Pa. economy receives billion-dollar boosts from Ben Franklin Technology Partners

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Pennsylvania‘s economy has been receiving sizeable boosts from Ben Franklin Technology Partners. 

From 2017 to 2021, Ben Franklin Technology Partners (BFTP) generated $400 million in tax receipts for the state and boosted Pennsylvania’s economy by $6.1 billion while helping create 16,006 high-paying jobs, according to an independent economic analysis conducted by KLIOS Consulting and Econsult Solutions Inc. 

BFTP, in partnership with the Pennsylvania Department of Community and Economic Development, provides 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. 

“The Economic Impact of Ben Franklin Technology Partners” analysis report revealed that BFTP has boosted the state economy by more than $30 billion since the company’s inception more than 40 years ago. During that time span, BFTP has generated more than 58,000 jobs in client firms, and an additional 101,000 spinoff positions, for a total of 159,000 new jobs that otherwise would not have otherwise 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,” Ben Franklin’s Director of Statewide Initiatives Ryan Glenn said in a statement. 

The economic analysis report also revealed that recent growth surpassed the previous five-year analysis, from 2012 to 2106. This despite the most recent reporting period being hit by the COVID-19 pandemic that brought on a global recession. 

“That proves that investments in innovation are a powerful job creation and high-tech economic development engine for Pennsylvania,” said Glenn. 

According to the economic analysis report, every dollar invested by Pennsylvania into Ben Franklin generates $4 in additional state taxes. KLIOS Consulting and Econsult Solutions Inc. also found the following: 

• Ben Franklin invested in 612 companies across the state. 
• 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. 
• BFTP investments generated 5,874 jobs in client firms, plus an additional 10,132 spinoff positions for a total of 16,006 new Pennsylvania jobs. 
• BFT-created jobs are in industries that pay annual salaries 29 percent higher than the average private nonfarm salary in Pennsylvania. 

BFTP serves each of Pennsylvania’s 67 counties through regionally based centers in Bethlehem, Philadelphia, Pittsburgh, and State College, and has satellite offices across the state.