Student and Operational Spending Was Up, Enrollment and Employment Was Higher and More Certificates and Degrees Were Awarded in the Region

Select Greater Philadelphia recently released its 2010 Higher Education Study which shows an increased positive impact of higher education on the region’s economy with more student and operational spending, higher enrollment and employment, and more certificates and degrees awarded in the region during the 2007-2008 academic year. The report was released earlier this week at the Greater Philadelphia Chamber of Commerce’s 1st Regional College and University Presidents’ Council meeting of the program year.

The study reveals a number of major direct effects of the region’s higher education sector presented in the 2010 analysis compared with those presented in the initial 2007 study. These impacts include:

  • Higher full time equivalent enrollments, 295,603 compared to 275,811;
  • Additional certificates and degrees awarded, 80,533 compared to 71,041;
  • Expanded total employment, 70,357 compared to 66,006;
  • More total student and operational spending, $16.27 billion compared to $14.58 billion; and
  • Increases in average annual capital spending, $584.8 million compared to $528.5 million.

”This study showcases our region’s global strength in higher education and serves as a resource to companies evaluating their human capital needs as they consider Greater Philadelphia as a business location,” said Thomas G. Morr, president and CEO of Select Greater Philadelphia. “Our colleges and universities play an important role in bolstering the region’s economy, but they also contribute to diverse areas of regional improvement such as healthcare, childhood education, environmental sustainability and more.”

The report documents the economic impact of the colleges and universities in Greater Philadelphia, focusing on impacts in four key areas including 1) supporting Greater Philadelphia’s economy, 2) educating Greater Philadelphia’s workforce, 3) employing Greater Philadelphia’s residents, and 4) improving Greater Philadelphia’s communities.

The study shows $13.8 billion in total direct operations and $2.4 billion in student spending during the 2007-2008 academic year. This resulted in a $14.96 billion total increase in the Gross Regional Product in 2010 from the combined spending. With $16.3 million in total expenditures per 10,000 residents the region ranked third among the 25 largest metropolitan statistical areas (MSAs), behind only Boston and Baltimore.

“Our region boasts 101 degree-granting institutions with 144 campuses in Greater Philadelphia,” said Rob Wonderling, president and CEO of the Greater Philadelphia Chamber of Commerce and Chairman of the CEO Council for Growth. “These institutions have developed generations of high-quality workers in the region and continue to fill the skill requirements of companies across our diverse industry sectors.”

With 80,533 certificates and degrees granted, Greater Philadelphia also ranked third in the total number of degrees granted per 10,000 residents at 124.3. The data revealed that the region granted more first professional degrees (MDs, MBAs, JDs, etc.) per 10,000 residents than any of the 25 largest metro areas in the country (ahead of Boston and Chicago) and that we can boast the second highest award rate for bachelor’s degrees, behind only Boston.

Community engagement programs sponsored by higher education institutions in the region are on the rise, with more schools creating centers for civic engagement and service learning. During 2007/08 these schools reported to Integrated Post-Secondary Educational Data System total public service spending of $151.3 million and 29 institutions reported in the 2010 survey awarding more than $462 million in grants and scholarships to residents of the 11-county region alone.

The study was made possible through the support of The CEO Council for Growth, Greater Philadelphia Chamber of Commerce, Select Greater Philadelphia, Saul Ewing’s Higher Education Group, and the region’s colleges and universities.

View the full report here.

For more information on Select Greater Philadelphia, view here.

For more information on the CEO Council for Growth, view here.