Universities play a crucial role in shaping local economies by driving employment, fostering business growth, attracting investment, and enhancing the overall quality of life in their host communities. Their economic impact extends beyond direct spending to include long-term benefits such as workforce development, innovation, and cultural enrichment. Below, we explore the key ways in which a university influences a local economy.
- Direct Employment and Spending
A university is often one of the largest employers in a local area, providing jobs for faculty, administrative staff, maintenance workers, and other professionals. These employees spend their salaries on housing, groceries, transportation, and entertainment, injecting money into the local economy. Additionally, universities spend significant amounts on construction, utilities, and local services, further stimulating business activity.
Students also contribute to local spending. Many bring outside money into the community through tuition payments, federal aid, and personal expenditures on rent, food, and retail. A large student population can sustain businesses such as bookstores, coffee shops, restaurants, and housing providers.
- Business Development and Entrepreneurship
Universities often serve as hubs for innovation and entrepreneurship. Research institutions, business incubators, and technology transfer offices help commercialize academic research, leading to startup formation and industry partnerships. For example, Stanford University's role in Silicon Valley's growth demonstrates how academic institutions can spur regional economic development.
Local businesses benefit from university partnerships, including procurement contracts for supplies, catering, and maintenance services. Furthermore, universities attract conferences, sporting events, and cultural activities that generate tourism revenue for hotels, restaurants, and transportation services.
- Human Capital and Workforce Development
A well-educated workforce is essential for economic competitiveness. Universities produce graduates with specialized skills that attract high-paying industries, such as technology, healthcare, and finance. Many graduates remain in the area, filling critical roles in local businesses and government.
Universities also offer continuing education programs, professional certifications, and workforce training initiatives that help upskill local employees, making the regional labor market more adaptable to industry changes.
- Real Estate and Infrastructure Growth
The presence of a university can drive demand for housing, both from students and faculty. This often leads to the development of new apartments, condominiums, and mixed-use commercial spaces. Over time, universities contribute to urban revitalization by investing in campus expansions, public transit improvements, and community amenities like libraries and parks.
However, rapid growth can also lead to challenges, such as rising housing costs and gentrification, which may displace long-term residents. Local governments must balance economic expansion with policies that ensure affordable housing and equitable development.
- Cultural and Social Contributions
Beyond economics, universities enrich local culture through arts programs, public lectures, and athletic events. These activities improve residents' quality of life, making the area more attractive to businesses and skilled workers. A vibrant university town often sees increased property values and a more diverse, engaged community.
Conclusion
The economic impact of a university on a local economy is multifaceted, encompassing job creation, business growth, talent development, and infrastructure investment. While challenges such as affordability and displacement must be managed, the long-term benefits-including innovation, increased tax revenues, and a more dynamic workforce-make universities vital engines of regional prosperity. By fostering collaboration between academia, government, and industry, communities can maximize these advantages while ensuring inclusive growth.
|
ATA Career Education |
Arizona College of Nursing-Tampa |
|
Florida College |
|
South University-Tampa |
|
Warner University |
|
Webber International University |
|
Strayer University-Florida |
|
Galen College of Nursing-Tampa Bay |
|
Florida Polytechnic University |
|
Eckerd College |
|
Florida Southern College |
|
Ultimate Medical Academy |
|
Polk State College |
|
Pasco-Hernando State College |
|
Saint Leo University |
|
