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UT researchers: University adds $3.3B boost to area economy

By VANESSA MCCRAY • May 4, 2017 at 9:00 PM

TOLEDO (TNS) — The University of Toledo estimates it provides a $3.3 billion economic boost to the region.

UT said that its economic impact is equal to about 9.7 percent of the region's gross metropolitan area product, according to an estimate calculated by its own researchers.

It cited its spot as the second largest northwest Ohio employer — it counts about 6,662 faculty and staff — and reported a fall 2016 enrollment of 20,648.

The study by two associate professors of economics — Oleg Smirnov and Olugbenga Ajilore — looked at student and employee spending during the 2015-2016 school year as well as what the university described as the "long-term value of the educated workforce" of alumni and faculty in the area.

Both UT researchers received a $10,000 stipend for their work.

Nearly $2 billion of the $3.3 billion estimate is linked to faculty and alumni who live in the area. UT reported that about 33 percent of its alumni stay in the area after they graduate.

Another $1.35 billion is attributed to payroll, local operational purchases, and spending by students and visitors at local businesses.

“We show the short-term and cumulative, lasting contributions the institution makes to the region,” Smirnov said in a written statement. “If the university had not been opened in Toledo 145 years ago, these impacts would not exist.”

His previous local economic analysis work includes a financial forecast for the city of Toledo under the administration of the late Mayor D. Michael Collins.

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Contact Vanessa McCray at: Contact Vanessa McCray at: vmccray@theblade.com or 419-724-6065, or on Twitter @vanmccray.

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