Putting a Pricetag on Widener’s PA Contribution
August 3, 2010What is Widener’s economic impact on the Commonwealth of Pennsylvania? The answer is $238 million. That’s the contribution Widener made to the state’s economy in 2009, according to a recent economic impact study conducted by the Association of Independent Colleges and Universities of Pennsylvania.
University Crossings, Providence Avenue, Chester
Widener President James T. Harris III said the study does not include the economic impact of initiatives such as the Widener Small Business Development Center or University Crossings, a $50 million economic revitalization initiative of Widener and Crozer-Chester Medical Center which includes an apartment complex and the first hotel, bank and convenience store in Chester in years.
“These efforts go above and beyond what is traditionally measured in economic impact studies,” Harris said. “These efforts are an important part of the university’s civic engagement mission to contribute to the vitality and well-being of the communities we serve.” For more on the study, read the press release.
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So how does this work? Widener pays the state money? Is it through taxes?
No, the economic impact is money that Widener brings into the Pennsylvania economy, such as money students, the institution and visitors spend, as well as the Widener employee payroll. Follow the link to the press release at the end of the post to read more and see a summary of Widener’s economic impact.