Study: University of Cincinnati has $10.6B economic impact on Tri-State
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.
#cincinnati #nky #universityofcincinnati #bearcats #economicimpact #tristate #payroll #construction #alumni #university #jobs #startup #consulting #students #operations #donations #spending #visitors