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The Economic Impact of The University of Iowa (FY 2008-09). September 30, 2010. Research and analysis completed by. About Tripp Umbach.
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The Economic Impact of The University of Iowa (FY 2008-09) September 30, 2010 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, The Ohio State University, University of Minnesota, University of Michigan, University of Washington, University of Pittsburgh Medical Center, Mayo Clinic & Foundation, Cleveland Clinic, TGen and ISM. • Tripp Umbach has made numerous 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).
Economic impact study goals • To clarify the economic and employment impacts of the University of Iowa in the state of Iowa. • To better articulate the community benefits of an academic research institution and its partnership with the community, citizens and the state.
The University of Iowa’s overall economic impact in the state of Iowa is $6.0 billion per year.
The University is a major generator of jobs. • Top employer in the state. • 51,818 FTEs are supported by the University of Iowa. • 20,727 direct FTEs • 31,091 indirect FTEs • More than 1 out of 30 jobs in the state are attributable to the University of Iowa. • 3.3 percentof the total labor force in Iowa.
What is the University of Iowa’s return on investment to the state of Iowa? $1 in state investment $15.81 is generated in the statewide economy
The University of Iowa strengthens state and local tax revenue collections. Every $1 in UI state funding turns to $1.28 in tax revenue to state and local government. If state appropriations are reduced, the University’s tax contributions would decline.
University of Iowa research is an economic engine for the state of Iowa. • Research supports 2,510 direct FTEs on campus and 6,275 total FTEs. • The UI ranks 20thamong public universities in federal research and development funding.
The University is a strong community partner. • The University of Iowa educates children, citizens, future employees, leaders and innovators. • The University makes the state of Iowa a better place to live,providing more than $300 million in community benefits: • $232.5 million in free care provided by UIHC. • $31.3 million donated to local charitable organizations by University of Iowa faculty and staff. • Nearly $37.5 million of volunteer time provided to area communities by University of Iowa students, faculty and staff.
Why is this important? • $6.0 billion in economic impact in the state. • More than one in 30 jobs generated for Iowa citizens. • More than$15 returned to the state for every $1 invested. • Each $1 in state funding generates $1.28 in tax revenue. • $429.5 million in UI research funding generates $962.7 million in impact and supports nearly 6,300 jobs.
