5 takeaways from the University City Science Center economic report

The University City Science Center put out a 40-page report on its economic impact.
Here are some data points that stood out to us.
1. One of every 100 jobs in the region is impacted by the Science Center

• Some 12,000 people in the Greater Philadelphia Region are employed by Science Center resident or graduate firms, and that economic activity supports an additional 28,000 jobs, according to estimates by the urban research park. That nifty 40,000 figure comes down to 1 of every 100 jobs.

2. Annual economic output from Science Center firms: $12.9 billion

• 155 firms that were incubated or graduated from the Science Center showed an annual economic output of $12.9 billion toward Greater Philadelphia’s economy, of which $7.1 billion is direct economic output, and $5.8 billion represents indirect and induced economic output.

3. Since 1963, 35 percent of Science Center-related firms have stayed in the region

• Of the 442 firms that have received business incubation services since the Science Center was established during the Kennedy administration, 155 firms remained in the 11-county Greater Philadelphia region.

4. Average salary for jobs with Science Center firms: $103,000

• Jobs with Science Center-incubated firms feature average yearly salaries of $103,000, nearly twice as much as the region’s median annual wage: $52,000.

5. $55 million paid in wage taxes by employees

• Employees of Science Center-incubated and graduate firms pay $55 million in Philadelphia wage taxes and Pennsylvania income taxes each year.

Science Center CEO Stephen Tang said the Science Center’s tech-based economic development serves as the foundation for future expansion.
“Supporting innovation and entrepreneurship is a double reward when it leads to the creation of well-paying jobs that boost our regional economy and support Greater Philadelphia’s role as an innovation hub,” Tang said.
Read the full report