the state allocable to Penn State-related business volume are calculated to be $761.2 million.

-- In 2003, it is estimated that $291.1 million in state government revenue was generated directly or indirectly by Penn State. In addition, the substantial spending with Pennsylvania business generates large-scale revenues for the state in the form of sales tax, corporate net income tax and capital stock/franchise taxes.

-- A total of 60,863 jobs in Pennsylvania in 2003 were directly and indirectly attributable to Penn State. During 2003, Penn State employed a total of more than 35,000 employees, of which 27,106 were non-student, full-time equivalent people.

-- In 2003, Penn State's faculty, staff and technical service employees added $496,510,152 to the state economy. In Centre County, where University Park is located, the spending figure was $209,005,440. To look at a county-by-county comparison, go to http://www.psu.edu/ur/topics/economic_impact/ and click on "final report."

-- In 2003, Penn State's student population added $658,146,329 to the state economy. In Centre County, where University Park is located, the spending figure was $305,645,443. In Lycoming County, where Penn College is located, students spent $81,326,942. In Blair County, where Penn State Altoona is located, the figure was $34,569,053. To look at a county-by-county comparison, go to http://www.psu.edu/ur/topics/economic_impact/ and click on "final report."

-- Visitors to Penn State for conferences, sporting, cultural and alumni events spent a total of $623,129,721 in 2003. In Centre County, where University Park's Beaver Stadium and The Bryce Jordan Center are located, visitors spent $360,323,346. In Lycoming County, where Penn College is located, visitors spent $45,759,480. In Blair County, where Penn State Altoona is located, the figure was $25,983,740. To look at a county-by-county comparison, go to http://www.psu.edu/ur/topics/economic_impact/ and click on "final report."

-- In 2003, Penn State operations impact on county government revenues was a total of $65,754,550 across the state. In Centre County, where University Park is located, the figure is $30,311,456. To look at a county-by-county comparison, go to http://www.psu.edu/ur/topics/economic_impact/ and click on "final report."

The source for all of the information contained on this page is Economic Impact Statement 2003 on Penn State by Tripp Umbach and Associates, Inc.