Penn State’s total research expenditures reached a record high of $1.337 billion in fiscal year 2023-24, an 8% increase or $99 million jump from the previous year, bringing the research expenditures of external and internal funding to the largest total in the University’s history. For the first time in Penn State’s history, external funding from sponsored grants and contracts surpassed $1 billion — a nearly 11% increase over the last fiscal year.
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The funding — from federal and state agencies, industry sponsors, private donors, the University and other sources — enables Penn State faculty, staff and students to conduct research to meet the world’s most urgent challenges
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