USF’s economic impact increases to over $6 billion annually, according to a new study
The study analyzes USF's role in enhancing the growth in the Tampa Bay region and the state of Florida.
The University of South Florida announced on Monday that the school’s annual economic impact increased to $6.02 billion, according to the fiscal year 2019-20 data.
The study was put together by a team of faculty and students from the Muma College of Business and analyzes the university’s role in enhancing the growth in the Tampa Bay region and the state of Florida.
“As a major research university that shares a symbiotic relationship with a growing urban region, the University of South Florida is a powerful engine of prosperity,” USF interim president Rhea Law said. “By graduating students who are career-ready, generating knowledge that addresses our most pressing issues and fostering more inclusive communities, USF contributes greatly to the vitality and vibrancy of our region and state.”
According to the study, USF was awarded a record-high $535.4 million in research contracts and grants and helping establish it as one of the premier research universities in the country.
- USF is the 14th largest public employer in Florida with more than 16,000 employees.
Every $1 of state funding invested in USF helps generate more than $14 in economic output.
- USF supports more than 68,500 jobs in Florida in USF-related direct spending
- USF generates more than $14 in economic input for every $1 of state funding
“USF is uniquely positioned to address some of the main challenges facing our communities, including the need for more collaboration across the Tampa Bay region to attract new businesses and the growing demand to produce a more skilled workforce,” said J.P. DuBuque, the president and CEO of the Greater St. Petersburg Area Economic Development Corporation.
The report also shows the social impact USF has on students from lower-income families by creating opportunities for a population that includes about 25% of students who are first in their families to go to college and 40% of students who are eligible for a Pell grant.
Craig Richard, president and CEO of the Tampa Bay Economic Development Council, says he's seen "a steady increase in interest from tech CEOs, particularly in the sectors of cybersecurity, fintech and health tech, who are discovering that Tampa is an ideal place to grow their companies."
"Access to a highly skilled pool of talent, fueled by USF’s strong pipeline of diverse technical talent, is the leading factor attracting tech CEOs and companies to our area,” Richard said.