SSTI: BFTP programs boost PA economy by $4.1 billion over five years
This article was originally published on the State Science and Technology Institute.
An independent economic analysis of the Ben Franklin Technology Partners reveals its impact on Pennsylvania’s economy — boosting the overall economy by $4.1 billion between 2012 and 2016, helping to create 11,407 high-paying jobs and generating $385 million in tax receipts for the state. Because the jobs were created in industries that pay 52 percent higher than the average nonfarm salary in Pennsylvania, the impact on the state’s GSP was greater, according to the report. However, such impact is threatened by decreasing state funding in the program, which is limiting the partners’ ability to fund companies and creating missed opportunities, according to BFTP. State funding for BFTP has dropped more than 50 percent since 2007-08.
BFTP, which began in 1982, is an initiative of the Pennsylvania Department of Community and Economic Development and is funded by the Ben Franklin Technology Development Authority. It is one of the longest running technology-based economic development programs in the country. The full report is available here.