Ben Franklin 4 PA
Study: Ben Franklin Grew Pa.'s Economy by $6.1 Billion, Created 16,006 Jobs from 2017 to 2021
FOR IMMEDIATE RELEASE
Media Contact: Ryan Glenn, P: 717-948-4317
Since its inception, BFTP has boosted Pa.’s economy by $30 billion
HARRISBURG, Pa. (April 26, 2023) --- Ben Franklin Technology Partners generated $400 million in tax receipts for the state and boosted Pennsylvania’s overall economy by $6.1 billion between 2017 and 2021, helping to create 16,006 high-paying jobs during that same period, according to the latest in-depth independent economic analysis.
Since its inception more than 40 years ago, Ben Franklin has now boosted the state economy by more than $30 billion, generating more than 58,000 jobs in client firms, plus an additional 101,000 spinoff positions, for a total of 159,000 new jobs that otherwise would never have existed.
“Year after year, Ben Franklin continues to deliver impressive results, which is why we are one of the most widely known and emulated state technology-based economic development programs in the nation,” said Ryan E. Glenn, Ben Franklin’s Director of Statewide Initiatives.
What is impressive about this latest report is that it found that growth surpassed the previous five-year analysis, from 2012 to 2106, despite the most recent reporting period being hit hard by a global recession brought on by the COVID-19 pandemic.
“That proves that investments in innovation are a powerful job creation and high-tech economic development engine for Pennsylvania,” Glenn said.
In fact, according to the analysis, "The Economic Impact of Ben Franklin Technology Partners," every dollar invested by the commonwealth into Ben Franklin generates $4 in additional state taxes. That is a tremendous return on investment for Pennsylvania taxpayers.
Additional findings by KLIOS Consulting and Econsult Solutions Inc., which performed the analysis, include the following:
Ben Franklin invested in 612 companies across the commonwealth.
Pennsylvania received $352 million in additional state tax receipts as a direct result of Ben Franklin investments in client firms. Another $48 million in state tax receipts flowed from related Ben Franklin client services, for a total of $400 million in state revenue due to Ben Franklin.
These investments generated 5,874 jobs in client firms, plus an additional 10,132 spinoff positions for a total of 16,006 new Pennsylvania jobs.
These jobs are in industries that pay annual salaries 29 percent higher than the average private nonfarm salary in Pennsylvania.
Launched more than 40 years ago, Ben Franklin serves all 67 counties through four regionally based centers in Pittsburgh, State College, Bethlehem, and Philadelphia, with satellite offices across the state. 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 that early-stage and established companies need to grow and succeed in the highly competitive worldwide marketplace.
At Ben Franklin, clients are surrounded with internal and external experts in accounting and finance, marketing, intellectual property protection, supply chain management, and other disciplines. Developed and customized over four decades of experience, this comprehensive and integrated approach to supporting companies is Ben Franklin’s “secret sauce,” with clients citing these support services as key factors in their success.
This is the sixth edition of the five-year analysis.
For additional information about Ben Franklin or for a full copy or summary of the five-year report, visit: benfranklin.org.