At an event held on Monday, June 3, 2013 at 10:00 A.M. in the East Wing Rotunda of the Harrisburg State Capitol Building, the Ben Franklin Technology Partners (BFTP) announced the results of an independent, third-party evaluation of its impact on the State’s economy. Conducted by the Pennsylvania Economy League and KLIOS Consulting, the report covers the five-year timeframe from 2007 through 2011. The report found:
- BFTP boosted the Pennsylvania economy (Gross State Product) by $6.6 Billion from 2007 through 2011.
- Since 1989, BFTP has boosted the state’s economy by more than $23.5 billion.
- From 2007 through 2011, 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.
- 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.
- From 2007 through 2011, 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 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.
