Driving Economic Development
Penn State’s educational programs, research, and outreach will make measurable and meaningful differences in economic development for our communities, from local to global. By leveraging our size, broad research strengths, research parks, LaunchBox innovation hubs, and economic development assets, Penn State will drive job creation, economic development, and student career success. We will accelerate the transfer of new ideas into useful products and processes in areas such as energy, food and nutrition, environmental protection, health care, manufacturing, educational technologies, medical devices, and pharmaceuticals.
Penn State is a substantial contributor to the Commonwealth’s economy. Its annual $6.8 billion operating budget (as of 2019-2020) is leveraged into statewide economic activity that considerably exceeds this amount, and Penn State has now surpassed $950 million in annual research-related expenditures (2017-2018). The University is positioned to have an even larger, more positive economic impact in the coming years. True to our mission of research for the public good, we will embrace innovation and develop strategies to promote economic development and a culture that encourages and rewards entrepreneurship—not only in fields such as science, technology, engineering, and math, but also in the arts, health and human development, education, and emerging disciplines. Working with legislators, business leaders, communities, and other partners, we are prepared to make short- and long-term investments that will benefit generations of Pennsylvanians.