November 16, 2012 by Editorial Board
Our University helps flow $2.4 billion into the Pennsylvania economy, as detailed in President Fry’s report, “Drexel Growth and Solutions: Drexel’s Economic Impact, a 2012 Report.” The assessment, released Nov. 12, explains the impact of Drexel’s spending, capital investment, student and visitor spending, and alumni and community involvement on the economy of our state. The information is shocking, and we encourage students to view the results.
By all measures, Drexel is a massive economic asset to Pennsylvania. The University provides 20,200 jobs and pays a total of $790 million per year in compensation. Drexel’s total direct operational expenditures generate $51 million per year in tax revenue for the state. Capital investment further bolsters both of these figures. Current construction projects on campus provide a few thousand jobs, and future Campus Master Plan projects between now and 2017 are expected to generate several thousand more jobs.
We’ve praised the administration numerous times in the last couple years for revitalizing University City through these projects, but this report shows that the benefits of the Master Plan go far beyond beautifying our campus and making Drexel a more attractive place to study and work. In an economy plagued by government budget deficits at the federal, state and local levels, our University community can rest assured that we are part of the solution.
The section of the report titled “The Impact of Drexel on the Community and Society” explains how Drexel students and employees are helping to better the communities they’re involved in, specifically the West Philadelphia neighborhood. Direct examples of the changes Drexel has made in West Philadelphia include Drexel Public Safety’s recent stellar national ranking at No. 3 in Security magazine’s annual Security 500 report and President Fry’s commitment to pushing West Philadelphia forward.
In a recent meeting between President Fry and senior staff members of The Triangle, Fry said one of his reasonings for making it mandatory for students to live on campus sophomore year was to keep more students from living in Powelton Village and Mantua. This would allow the community to become more stable and grow better.
The upcoming Chestnut Square development will further extend Drexel’s reputation as a part of the local community, and the retail it will offer to University City residents will surely set Drexel’s 2013 economic impact ahead of this year’s numbers.