By the Numbers
For more than 35 years, Ben Franklin Technology Partners’ portfolio companies have developed new products and services, improved manufacturing capabilities, identified new markets, built management teams, increased sales and attracted private capital as a direct result of Ben Franklin investments and support. The Ben Franklins also work with the state’s manufacturers to help them apply product and process innovations that enable them to be more internationally competitive. As a result of these efforts, Pennsylvania has seen increased employment and income, and an expansion of the state’s incremental tax income.
Startups and innovative established manufacturers seek fertile ecosystems. Ben Franklin creates and develops those ecosystems to make Pennsylvania more attractive, and supports and nurtures the types of jobs and opportunities that young people seek. These investments help to keep our students, children, and grandchildren in Pennsylvania.
Based on an analysis of economic impacts of the program from 2012 to 2016:
Ben Franklin Investments Pay Dividends
Ben Franklin Technology Partners’ investments generate $3.90 in additional PA tax revenue for every state dollar invested. The program boosted Pennsylvania’s economy (Gross State Product) by $4.1 billion.
Ben Franklin Lifts PA's Tax Base
Pennsylvania received $350 million in additional tax receipts as a direct result of Ben Franklin investments in client firms. Another $36 million in state tax receipts flowed from related Ben Franklin client services, for a total of $386 million.
Since 1989, Ben Franklin Technology Partners boosted the state economy by more than $25 billion, helping to generate 54,000 jobs through investments in client firms, plus another 94,000 spinoff jobs as a result of increased purchasing and investment by those firms, yielding a total of 148,000 new jobs in Pennsylvania.
Ben Franklin Creates High-Paying Jobs
Ben Franklin investments generated 4,182 jobs in client firms. These jobs are in industries that pay average annual salaries of $79,364 per year, 52 percent higher than the average private nonfarm salary in Pennsylvania.
Ben Franklin in 2017:
1,891 jobs created
11,581 jobs retained by client companies
189 new client companies formed
$3,170,419,083 in sales revenue generated by current client companies
Ben Franklin Works for PA
Client revenues, purchasing, and investments rippled throughout the Pennsylvania economy, giving rise to higher employment across the state. Ben Franklin generated an additional 7,225 spinoff jobs beyond the 4,182 in client firms for a total of 11,407 new Pennsylvania jobs — jobs that likely would not have existed without Ben Franklin intervention and investment.
The Pennsylvania Economy League and KLIOS Consulting, both nonpartisan research organizations, conducted an independent, objective evaluation of the economic impact of Ben Franklin Technology Partners in Pennsylvania from 2012 through 2016.