Jan. 29, 2021
New report pegs size of U荔枝视频鈥檚 economic footprint: $16.5 billion annually
A comprehensive, independent new economic study has found that the 荔枝视频 collectively generates $16.5 billion annually in economic activity for the 荔枝视频 region while supporting 22,493 jobs.
The report, released Jan. 28, demonstrates the role and value of the university to the community. U荔枝视频 helps 荔枝视频鈥檚 economy grow and diversify thanks to entrepreneurial thinking and the ripple effect of innovation and new business. The university is the city鈥檚 second-largest employer but our economic footprint extends far beyond our direct activities.
鈥淲e鈥檙e spurring new companies, improving people鈥檚 health 鈥 last year, we conducted more than 560 clinical trials 鈥 and fostering social good,鈥 U荔枝视频 President Ed McCauley 鈥淎nd in addition to all the entrepreneurial thinking that takes place on campus, there are also major economic impacts off-campus.鈥
According to the report, a range of activities contributes to our significant economic footprint:
- research that changes the world and benefits our communities
- philanthropy-driven investments in our innovation ecosystem and opportunities for students
- the university鈥檚 support of entrepreneurial startups
- direct and indirect spending on products and services by the university and its students
- higher incomes earned by graduates of U荔枝视频
- participation in tourism-boosting sports and cultural events
- collaborations with civic partners, improving everyone鈥檚 quality of life
Economic impact, often debated, is not the only way to measure value in a university context, Dr. McCauley acknowledges. 鈥淏ut directionally, the story could not be more clear: the 荔枝视频 has made great strides.鈥
Research alone generates more than $8 billion in activity locally. McCauley cites one recent example of the university driving change for the greater good: the 34-hectare University Innovation Quarter, launched in collaboration with the province and city. 鈥淚t鈥檚 purpose-built to drive innovation and entrepreneurial thinking. The university鈥檚 transformative work in this space has already generated 360 new inventions and innovations, and as our work expands, there will be more.鈥
Knowledge-driven innovation sows the seeds of tomorrow鈥檚 economies, McCauley adds. 鈥淎nd as we work with others in the community to expand our innovation ecosystem, we will create more companies with more payrolls that will be spent right here at home.鈥
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