University's Annual Regional Economic Impact
University’s Annual Regional Economic Impact
Exceeds $400 Million
The University of Scranton’s regional economic impact for the 2011-12 academic year is estimated at $404 million, based on established impact studies and formulas, including those used by the Association of Independent Colleges and Universities of Pennsylvania. Since 1980, the University’s regional economic impact is $5.09 billion.
The overall economic impact is among the data published in the University’s Economic and Community Impact report for the 2011-12 academic year, which is available online (Scranton.edu/economic-impact).
The report includes highlights of the University’s contributions to the community, which include the Leahy Clinic, which provided free health care services to 1,400 uninsured Lackawanna County patients; the 115 clients served in Scranton by the Small Business Development Center; and the more than 100 concerts, lectures and other events offered free of charge during the academic year.
The report also highlights the University’s growth and connection to Scranton over the past few decades. Since 1980, the University has created more than 516 full-time positions, averaging about 16 new jobs each year. University employees and alumni make up nearly 10 percent of the city’s workforce and nearly one in 10 city residents are University students, alumni or employees. Wage taxes paid by University employees living in Scranton and local services taxes paid by University, Follett and Aramark employees totaled $679,328 for 2012. Fees for building permits and business privilege taxes paid to the city of Scranton total more than $2.4 million for five of the University’s most recent major construction projects. In addition, The University of Scranton makes a $175,000 annual voluntary contribution to the city of Scranton and $58,000 to Lackawanna County.
In addition to the University’s overall economic impact of $404 million, which is based on the University’s operating budget expenditures, the report estimates student off-campus spending exceeds $1.4 million per month during the spring and fall semesters when classes are in session. University students also contribute more than 175,000 hours of service annually, in our region and beyond.
“The report highlights the many positive ways the University engages and impacts our community as an educational and cultural assets, economic engine, job creator, good neighbor and, above all, as a Catholic and Jesuit institution committed to service and helping to address community needs,” said University of Scranton President Kevin P. Quinn, S.J.
For additional information or a copy of the report, contact the University’s Office of Community Relations at 941-4419.