The Association of Independent Colleges and Universities of Pennsylvania (AICUP) logo. (Credit: AICUP)
According to a new report released by the Association of Independent Colleges and Universities of Pennsylvania (AICUP), the 29 colleges in the Metro Philadelphia region generate $15.2 billion in annual economic impact.
The 80+ independent nonprofit schools across the state of Pennsylvania generate $29 billion in annual economic contrition. The schools support over 195,000 jobs in Pennsylvania and award over 77,000 degrees annually, generating $1.5 billion in state & local taxes.
These AICUP member schools boast a rich history, with members averaging 140 years in their communities. They educate 53% of all students in Pennsylvania who are pursuing a four-year degree. The 279,000 students who attend these schools annually create $5.3 billion in annual student spending impact.
When including AICUP schools' teaching hospitals, the AICUP sector's impact is equivalent to nearly 7% of Pennsylvania's statewide economy.
Of the statewide $29 billion generated, $15.2 billion comes from the Metro Philadelphia region. Schools in that region support 97,000 jobs and generate $749 million in state and local tax revenue.
The 29 schools in the region are comprised of nine from Philadelphia County, nine from Montgomery County, eight from Delaware County, three from Bucks County and one from Chester County. Those numbers add up to 30 instead of 29 because Saint Joseph's University's campus is in both Philadelphia and Montgomery Counties.
According to the report, which was independently conducted by the Parker Strategy Group, AICUP is the top employer in Philadelphia County.
Its schools there include Chestnut Hill College, Drexel University, La Salle University, Moore College of Art & Design, Philadelphia College of Osteopathic Medicine, Saint Joseph's University, Thomas Jefferson University, the University of Pennsylvania and The Wistar Institute.
AICUP is also among the top 10 employers in Delaware County.
The schools in Delaware County include Eastern University, Haverford College, Neumann University, Pennsylvania Institute of Technology, Swarthmore College, Valley Forge Military College, Villanova University and Widener University.
The Metro Philadelphia regional colleges generate $749 million in state and local tax revenue. That number accounts for nearly half of the $1.5 billion generated by AICUP schools across the entire state of Pennsylvania.
