PECO Credited with Supporting Nearly 10,000 Jobs and $4.5 Billion in Economic Impact Across Pennsylvania
April 27 2015 - 11:04AM
Business Wire
Study by the Economy League of Greater
Philadelphia measures PECO’s extensive impact
In 2014, PECO generated an estimated economic impact of
approximately $4.5 billion, supported nearly 10,000 jobs and
produced $760 million in labor income across Pennsylvania. The
substantial impact of PECO’s operations is quantified in a new
report, “Powering the Economy,” released today by the Economy
League of Greater Philadelphia.
“This important study demonstrates our far-reaching commitment
and impact. For more than 100 years, PECO has been an integral part
of the communities we serve,” said Craig Adams, president and CEO.
“We are committed to not only keeping the lights on and natural gas
flowing, but also supporting the community and environmental
programs that help our neighborhoods thrive, and creating a diverse
and inclusive workplace that helps our employees grow and
advance.”
Based on the results of the study, PECO’s operations are similar
in size and scope to other entire industries in our region,
including architectural, engineering and non-residential
construction sectors.
Complete findings include:
Economic impact in Pennsylvania (direct, indirect and
induced):
- $4.5 billion total economic impact
- 9,600 total jobs supported
- $760 million in labor income
Economic impact in the 11-county Greater Philadelphia tri-state
region (direct, indirect and induced):
- $4.2 billion total economic impact
- 8,750 total jobs supported
- $730 million in labor income
PECO’s seven-county service territory, including Bucks, Chester,
Delaware, Montgomery, Philadelphia, and a portion of Lancaster and
York counties (direct, indirect and induced):
- $4 billion total economic impact
- 7,400 total jobs supported
- $622 million in labor income
Energy Management Programs:
- $75 million in customer savings
- $42 million in available disposable
income
- $48 million in total economic
output
- 330 jobs in PECO service territory
- $17 million in labor income in PECO
service territory
Charitable Contributions
- $5.3 million in charitable
contributions
- 150 non-profit boards served by PECO
employees
- 14,000 volunteer hours supporting
numerous groups
The study, conducted by the Economy League of Greater
Philadelphia in partnership with Econsult Solutions, Inc., measured
the direct, indirect and the induced economic impact of PECO’s
operations and also included information on the company’s energy
management programs and charitable giving. The impacts were
determined through an IMPLAN Input-Output model.
Editor’s Note:
For more information regarding the report “Powering the
Economy,” please contact Steven Wray, Executive Director of the
Economy League of Greater Philadelphia at 215-875-1000 or Daniel
Miles, Director, Econsult Solutions, Inc. at 215-717-2777.
Based in Philadelphia, PECO is an electric and natural gas
utility subsidiary of Exelon Corporation (NYSE: EXC). PECO serves
1.6 million electric and more than 506,000 natural gas customers in
southeastern Pennsylvania and employs about 2,400 people in the
region. PECO delivered 89.9 billion cubic feet of natural gas and
37.5 billion kilowatt-hours of electricity in 2014. Founded in
1881, PECO is one of the Greater Philadelphia Region's most active
corporate citizens, providing leadership, volunteer and financial
support to numerous arts and culture, education, environmental,
economic development and community programs and organizations. For
more information visit PECO.com, and connect with the company on
Facebook and Twitter.
The Economy League of Greater Philadelphia is an independent,
nonpartisan, nonprofit organization committed to ensuring the
region's prosperity through analysis and action. We bring together
established and emerging leaders to understand the region's
challenges and work toward innovative solutions. For more
information, visit www.economyleague.org.
Econsult Solutions, Inc. is a Philadelphia-based economic
consulting firm that provides businesses and public policy makers
with economic consulting services in urban economics, real estate
economics, transportation, public infrastructure, development,
public policy and finance, community and neighborhood development,
planning, as well as expert witness services for litigation
support. For more information, visit www.econsultsolutions.com.
If you are a member of the media and would like to receive
PECO news releases via email, please send your email address to
PECO.Communication@exeloncorp.com.
PECOGreg Smore, 215-841-5555Greg.Smore@exeloncorp.com
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