University City Science Center: An Economic Catalyst for Greater Philadelphia
University City Science Center has been supporting technological innovation, job growth, and the entrepreneurial spirit over the past several decades. With programs and space to support businesses at all stages of development, the Science Center makes immense economic impacts in the region.
Econsult Solutions and the Economy League of Greater Philadelphia analyzed the impact the Science Center has on the region, showing that one out of every 100 jobs in Greater Philadelphia is supported by one of University City Science Center’s business incubators. This has lead to a nearly $13 billion in economic activity in the region.
Report highlights 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.
University City Science Center has built a dynamic community, helping to make University City into a leading hub of innovation. For further information on the Center’s regional economic impact, read the full report here and see the report highlights here.
Tags: economic impact, Innovation, Philadelphia