The Economic Impact of Chestnut Hill Institutions
The Chestnut Hill Institutional Leaders (CHIL), a group of executives committed to the advancement of the Chestnut Hill community as well as the greater regional economy, released an economic impact study performed by Econsult Solutions, Inc. (ESI). The report looks at the exact monetary amount of impact the overall operations Chestnut Hill has on the five-county greater Philadelphia area. Upon completion of its analysis, ESI determined that Chestnut Hill, through 10 anchor institutions represented by CHIL, generates $482 million of overall annual economic impact and drives sustainable growth: job creation, capital investments, visitor attraction, cultural amenities, enhanced property values, and education.
“Our analysis demonstrates that these anchor institutions are not only major economic generators, but also enhance the quality of life for Chestnut Hill residents in a number of ways,” stated Ethan Conner-Ross, Director at ESI. “Each of the member institutions contributes to the economy and the community in ways that are tailored to its mission and resources, and the result is a collective impact greater than the sum of its parts.”
Of the nearly half-billion in overall impact, $360 million is generated from operational impacts, $32 million is from capital investments, $41 million in impact is from student and visitor spending, and an additional $49 million in increased property values. In fact, homes within just a half-mile on one or more of the organizations involved in CHIL saw a 2.5% increase in property value, and homes in Chestnut Hill sell for, on average, 136% more than standard homes located elsewhere in the city. In addition, the analysis found that the Chestnut Hill region supports 3,480 jobs with $182.1 million in total earnings, brings 317,000+ unique visitors to the region who annually spend $27 million, provide $24 million in student financial aid, and $19 million in charitable healthcare offerings.
Read the article in the Philadelphia Business Journal: “What Chestnut Hill’s $482M impact means for business recruitment, home values”
Read the report on our site: http://www.econsultsolutions.com/report/the-economic-impact-of-chestnut-hill-institutions/