AICUP released results from data gathered throughout 2014 that was provided by 33 Philadelphia area private colleges and universities to see how each impacted its community. In the report, Arcadia University contributed more than 1,350 jobs to the region, while bringing local governments approximately $960,000 in additional tax revenue.
Statewide, the University had an economic impact of more than $182 million. According to AICUP’s results, private colleges and universities are ranked fourth for supporting local and state economy through student, faculty, and visitor spending.
“As the numbers show, the 33 independent colleges and universities in Metro Philadelphia play an important role in the regional economy, creating jobs, partnerships, and business opportunities for the region,” said Don Francis, president of AICUP. “Independent higher education continues to grow in importance as an industry, as an employer, and as an ignitor of prosperity in towns throughout Pennsylvania.”
There are 88 private colleges and universities within Pennsylvania that contributed data to the survey, which was compared to statistics from state-funded schools provided by Pennsylvania agencies.