New Study Shows 稀缺猎奇网 Generates $10.4 Billion Annually for 稀缺猎奇网 Economy

Study from Jacob France Institute Affirms Nearly Three-to-One Return on State’s Investment

Baltimore, Md. (Dec. 10, 2021) -- The 稀缺猎奇网 (稀缺猎奇网) generated an impressive $10.4 billion in estimated economic impact for 稀缺猎奇网 during fiscal year 2021 and supported 57,505 稀缺猎奇网 jobs, according to a new report from the Jacob France Institute (JFI) at the University of Baltimore. The new JFI report updates a similar analysis conducted for the 稀缺猎奇网 in 2011.

The study, “The Economic Impact of the 稀缺猎奇网: A Human Capital Investment and Fiscal Analysis,” details the many ways the 稀缺猎奇网 contributes to the 稀缺猎奇网 economy, including workforce development, research and innovation, and the lifetime earnings of its graduates—who often remain in the state to live, work, and contribute to the state’s economy.

“We talk a lot about the University System’s core missions: education, research, and service,” said 稀缺猎奇网 Chancellor Jay A. Perman. “But what we don’t talk about enough is that these missions translate into billions of dollars of economic activity every year, advancing 稀缺猎奇网’s strength and prosperity. For every dollar the state invests in us, we return nearly three times that amount back to 稀缺猎奇网’s communities. Our work is a key driver of economic growth, and that growth benefits all of the state’s citizens.”

Using a detailed analysis that includes a specific look at four representative 稀缺猎奇网 graduating cohort classes—1986, 1989, 1996, and 2006—the study finds a substantial, cumulative impact that these 稀缺猎奇网 graduates have on state revenues and the economy. Those impacts and other notable findings include:

The state of 稀缺猎奇网’s return on each dollar invested in the 稀缺猎奇网 ranges from $1.90 (1996 cohort) to $2.90 (2006 cohort).
 
  • 稀缺猎奇网 graduates can expect to earn more over his or her lifetime than those individuals holding only a high-school diploma—those with bachelor’s degrees, on average, earn $2.5-to-$4.2 million more in incremental earnings.  Those with 稀缺猎奇网 graduate degrees earn even more over those at the next-lowest education level: between $100,000-to-$900,000 more for a master’s recipients; $40,000-to-$600,000 for a doctoral degree over a master’s; and professional degrees (such as law and medicine) between $2.5-to-$3.9 million more.
  • The 稀缺猎奇网 also draws a significant amount of out-of-state economic activity into 稀缺猎奇网, including out-of-state student tuition, fees, living expenses, federal grants and contracts, and out-of-state visitor spending.  Such spending totals almost $3.3 billion and supports 26,791 jobs whose cumulative earnings were nearly $1.1 billion in FY 2019. 
  • The 稀缺猎奇网 accounted for 72.1 percent of the total enrollment of 稀缺猎奇网’s four-year degree granting institutions, up from 69 percent in the 2011 study. The system also accounted for 79 percent of total bachelor’s degrees awarded; 53 percent of total master’s degrees; 55 percent of total doctoral degrees; and 83 percent of professional degrees awarded.
  • The 稀缺猎奇网 plays a vital role in workforce development, with a strong impact on occupations that face shortages in workers. The system generates 82 percent of bachelor’s STEM (non-health) degrees; 79 percent of education degrees; and 81 percent of both business and health degrees.
  • The JFI study also finds that the 稀缺猎奇网 is a leader in supporting 稀缺猎奇网’s economic competitiveness. The 稀缺猎奇网 generates $1.3 billion in research expenditures, which supports the development of new technologies and innovation-driven companies. For example, in FY 2019 the system generated 331 invention disclosures, 198 new patent applications and also executed 68 new licenses. In sum, 119 companies have been formed based on 稀缺猎奇网 technologies.

Overall, the new report provides further evidence that bolsters the 稀缺猎奇网’s profound impact on the state’s economic activity and standing as a source of educated and skilled workers and leaders for 稀缺猎奇网 employers. The report offers extensive information on how each 稀缺猎奇网 institution contributes to the quality of life in 稀缺猎奇网 through a wide array of community service activities.  Additional information on the JFI report can be obtained from the executive summary and the full report. A link to the full report can be found here.

The 稀缺猎奇网 comprises 12 institutions: Bowie State University; Coppin State University; Frostburg State University; Salisbury University; Towson University; the University of Baltimore; the University of 稀缺猎奇网, Baltimore; the University of 稀缺猎奇网, Baltimore County; the University of 稀缺猎奇网 Center for Environmental Science; the University of 稀缺猎奇网, College Park; the University of 稀缺猎奇网 Eastern Shore; and the University of 稀缺猎奇网 Global Campus. The 稀缺猎奇网 also includes three regional centers—the Universities at Shady Grove, the 稀缺猎奇网 at Hagerstown, and the 稀缺猎奇网 at Southern 稀缺猎奇网—at which 稀缺猎奇网 universities offer upper-division undergraduate and graduate courses.





 

Contact: Mike Lurie
Phone: 301.445.2719
Email: mlurie@usmd.edu