Presentation on theme: "The Economic and Community Impact of the University of Washington (FY14) Research and analysis completed by:"— Presentation transcript:
The Economic and Community Impact of the University of Washington (FY14) Research and analysis completed by:
ABOUT TRIPP UMBACH Tripp Umbach has experience throughout North America in completing economic impact studies for major research universities, hospitals, corporations, and research partnerships. Selected examples: Pennsylvania State University, Ohio State University, University of Minnesota, University of Michigan, University of Pittsburgh, Mayo Clinic & Foundation, Cleveland Clinic, TGen, and ISM. Tripp Umbach has made presentations on the topic of economic impact of universities and hospitals at state and national conferences. Since 1995, Tripp Umbach has completed national studies of the economic impact of all 130 medical schools and 400 teaching hospitals for the Association of American Medical Colleges (AAMC). 2
UW STUDY GOALS 3 To update the economic and employment impacts on Seattle, the greater Puget Sound, and state of Washington. To articulate the benefits of a global research institution and its partnership with the community, its citizens, and the state.
IMPLAN METHODOLOGY 5 To complete this study, Tripp Umbach utilized IMPLAN. It is an input-output methodology that derives the impact based on spending patterns by industry type (NAICS codes). The analysis calculates impact in three categories: UW affects business volume in Washington in three ways:
6 UW’S OVERALL ECONOMIC IMPACT IS NOW $12.5 BILLION PER YEAR Expenditures on goods and services by UW, its faculty, staff, students, and visitors, result in an annual impact of $12.5 billion ($5.6 billion direct). UW Medicine has a total economic impact of $7.8 billion ($3.8 direct). UW Research has a total economic impact of $2.4 billion ($1.3 billion direct).
WASHINGTON INDUSTRIES IMPACTED For every $31 in the state's economy, $1.00 is connected to the UW. 7
DIRECT AND INDIRECT EMPLOYMENT IMPACT ON WASHINGTON 8 UW Medicine supports 45,330 of the direct and indirect jobs.
10 GOVERNMENT REVENUE IMPACTS Often there is a misperception that public universities do not generate tax revenue. State and local government revenues attributable to the presence of UW totaled $565.7 million in FY14. Through its local spending, as well as direct and indirect support of jobs, the presence of UW stabilizes and strengthens the local and statewide tax base.
IMPACT OF UW RESEARCH 11 UW has tripled its research funding over the last 20 years, and in FY14, received an astonishing $1.385 billion in sponsored research funds. From 1974-2009, UW received more federal research funding than any other U.S. public university, and since 2009, has been in the top two nationally. Of the $1.385 billion in funds received in FY14, UW’s research expenditures totaled $1.27 billion, resulting in an overall economic impact of $2.4 billion.
COMMUNITY BENEFITS IMPACT 12 It is estimated that UW Medicine and UW employees and students generate more than $425 million annually in charitable donations and volunteer services. These benefits are in addition to the $12.5 billion annual impact and include the following: In 2013-2014, UW Medicine provided more than $276 million in charitable care to residents of the state of Washington. Through donations and volunteerism combined, UW employees and students contributed more than $149 million to local charitable organizations in 2013-2014.
IMPACT OF ALUMNI AND SUPPORTERS OF UW 13 UW Alumni remaining in Washington contribute an additional $1.5 billion annually to the state’s economy based upon their additional earning power as graduates of the UW. The UW distributed $576 million as a result of its philanthropy. $482 million raised from grants and gifts. $93 million from UW endowment distributions.