SJU’s Economic Impact Tops Half-Billion Dollars
Tuesday, September 20, 2011
PHILADELPHIA (September 20, 2011) - Saint Joseph’s University contributes more than a half-billion dollars - $511 million – annually to the five-county Philadelphia regional economy and $524 million annually to the Commonwealth of Pennsylvania, according to an economic impact study released by the University.
“Saint Joseph’s is a major player in the region’s powerful higher education industry, and this report quantifies the University’s vital, and growing, contributions to the economy and the quality of life of the city, the region, the Commonwealth and indeed the world,” said Interim President John Smithson, ’68, MBA ’82.
“From the people Saint Joseph’s employs, to the local and national vendors from whom it purchases goods and services, to the spending of millions of dollars by students and their families, faculty, staff and visitors, the University is a significant economic engine,” he added.
The study, “Economic and Fiscal Impacts of Saint Joseph's University: 2010,” was prepared by Econsult Corporation of Philadelphia. Among its findings:
- Saint Joseph’s spent $229 million on construction over the last several years which produced total economic benefits of approximately $480 million throughout the region and $545 million throughout Pennsylvania. These expenditures supported nearly 3,900 regional jobs and more than 4,700 statewide, while generating more than $4 million in state tax revenues.
- The University paid $117 million in operating expenses in 2010, which includes food services, routine maintenance and utilities.
- Student ancillary (non-University) spending in the region totaled $66 million.
- The University has identified $92 million in planned construction projects over the next five years.
“Our primary mission is to provide our students with an outstanding learning experience, “ said Smithson. “A significant outgrowth of this is the enormous economic impact Saint Joseph’s has on the region and the state.”
The report also assessed qualitative factors, including the contributions of its educated and skilled graduates in the region; its commitment to community service and civic engagement, and the cultural impact of its fine and performing arts and athletic programs.