University City Science Center impact measured at $9B

In times like these, it’s organizations like the University City Science Center that not only keeps economies afloat, but positions them to exceed expectations. A study prepared by the Economy League of Greater Philadelphia with assistance from Select Greater Philadelphia and released this week reveals what many people have long known–the Science Center has had a tremendous impact on Greater Philadelphia’s high-tech sector and the region’s future.

The study shows the Science Center, founded in 1963 and headquartered in Philadelphia, contributing $9.4 billion annually to the regional economy, and its incubators have created more than 15,000 jobs that remain in Greater Philadelphia.

“The impacts identified in this study provide further evidence of how Greater Philadelphia’s innovative capacity and strong high-tech collaborations have contributed to the area’s economic vitality,” says Tom Morr, President and CEO of Select Greater Philadelphia.

“Organizations like the Science Center have helped the region outperform the U.S. economy as a whole in these troubled economic times.”

Of the 350-plus companies that graduated from the center’s incubators, 93 remain in the region, paying an average salary of $89,000. Overall, graduate and resident incubator companies generate more than 40,000 regional jobs and contribute $22 million in wage taxes to the City of Philadelphia.

The Science Center is the largest urban research park in the country, bringing together innovations, scientists, entrepreneurs, funding, laboratory facilities and business services.

Source: Tom Morr, Select Greater Philadelphia
Writer: Joe Petrucci