New, First-of-Its-Kind Study from Baltimore Collegetown Reveals: Baltimore's Colleges and Universities Contribute More than $17 Billion to Regional Ec
DATELINE: BALTIMORE
Baltimore Collegetown Network (BCN), a consortium of 16 public and private schools in the region, today announced that area colleges and universities contribute $17.2 billion in economic activity to the regional and state economy. The figure is one of many enlightening details revealed today in a new report released byBCNbased on data provided by 15 regional colleges and universities,* including two major teaching hospitals, Johns Hopkins Hospital and the University of Maryland Medical Center.
As a business sector, the economic contribution of colleges and universities ranks sixth in the region, between the Port of Baltimore and tourism. Thereportis believed to be the first of its kind in the nation, an ambitious attempt to understand the role that Baltimore's diverse colleges and universities play in the regional economic landscape. The institutions analyzed create more than 162,000 jobs and represent an important source of spending in the Baltimore Metropolitan Area and state economy.
"This report emphasizes the role of higher education as an industry and its importance to regional economic, workforce, social and cultural development," said Kristen Campbell, Executive Director of Baltimore Collegetown Network. "Colleges and universities are major and significant drivers in the Baltimore economy and important partners in the future growth of the region."
The study also highlights how higher education, business and government have successfully collaborated in other areas of the country and how Baltimore might use these models to capitalize on the region's strength.
"We all recognize that Baltimore's colleges and universitiesare critical in training our future workforce. This study reinforces their vital role ascontributors to the bottom line of our economy," stated Baltimore County Executive Jim Smith.
"When it comes to intellectual, cultural, and economic impact, our colleges and universities are unrivaled. Thanks to the Baltimore Collegetown Network for conducting this important study," said Mayor Sheila Dixon.
Key findings of the report include (all figures are for fiscal year 2006):
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$17.2 billion in total economic activity ($8.0 billion direct and $9.2 billion indirect) of BCN colleges, universities, and hospitals in the Baltimore metropolitan area, including:
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$4.5 billion dollars spent in payroll, non-payroll, endowment and other related expenditures;
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$5.6 billion in direct and $12.0 billion in total economic activity from college and university-related spending (operating, capital, student, and visitor expenditures);
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$2.3 billion in direct and $5.2 billion in total economic activity from university-related hospital spending (Johns Hopkins Hospital and University of Maryland Medical Center);
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$502.0 million spent on capital expenditures;
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$639.3 million spent in living expenses by students attracted into the region; and
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$51.4 million spent on local purchases by more than 300,000 out-of-state visitors to BCN colleges and universities.
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Colleges, universities and academic medical centers employ or support 162,918 jobs. Direct employment of 67,084 ranks as the sixth-largest sector in the regional economy.
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Baltimore Collegetown Network members conduct more than $2.1 billion in research and development activities and make a vital contribution to Maryland's national ranking as the state with the second-highest level of R&D intensity.
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Three Baltimore Collegetown Network members (JHU, UMB and UMBC) accounted for 88 of Maryland's 133 start-up companies created to commercialize university-developed technologies.
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Baltimore Collegetown Network members play a vital role in the state's effort to develop high technology businesses. Three operate research parks, three operate business incubators, and all educate students to fill the jobs needed to support these businesses.
The study was funded by the Baltimore County Department of Economic Development, the Baltimore Development Corporation, and the Goldseker Foundation and was conducted on behalf of the Baltimore Collegetown Network by the Jacob France Institute of the University of Baltimore and RESI of Towson University.
A complete copy of the study can be downloaded atwww.BaltimoreCollegetown.org/study.pdf
*The following institutions participated in this study: Baltimore City Community College; the College of Notre Dame of Maryland; Community College of Baltimore County; Coppin State University; Goucher College; Johns Hopkins University; Loyola College in Maryland; Maryland Institute College of Art; McDaniel College; Morgan State University; Towson University; University of Baltimore; University of Maryland, Baltimore; UMBC; and Villa Julie College. Baltimore Hebrew University did not participate in this study.
About Baltimore Collegetown Network
BCN is a consortium of 16 colleges and universities, representing 120,000 students, that works to attract students to the Baltimore area, engage them in the region, and make Baltimore an exceptional place to learn and live. BCN manages joint marketing campaigns, operates the Collegetown Shuttle, and promotes collaboration between institutions and the community. For more information, please visitwww.BaltimoreCollegetown.org.
CONTACT: Media Contacts:
Abel Communications
Tori Katz, 410-466-0049
tkatz@abelcommunications.net
or
Baltimore Collegetown Network
Kristen Campbell, Executive Director, 410-828-5733
Kcampbell@baltimorecollegetown.org
or
Baltimore County Department of Economic Development
Fronda Cohen, Marketing Director, 410-887-8032
fcohen@baltimorecountymd.gov