A newly published Economic Impact report says that the University of Missouri System brings in over $5 billion dollars each year to the state of Missouri.
The study by consulting firm Tripp Umbach, breaks down the financial impact UM System campuses have in the state. According to the report, the university system creates over $60 thousand jobs, over $240 million dollars in tax revenue, and $5.4 billion dollars in what they call “Economic Impact”
According to Paul Umbach, a member of the consulting firm, “Economic Impact” breaks down into three parts: the spending the UM system has in its budget, the spending from students and patients using the University of Missouri health system, and spending from out of state visitors to the campuses.
“Economic impact, kind of gives you a temperature on how many jobs would be lost if it wasn’t for the university,” Umbach said.
UM System President Mun Choi says this report shows just how much the UM System gives back to the community.
“We keep hearing the question, what are you doing for us, with all of the state support that you’re receiving? And this is the message that we’re sharing. Not only are we providing an economic impact, we’re training the teachers that are working in your schools. We’re training the doctors, who are working in your hospital,” Choi said.
Choi says this is the first time in years that such a study has been conducted and that the system plans continuing this practice every five years.
According to MU spokesman Christian Basi, the report cost the UM System $50 thousand dollars.