The Pennsylvania Economy League and KLIOS Consulting, both nonpartisan research organizations, conducted an independent, objective evaluation of the economic impact of Ben Franklin Technology Partners in Pennsylvania from 2007 through 2011.
These results, released June 3rd, 2013, determined that BFTP has created significant positive economic impact for the Commonwealth.
- BFTP boosted the Pennsylvania economy (Gross State Product) by $6.6 Billion.
- The Commonwealth received $358 million in additional state tax receipts as a direct result of BFTP investments in client firms. Another $144 million in state tax receipts flowed from related BFTP client services, for a total increase of $502 million in state revenue due to BFTP.Since 1989, BFTP has boosted the state’s economy by more than $23.5 billion.
- New state tax revenue generated because of BFTP represents a 3.6 to 1 payback to the Commonwealth on its $137.7 million investment during that period.
- The BFTPs generated 7,485 additional jobs in client firms.
- Client revenues, purchasing and investments rippled throughout the Pennsylvania economy, giving rise to higher employment across the state. From 2007 through 2011, BFTP generated an additional 12,715 jobs beyond those in client firms.
- BFTP produced a total of 20,200 jobs in the Commonwealth between 2007 through 2011 that otherwise would not have existed.
Since 1989, BFTP has:
- BFTP has generated 51,000 additional jobs in client firms.
- Since 1989, BFTP generated 89,000 additional jobs as a result of increased purchasing and investment by client firms, yielding a total of 140,000 new jobs attributable to BFTP’s work.