Pennsylvania Hospital, part of Penn Medicine, was the nation’s first hospital, and was founded in 1751. The University of Pennsylvania opened its School of Medicine, the nation’s first, in 1765. And, the Hospital of the University of Pennsylvania was established in 1874 as the nation’s first teaching hospital. Since 2007, Tripp Umbach has been measuring the economic impact of Penn Medicine, to quantify the impacts that this institution has, not only on the Philadelphia region, but also across the Commonwealth of Pennsylvania.
The most recent assessment, in 2015, showed that Penn Medicine’s presence played an integral part in Pennsylvania’s economy. Tripp Umbach’s in-depth economic impact study found significant contributions made by generating revenue, jobs, and strengthening the local and statewide tax base. It was found that Penn Medicine and its affiliated Health System had a total annual economic impact of nearly $5.4 billion on the state of Pennsylvania, with over $1.5 million on the City of Philadelphia alone.
Additionally, Penn Medicine produced an economic impact of nearly $539 million on the state of New Jersey. Penn Medicine also proved to be a major regional employer. Its economic expansion is creating a substantial demand for additional employment in the economy with research funding playing a key role. In 2015, Penn Medicine and its affiliates supported a total of 41,637 jobs in the Commonwealth of Pennsylvania.