Science Center Is an Economic Catalyst for Greater Philadelphia
Economic Impact Study Traces One Out of Every 100 Jobs in Region Back to Science Center Incubation Services
Philadelphia, PA – (June 15, 2016) – Graduate firms and current residents of the University City Science Center’s business incubators support one out of every 100 jobs in Greater Philadelphia and drive nearly $13 billion in economic activity in the region, according to new analysis released today by the Economy League of Greater Philadelphia and Econsult Solutions, Inc. The University City Science Center: An Economic Catalyst for Greater Philadelphia study quantifies benefits associated with the Science Center’s business incubation services including job growth, salaries and wages, economic output, and fiscal impact.
Notable findings from the study include:
Of the 442 firms that have received business incubation services since the Science Center was established in 1963, 155 firms remain in the 11-county Greater Philadelphia region.
A total of 40,000 jobs in Greater Philadelphia, or one out of every 100 jobs in the region, are directly and indirectly supported by Science Center incubator resident and graduate firms. These 40,000 jobs pay $3.7 billion in salaries and wages each year.
Science Center-incubated firms in Greater Philadelphia drive $12.9 billion in annual economic activity – more than 2% of the region’s total economic output.
Jobs at Science Center-incubated firms are high-skilled and high-wage, commanding an average salary of $103,000 – nearly double the region’s median annual wage of $52,000.
Employees of Science Center-incubated firms pay $55 million in Philadelphia wage taxes and Pennsylvania income taxes each year.
"Supporting innovation and entrepreneurship is a double reward when it leads to the creation of well-paying jobs that boost our regional economy and support Greater Philadelphia's role as an innovation hub," says Science Center President & CEO Stephen S. Tang, Ph.D., MBA. "The Science Center's core strength in tech-based economic development serves as the foundation for our future expansion as we grow uCity Square and continue to offer programs that drive Greater Philadelphia’s economy forward.”
“The Science Center, a key component within Greater Philadelphia’s innovation community, has played a major role in University City’s ongoing transformation into a world class hub for innovation,” says Economy League of Greater Philadelphia Executive Director Steve Wray. “As we work together to ensure Greater Philadelphia is a place where entrepreneurs can grow businesses and bring innovative ideas to the marketplace, understanding the value of the Science Center’s business incubation support services is crucial.”
The University City Science Center: An Economic Catalyst for Greater Philadelphia analysis is available at sciencecenter.org/downloads/eis.
About the University City Science Center
Located in the heart of uCity Square, the University City Science Center is a dynamic hub for innovation, and entrepreneurship and technology development in the Greater Philadelphia region. Founded in 1963 as the nation’s first urban research park, it provides business incubation, programming, lab and office facilities, and support services for entrepreneurs, start-ups, and growing and established companies. Graduate firms and current residents of the Science Center’s business incubator support one out of every 100 jobs in Greater Philadelphia and drive $12.9 billion in economic activity in the region annually. For more information about the Science Center, go to www.sciencecenter.org.
About the Economy League of Greater Philadelphia
The Economy League of Greater Philadelphia brings together leaders and organizations across all sectors to address the most challenging issues facing the Greater Philadelphia region. Built on our historic foundation of independent, high-quality analysis and practical insight, we spark new ideas, develop strategies, and galvanize action to make Greater Philadelphia globally competitive. For more information, visit www.economyleague.org.
About Econsult Solutions, Inc.
Econsult Solutions, Inc. provides insights into economic problems, policy questions, and strategic thinking. Our work focuses on providing customized economic expert services in Real Estate, Transportation, Economic Development, and Public Policy and Finance. In addition, we provide Litigation Support services in over 40 industries, as well as customized Solutions to a variety of clients. See more at www.econsultsolutions.com.