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Pennsylvania economy gets big boost from Ben Franklin Technology Partners

April 27, 2023

Despite being hit with a recession brought on by the COVID-19 pandemic, the latest 5-year impact report from Ben Franklin Technology Partners (BFTP) shows even higher growth than the previous five years. The most recent analysis, The Economic Impact of Ben Franklin Technology Partners, reveals that BFTP generated $400 million in tax receipts for the state and boosted Pennsylvania’s overall economy by $6.1 billion between 2017 and 2021, contributing to an overall boost of more than $30 billion since the program began more than 40 years ago.

The BFTP impact study, conducted by KLIOS Consulting and Econsult Solutions Inc., also found that BFTP invested in 612 companies across the commonwealth and generated 5,874 jobs in client firms, plus an additional 10,132 spinoff positions for a total of 16,006 new Pennsylvania jobs.

In partnership with the Pennsylvania Department of Community and Economic Development, Ben Franklin provides critical funding, business and technical expertise, and access to a network of valuable resources for early-stage and established companies. For additional information about Ben Franklin or for a full copy or summary of the five-year report, visit: https://benfranklin.org/.

Pennsylvaniaeconomic impact report, capital, funding, economic development, innovation