Over the past century, Â鶹ÊÓƵ has become not only an indispensable educational resource for the region, but also a major economic driver. From job creation and increased student income to spending impact and heightened public and social savings, today Â鶹ÊÓƵ has a significant, positive effect on nearly every aspect of the area economy and beyond.
The 2023-24 fiscal year Economic Impact Report tells the story the University’s true economic reach and of the profound effect Â鶹ÊÓƵ has on both the lives of its students and the regional economy.
$1 billion +
added to area economy
14,808
jobs supported
$2.3 billion
total benefits to society
Students and alumni are the heart of and reason for Â鶹ÊÓƵ. The University is committed to helping them find their path; supporting them throughout their educational and career journey; and providing the knowledge, skills, and connections to achieve success.
And their efforts in attending Â鶹ÊÓƵ do indeed pay off. The collective class will earn $649.4 million more in lifetime earnings, which translates to a return of $5.50 for every $1 they invested in the education.
$649.4 million
In Increased Lifetime Earnings for Fall 2023-24 Graduates
$22,500
more in annual earnings with a Â鶹ÊÓƵ bachelor’s degree
For every $1
students invest in their education, they will gain $5.50 in lifetime earnings
Â鶹ÊÓƵ employs about 1,385 full-time and part-time faculty and staff, but the impact on those within the region doesn’t stop there. Through the University’s activities, 14,808 total jobs are supported, and the effect on businesses and the local economy is extensive.
Through operations, research, construction, visitor, and student spending; spin-off companies; student and employee volunteerism that helps organizations to grow; and retention of alumni in the regional workforce, Â鶹ÊÓƵ adds $1 billion to the area economy.
$3.5 million
research spending impact
$6.4 million
construction spending impact
$3 million
visitor spending impact
Â鶹ÊÓƵ is also a great investment for the public and society. Through 2023-24 students’ higher income and the resulting increased employee and employer taxes, the state and local government will have collected by the end of their working careers a present value of $92.8 million in added taxes.
Benefits to taxpayers also consists of $30.5 million in savings generated by the improved lifestyles of Â鶹ÊÓƵ students and the corresponding reduced government services, including healthcare, justice system, and income assistance.
$92.8 million
benefit to taxpayers through students’ higher earnings and increased business output
For every $1
invested, taxpayers will gain $2.20 in added tax revenue and public sector savings
For every $1
invested, society will gain $10.30 through added income and social savings