Watch out Boston! When compared to the Top 25 Metropolitan Statistical Areas (MSAs), this region was ranked 2nd only to Boston on the number of Bachelor's and First Professional degrees awarded, per capita. Select Greater Philadelphia recently released an in-depth research study that demonstrates, in specific terms, the strength of this region's higher education sector and its direct effects on the region's economy.

The higher education sector in Greater Philadelphia is large and diverse, including technical schools, community colleges, liberal arts colleges, special focus institutions, Master's and Research universities that offer a variety of majors. The distribution of degrees by area of study is also consistent with the regional economy's key sectors. All 88 colleges and universities in the region, and their 360,000 students, represent an important part of the Greater Philadelphia economy – creating jobs, developing communities and providing talent.

Colleges and universities make a significant contribution to the diverse economy of this region.
Higher education contributes almost 7 percent of Greater Philadelphia's jobs and almost 5 percent of this region's total gross regional product. The sector also generates a total of $23.8 billion in output. Colleges and universities indicated that they are planning to spend about $3.7 billion on capital projects to be completed or started over the next five years. Projections estimate that this could include direct construction employment of 5,555 jobs; a total increase in regional employment of 9,753 jobs; and an increase in gross regional product of about $623.3 million. In recent years, schools in the GPR have spent between $400 million and $500 million annually for capital projects.

The general economic impact of higher education on the Greater Philadelphia region includes total student spending, of about $2.2 billion, equivalent to just over $8,000 per student per academic year (excluding tuition, room and board); employment of 210,598 jobs, comprising 6.9% of the region's total; average annual salary of $63,200; with a t otal Economic Impact of $15.2 billion - 4.8% of total gross regional product.

The higher education sector in Greater Philadelphia is large.
Enrollment included 233,961 full-time students; 125,550 part-time students; and total, non-duplicated enrollment of 359,511 students. During the 2004/05 academic year a total of 67,169 degrees were awarded, consisting of: 10,328 Associates degrees (15.4%); 34,764 Bachelors degrees (51.7%); and 22,077 Advanced degrees (32.9%).

*To view the full study, please click here.