The Ben Franklin Technology Partners of Northeastern Pennsylvania (BFTP/NEP) said Wednesday that 7,273 northeastern Pennsylvania jobs were created or retained as a result of its work in 2019.
“These strong northeastern Pennsylvania job impacts support the findings of an independent study conducted by the Pennsylvania Economy League,” Laura Eppler, chief marketing officer of BFTP/NEP, said. “Pennsylvania’s investment in Ben Franklin statewide represents a $3.90 payback to the state treasury for every dollar invested. And the jobs created in Ben Franklin clients are in industries that pay 52 percent more than the average state wage.”
BFTP/NEP’s work contributed to the retention of 6,552 existing jobs and the creation of 721 new, five new companies and 178 new products and processes in 2019, the organization reported. Since the program’s inception in 1983, BFTP/NEP has helped to create or retain 63,137 jobs.
Client companies raised an additional $41.79 million in follow-on funding from investors in 2019, BFTP/NEP said, for $1.601 billion in total follow-on investment since 2007.
BFTP client companies submit information on new and retained jobs, new product and process developments, and follow-on funding to BFTP/NEP each year. BFTP reports its annual impacts to the Pennsylvania Department of Community and Economic Development, which funds the statewide Ben Franklin program.
Gov. Tom Wolf proposed in his 2020-21 General Fund budget a $5 million increase for the Ben Franklin Technology Development Authority (BFTDA), which funds the Ben Franklin Technology Partners initiative.