University of Missouri's Economic Impact $5.4 Billion Annually
The University of Missouri System has a state economic impact of about $5.4 billion a year, according to a recent study.
The economic impact study was done by consulting firm Tripp Umbach. System administrators and Tripp officials presented the results to lawmakers on Tuesday, the Columbia Missourian reported.
The report said the system also collected more than $244 million in state and local revenue taxes and employed more than 61,000 people last year.
University of Missouri's Columbia location had a state economic impact of $3.9 billion, supported more than 46,800 jobs and generated more than $117 million in state and local taxes last year, according to the report.
An organization's total economic impact compiles the direct, indirect and induced impact generated in the economy as a result of the organization, the report said. The total impact includes the organization's spending, the labor income expenditures and the resulting value added to the economy.
The System hired Tripp in November. The firm conducts impact studies for academic institutions to provide reports on the economic, employment and government revenues created from the university system. The analysis measured economic effects throughout Missouri and each System campus, according to the report.
The System plans to do a similar economic impact report every five years, said Mun Choi, System president.
Choi said the study shows "that the University of Missouri System, its four campuses, MU Extension and MU Health Care continue to be a powerful driving force for the future of the state."