Ben Franklin had $2.9 Billion Economic Impact, Report Says

Pennsylvania’s $187 million investment in the Ben Franklin Partnership boosted the state’s economy by $2.9 billion between 1989 and 1996, according to a new economic impact study. A Record of Achievement: The Economic Impact of the Ben Franklin Partnership concludes that between 1989 and 1996 the Ben Franklin Partnership achieved the following:

• Boosted the Pennsylvania economy by $2.9 billion;
• Yielded a return on the state investment of 14 to 1;
• Generated $168 million in additional state tax revenue;
• Generated on average at the client level the employment of five more
  
  people per company in each year following funding than would have
  
  occurred in the absence of the investment;
• Generated 21,800 additional job-years in client firms. The jobs are in
  
  industries that pay annual salaries roughly 45% higher than the average
  
  salary in Pennsylvania; and,
• Generated a total of 46,300 additional job-years through client impacts that
  
  spread throughout the economy, giving rise to higher employment
  
  throughout the state.

The report was commissioned by the Ben Franklin Technology Partners, under the auspices of the Pennsylvania Department of Community and Economic Development and the Ben Franklin/IRC Partnership Board, and was independently conducted by Nexus Associates, Inc.

In calculating the impact, Nexus used a quasi-experimental design rather than relying on client-reported impacts. The approach directly compares the performance of Ben Franklin clients to a control group of similar companies that did not receive assistance.

The Ben Franklin Partnership operates through four independent, non-profit corporations established in different regions of the state. On July 1, the Ben Franklin Technology Centers adopted a new name, the Ben Franklin Technology Partners, and adopted a new logo.

The executive summary of the impact report can be found on their new website at http://www.benfranklin.org  



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