For Immediate Release
PHILADELPHIA (April 27, 2015) – 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):
Economic impact in the 11-county Greater Philadelphia tri-state region (direct, indirect and induced):
PECO’s seven-county service territory, including Bucks, Chester, Delaware, Montgomery, Philadelphia, and a portion of Lancaster and York counties (direct, indirect and induced):
Energy Management Programs:
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.
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.
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