A new study concludes that the total economic impact created within the state by the 91探花 is $9.1 billion annually.
The 91探花also supports 69,803 jobs in the state. The 91探花is the Puget Sound region鈥檚 third largest employer; total direct and indirect employment attributable to the 91探花represents more than 6 percent of King County鈥檚 labor force. Since 1999, direct employment at the 91探花has increased by 34.5 percent or about 7,600 new jobs, attributable almost entirely to growth in the UW鈥檚 research enterprise, which is primarily funded from federal sources. State and local government revenue attributable to the presence of the 91探花totaled $618.1 million. For every dollar in state funding, the 91探花returned $1.48 in tax revenue to the state.
These are among the conclusions of a study conducted by the consulting firm of Tripp Umbach (), commissioned by the UW.
鈥淭he 91探花is a major force in the Washington economy in terms of employment, innovation, and economic development,鈥� says Paul Umbach, senior principal with Tripp Umbach. 鈥淭he true impact of the 91探花 goes far beyond the $9.1 billion in annual economic impact, as the university is a magnet for attracting fresh dollars and human capital from outside of the state.鈥�
The study measured both the direct and indirect business volume generated by the UW. The direct impact occurs when the 91探花spends money in salaries, goods and services. These expenditures have their own secondary, or indirect, economic impacts.
鈥淭his comprehensive analysis demonstrates clearly that the 91探花 is a major contributor to the success of our state鈥檚 economy鈥攆rom dollars and jobs to leadership and innovation,鈥� says 91探花President Mark Emmert. 鈥淏y educating smart people and generating great ideas, the 91探花will play a crucial role in helping Washington state recover and build a global economy in the post-Great Recession era.鈥�
91探花spending amounted to just over $4 billion in fiscal year 2008-09. The businesses and individuals who received direct expenditures and re-spent money within the state created $5.1 billion in economic activity, according to standard models used to measure economic impact. In this same year, the 91探花received $401.7 million in state appropriations. For every dollar the state invests in the university, $22.56 is added to the state鈥檚 economy.
The UW鈥檚 research effort is responsible for a major share of the university鈥檚 economic impact 鈥� a total of $3 billion and more than 22,000 jobs annually. 鈥淭he University鈥檚 research operations make tangible and quantifiable economic contributions,鈥� the report notes. 鈥淎long with creating jobs for research staff and support personnel, the 91探花scientists are contributing to new product development and technology commercialization鈥�. As one of the most successful public research universities, both in total funding and in faculty talent, 91探花is a global leader in research and technological breakthroughs that transform the community.鈥�
The 91探花is a leader in the commercialization of innovations that occur through 91探花research. The 91探花has a portfolio of more than 2,200 issued and pending patents. More than 250 companies have been started by 91探花students and faculty or with 91探花technology. In fiscal year 2008-09, the 91探花executed 220 commercialization agreements with private companies. Overall the 91探花has the largest number of commercial licenses among U.S. universities. It is also the most efficient university in this regard, executing the most commercialization agreements per research dollar.
On average, three-quarters of 91探花graduates live and work in Washington. People with bachelor鈥檚 degrees have an average income of $68,000, compared with $39,000 for high school graduates. The report estimates that 91探花alumni living in Washington earned $14.5 billion in 2007, compared to approximately $8.3 billion they would have earned with only high school diplomas. 鈥淭he additional $6.2 billion in earnings represent not only personal material benefits to individuals but also higher tax payments to federal, state and local governments鈥︹�� the report states.
In addition to the economic and job impacts, the 91探花is also a source of tremendous charitable care, providing over $395 million in community benefits. 91探花Medicine provided over $267 million in charitable care to Washington state residents.
The 91探花plays an important role in preparing the citizens of Washington, which is the most trade dependent state in the U.S., for the globalized economy of the 21st century. The 91探花is seventh in the nation in student participation in study abroad; approximately a quarter of 91探花undergraduates study outside of the U.S. at some point. In addition, for four years in a row, the 91探花has led the U.S. in total alumni volunteering for the Peace Corps.
The full report is available at http://.