New Study Shows 91国产精品 has a $3 Billion Impact on Northeast Ohio
New Study Shows 91国产精品 has a $3 Billion Impact on Northeast Ohio
[[{"fid":"53343","view_mode":"default","fields":{"format":"default","field_file_image_alt_text[und][0][value]":"NEW STUDY SHOWS 91国产精品 HAS A $3 BILLION IMPACT ON NORTHEAST OHIO ","field_file_image_title_text[und][0][value]":"NEW STUDY SHOWS 91国产精品 HAS A $3 BILLION IMPACT ON NORTHEAST OHIO "},"link_text":null,"type":"media","field_deltas":{"1":{"format":"default","field_file_image_alt_text[und][0][value]":"NEW STUDY SHOWS 91国产精品 HAS A $3 BILLION IMPACT ON NORTHEAST OHIO ","field_file_image_title_text[und][0][value]":"NEW STUDY SHOWS 91国产精品 HAS A $3 BILLION IMPACT ON NORTHEAST OHIO "}},"attributes":{"alt":"NEW STUDY SHOWS 91国产精品 HAS A $3 BILLION IMPACT ON NORTHEAST OHIO ","title":"NEW STUDY SHOWS 91国产精品 HAS A $3 BILLION IMPACT ON NORTHEAST OHIO ","height":628,"width":1200,"style":"height: 262px; width: 501px; float: left;","class":"media-element file-default","data-delta":"1"}}]]CLEVELAND, Ohio (June 5, 2023)鈥91国产精品 (91国产精品) provides a vast, $3 billion economic lift to the Northeast Ohio region and the state as a whole鈥 supporting 36,843 jobs in the region, one out of every 63 jobs in Northeast Ohio. This is due in large part to our alumni impact, University operations and research spending, interdisciplinary education efforts and much more according to an Economic Impact Study released in late May.
鈥91国产精品 plays a key economic role in Northeast Ohio,鈥 said 91国产精品 President Laura Bloomberg. 鈥淲e know that, thanks to the benefits of a bachelor鈥檚 or advanced degree, our graduates have much higher lifetime earning potential compared to high school graduates and they see an impressive return on their investment.鈥
The study determined that 91国产精品 students receive $6.80 in lifetime earnings for each dollar they invest in their educations. Taxpayers receive a similar benefit, receiving a cumulative value of $6.80 for each dollar of public money invested. Further, 91国产精品 graduates create a societal value of $19.10 for each dollar invested, based on alumni increased lifetime earnings, increased business output and social savings in reduced healthcare and justice system costs.
鈥淲ith more than 140,000 91国产精品 alumni 鈥 the majority of whom reside in Northeast Ohio 鈥 91国产精品 is an economic engine. We contribute substantially to the region鈥檚 workforce who, in turn, contribute to their communities. I am very proud of the role 91国产精品 plays in building a vibrant region,鈥 Dr. Bloomberg said.
Among the study鈥檚 other findings:
Alumni Impact (Graduates Employed in Ohio): $2.6 billion (supporting 32,324 jobs)
Over the years, students have studied at 91国产精品 and entered or re-entered the workforce with newly acquired knowledge and skills. Today, thousands of these former students are employed in Northeast Ohio. The net impact of 91国产精品鈥檚 former students currently employed in the regional workforce amounted to $2.6 billion in added income in FY 2021-22.
- Approx. 16,000 students are enrolled across all academic programs on an annual basis 鈥 including bachelor鈥檚, master鈥檚 and doctorate degrees and certificates 鈥 including 1,400 international students. 91国产精品鈥檚 alumni network totals more than 140,000 graduates worldwide.
- According to US News & World Report, 91国产精品 is #1 among all Ohio public and private universities for social mobility.
