For Immediate Release
June 2, 2009
Contacts: Millree Williams, 301 405 4621 or email@example.com
Report: UM's Eco. Impact on State $3.4 Billion; 23,000 Jobs; A Better State
COLLEGE PARK, Md. - The University of Maryland's annual economic impact to the state is over $3.4 billion, supporting over 23,000 jobs, according to an independent report released today at the annual meeting of the Maryland Economic Development Association (MEDA).
Based on current state taxpayer support to the University of Maryland, the return to the state is over $8 for every $1 invested, the report says.
The study, Impacts of the University of Maryland, College Park, was commissioned by the University of Maryland College Park Foundation, Inc. and executed by the Sage Policy Group, Inc., a local economic development analysis group.
The report also documents the University's role in attracting more than one million visitors annually; helping to grow small businesses throughout the state; winning hundreds of millions of dollars in research and development grants; developing the area's largest research park; training Maryland first responders; and graduating the state's largest number of scientific, business, life science, engineering and technology students.
Impacts also examines the annual increased earning power of UM students through conferral of bachelor, master and doctorate degrees, calculating that over one half-billion dollars in lifetime increased earnings results from each University of Maryland graduating class.
"The University of Maryland College Park is a major engine that helps drive the state's economy. Even during these tough economic times, it is important to recognize the enormous economic, technological, cultural and social impacts we have on businesses, institutions and the lives of Marylanders," said Joseph B. Gildenhorn, chairman of the Foundation Board of Trustees. "The Sage Report clearly demonstrates this, and I am pleased that our Foundation Board supported it."
Brodie Remington, vice president for university relations, said "With private support leveraging our public investments, we are strengthening the high quality of the national public research university that Maryland citizens and our businesses demand."
The full report is available online.
The MEDA meeting is the annual gathering of state, county and business economic development professionals from around the state. Speakers at MEDA conference include Lt. Governor Anthony Brown, James F. Pitts, corporate vice president and president electronic systems, Northrop Grumman, and Gary Williams, men's basketball coach at the University of Maryland and co-chair of the University of Maryland Great Expectations Scholarship Campaign.
The University of Maryland College Park Foundation consists of prominent alumni and friends supporting the University of Maryland's campaign to raise $1 billion in private support, the largest goal ever pursued by a public institution in the state of Maryland and the Greater Washington region.
BUSINESS MEDIA CONTACT:
Summary of UM Impacts (based on the report)
3:1 Where the best students enroll:
3:1 External research funding vs. cost to the state:
8:1 The University's economic impact vs. cost to the state:
15:1 Weather research center vs. cost to the state:
35:1 Small business development vs. cost to the state:
200:1 Business development vs. cost to the state:
Information provided by the Office of University Communications
Email University Communications at firstname.lastname@example.org