Study: University of Cincinnati has $10.6B economic impact on Tri-State

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The University of Cincinnati has a skyrocketing impact on the Tri-State, according to a report released this week that examined payroll, construction spending and more.

The study, completed by Lightcast, an Idaho-based independent consulting firm, said UC, the region’s largest university, has a more than $10.6 billion impact on the region. That’s a five-year increase of 152% from a similar report conducted in 2018, which estimated UC’s economic impact at nearly $4.2 billion.

Statewide, UC increases Ohio’s economic base by $22.7 billion, Lightcast said. The report, released May 9, was based on the 2021-2022 fiscal year.

Here’s how UC fared in order of impact:

-Alumni impact: $6.6 billion (supporting 78,419 jobs)

-Operations spending:$678.7 million (supporting 12,189 jobs)

-Student spending: $201.7 million (supporting 3,539 jobs)

-Construction spending: $73.4 million (supporting 991 jobs)

-Startup and spinoff company impact: $51.9 million (supporting 272 jobs)

-Volunteerism impact: $32.2 million (supporting 1,059 jobs)

-Visitor spending: $29.9 million (supporting 559 jobs)

UC, besides ranking as the region’s largest university, is also the fourth-largest employer in the Tri-State with a current headcount of more than 10,500.

https://www.bizjournals.com/cincinnati/news/2023/05/12/university-of-cincinnati-economic-impact-region.html

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