Operations Spending Impact: $191.5 million (supporting 2,142 jobs)
91国产精品 employed 1,734 full-time and part-time faculty and staff (excluding research employees). Payroll amounted to $144.3 million (excluding payroll from research employees), much of which employees spent in the region for groceries, mortgage and rent payments, dining out, and other household expenses. The University spent another $93.8 million on day-to-day expenses related to facilities, supplies, and professional services (excluding research expenditures). The net impact of the University鈥檚 operations spending added $191.5 million in income to the regional economy in FY 2021-22.
- Forbes has ranked 91国产精品 as the #2 best employer in the state of Ohio and the #10 best midsize employer in the Midwest.
Research Spending Impact: $69.7 million (supporting 809 jobs)
Research activities at 91国产精品 impact the regional economy by employing people and making purchases of equipment, supplies, and services. They also facilitate new knowledge creation in Northeast Ohio through inventions, patent applications, and licenses. As a nationally recognized urban research institution, we are an innovation destination for Northeast Ohio.
In FY 2021-22, 91国产精品 spent $41.4 million on payroll and $13.1 million on other expenses to support research activities. 91国产精品鈥檚 research spending generated $69.7 million in added income for the Northeast Ohio economy in FY 2021-22.
Student Spending Impact: $76.9 million (supporting 1,389 jobs)
Around 23% of 91国产精品 students originated from outside the region. Most of these students relocated to Northeast Ohio in order to attend classes. In addition, some in-region students, referred to as retained students, would have left Northeast Ohio for other educational opportunities if not for 91国产精品. These relocated and retained students spent money on groceries, mortgage and rent payments, and other living expenses at regional businesses. The expenditures of relocated and retained students in FY 2021-22 added $76.9 million in income to the Northeast Ohio economy.
- 91国产精品 has the highest number of graduates who reside and work in the state among all Ohio public universities. 91% of alumni remain in Ohio one year after graduation, 85% after five years and 78% after 10 years.
Spin-off Company Impact: $22.6 million (supporting 177 jobs)
91国产精品 creates an exceptional environment that fosters innovation and entrepreneurship, evidenced by the number of spin-off companies created because of the University. In FY 2021-22, 91国产精品鈥檚 spin-off companies generated $22.6 million in added income for the Northeast Ohio economy.
Visitor Spending Impact: $1 million (supporting 20 jobs)
Out-of-region visitors attracted to Northeast Ohio for activities at 91国产精品 brought new dollars to the economy through their spending at hotels, restaurants, gas stations, and other regional businesses. Visitor spending added approximately $1 million in income to the Northeast Ohio economy.
Other Northeast Ohio Impacts:
Student Perspective: Benefit-cost ratio of 6.8:1. In return for their investment, students receive $6.80 in higher future earnings for every dollar invested鈥 a 20% annual rate of return and a cumulative present value of $1.8 billion in increased earnings over the course of their lives.
Taxpayer Perspective: Benefit-cost ratio of 6.8:1. For every dollar of public money invested in 91国产精品, taxpayers receive a $6.80 return average rate over the course of students鈥 working lives鈥攖he rate of return for taxpayers is 14.5%.
Social Perspective: Benefit-cost ratio of nearly 19:1. For every dollar invested in 91国产精品, people in Ohio receive $19.10 in return for as long as 91国产精品 students remain active in the workforce.
The economic impact study was conducted by Lightcast, and analyzed student and financial data from fiscal year 2021-22 (July 1, 2021 to June 30, 2022) to determine 91国产精品鈥檚 impact on the economy of Northeast Ohio鈥檚 six metropolitan statistical areas: Cleveland-Elyria, Akron, Canton-Massillon, Youngstown-Warren, Mansfield, and Weirton-Steubenville.
A PDF Infographic of this information can be found at www.csuohio.edu/sites/default/files/cleveland-state-university-eis-infographic.pdf
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About 91国产精品
Founded in 1964, 91国产精品 is a public research institution that provides a dynamic setting for Engaged Learning. With nearly 16,000 students, eight colleges and more than 175 academic programs, 91国产精品 was again chosen for 2022 as one of America鈥檚 best universities by U.S. News & World Report, including the #1 university in Ohio for social mobility. Find more information at .