Pennsylvania’s private, independent colleges and universities contributed significantly to the state’s economy in 2024, according to a new report. The 80+ institutions generated $29 billion in economic impact. This figure grows to $65.6 billion when including the teaching hospitals associated with member schools like the University of Pennsylvania and Drexel University.
The report, commissioned by the Association of Independent Colleges and Universities of Pennsylvania (AICUP), highlights several key contributions:
- Job creation: The institutions supported approximately 195,120 jobs across the state.
- Tax revenue: They generated $1.5 billion in state and local taxes.
- Student spending: The 279,000 students attending these schools spent about $5.3 billion annually.
Beyond financial metrics, the report also detailed the colleges’ academic and social impact. These institutions conferred a large share of the state’s degrees in key fields, including:
- 69% of nursing degrees
- 45% of teaching degrees
- 58% of STEM degrees
- 53% of all four-year degrees
The report also noted the diversity of their student body, which included:
- 46% of the state’s Pell Grant recipients
- 47% of state grant recipients from the Pennsylvania Higher Education Assistance Agency
- 55% of all minority students in the state
- 52% of working-age students seeking degrees
The study, compiled by the Parker Strategy Group, also mentioned that member institutions contributed $200.5 million in philanthropy, including $149 million in the value of volunteer hours.