Southeastern University |
|
The University of Tampa |
|
Hillsborough Community College |
|
St Petersburg College |
|
University of South Florida |
|
Percent admitted - total Admissions yield - total
Full-time enrollment Part-time enrollment
Total enrollment % White % Black % Asian % Hispanic % Native Hawaiian or Other Pacific Islander % American Indian or Alaska Native % two or more races % Race/ethnicity unknown % U.S. Nonresident
Undergraduate enrollment % under 18 % 18-24 % 25-64 % over 65
Graduate enrollment
Student-to-faculty ratio
Tuition and fees, 2020-21 2021-22 2022-23 2023-24
Total price for In-district students living on campus 2023-24 In-state students living on campus 2023-24 Out-of-state students living on campus 2023-24
In-district students living off campus (no family) 2023-24 In-state students living off campus (no family) 2023-24 Out-of-state students living off campus (no family) 2023-24
In-district students living off campus (w/ family) 2023-24 In-state students living off campus (w/ family) 2023-24 Out-of-state students living off campus (w/ family) 2023-24
Associate's degree Bachelor's degree Master's degree Doctor's degree - research/scholarship Doctor's degree - professional practice Doctor's degree - other
Instructional FTE Research FTE Public Service FTE Librarians, Curators, and Archivists FTE Student/Academic Affairs and Other Education Services FTE Management FTE Business and Financial Operations FTE Computer, Engineering, and Science FTE Community Service, Legal, Arts, and Media FTE Healthcare FTE Service FTE Sales and Related FTE Office and Administrative Support FTE Natural Resources, Construction, and Maintenance FTE Production, Transportation, and Material Moving FTE Total FTE staff
|
41
22
37,029
11,543
48,572
43
8
8
21
0
0
4
4
12
37,269
1
87
11
0
11,303
22
6,410
6,410
6,410
6,410
25,625
25,625
36,539
24,200
24,200
35,114
12,030
12,030
22,944
187
9,955
3,329
319
443
0
2,476
401
0
98
525
581
1,381
750
767
947
370
7
757
177
84
9,321 |
NA
NA
7,422
15,928
23,350
56
13
5
19
0
0
4
2
1
23,350
14
45
40
1
0
25
2,682
2,682
2,682
2,682
NA
NA
NA
27,634
27,634
34,238
9,723
9,723
16,327
3,681
1,060
0
0
0
0
558
0
0
34
96
140
55
112
62
3
122
11
306
47
16
1,562 |
NA
NA
9,651
10,353
20,004
31
18
4
39
0
0
5
3
2
20,004
1
70
29
0
0
23
2,506
2,506
2,506
2,506
18,208
18,208
24,813
18,208
18,208
24,813
8,546
8,546
15,151
3,459
0
0
0
0
0
522
0
0
25
108
72
78
45
106
6
50
16
216
27
0
1,271 |
41
17
10,377
677
11,054
68
3
2
13
0
0
3
3
7
10,111
1
98
2
0
943
17
30,790
31,274
32,218
33,424
51,730
51,730
51,730
55,424
55,424
55,424
43,424
43,424
43,424
0
2,050
423
0
4
0
580
0
0
23
59
61
45
21
132
6
46
0
78
0
0
1,051 |
74
50
4,802
5,598
10,400
53
12
2
24
0
1
4
3
2
9,167
41
51
9
0
1,233
26
27,520
28,320
30,148
31,732
52,152
52,152
52,152
50,052
50,052
50,052
41,132
41,132
41,132
138
936
364
40
20
0
376
0
0
4
31
102
29
18
88
5
64
1
72
10
0
800 |
72
11
5,208
5,023
10,231
25
19
1
14
0
0
2
32
8
7,603
2
47
51
0
2,628
20
24,640
25,550
27,050
28,360
49,748
49,748
49,748
47,416
47,416
47,416
34,024
34,024
34,024
187
1,287
1,031
68
0
0
260
0
0
7
43
138
52
35
24
3
111
45
56
5
1
780 |
NA
NA
3,698
5,751
9,449
52
6
3
25
0
0
4
8
1
9,449
24
57
19
0
0
22
3,155
3,155
3,155
3,155
NA
NA
NA
18,440
18,440
27,317
9,193
9,193
18,070
1,251
189
0
0
0
0
194
0
1
16
11
32
24
43
78
0
4
12
100
28
0
543 |
NA
NA
2,683
5,280
7,963
42
17
3
30
0
0
4
2
1
7,963
21
51
28
0
0
20
3,366
3,366
3,366
3,366
NA
NA
NA
17,401
17,401
26,307
12,221
12,221
21,127
1,296
377
0
0
0
0
237
0
0
12
133
32
17
20
34
0
7
0
117
15
0
624 |
NA
NA
7,423
13
7,436
36
59
1
1
1
1
0
2
0
7,436
0
13
86
1
0
18
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
6,575
NA
NA
NA
NA
NA
367
0
0
1
542
253
47
52
4
0
3
339
330
0
0
1,938 |
59
10
2,909
285
3,194
66
7
3
15
0
0
4
1
4
2,626
0
95
5
0
568
10
38,980
38,980
40,500
42,360
60,800
60,800
60,800
60,800
60,800
60,800
47,000
47,000
47,000
0
600
167
11
40
0
227
0
13
5
65
33
25
22
75
7
96
2
61
14
9
654 |
79
15
1,927
59
1,986
76
3
2
10
0
0
6
0
4
1,986
1
98
1
0
0
11
47,704
47,704
48,900
50,374
69,092
69,092
69,092
69,092
69,092
69,092
54,254
54,254
54,254
0
413
0
0
0
0
185
0
0
10
0
50
18
17
40
4
12
0
55
9
0
400 |
56
28
1,497
121
1,618
55
6
6
25
0
0
5
1
2
1,569
1
95
5
0
49
17
4,940
4,940
4,940
4,940
23,080
23,080
39,145
23,080
23,080
39,145
10,140
10,140
26,205
0
214
36
0
0
0
89
1
0
1
23
50
29
31
4
0
13
2
23
1
0
267 |
NA
NA
1,015
586
1,601
39
23
5
19
0
0
3
10
0
1,601
0
24
76
0
0
12
14,960
14,960
16,400
16,400
NA
NA
NA
37,109
37,109
37,109
21,449
21,449
21,449
405
154
0
0
0
0
94
0
0
0
18
13
0
2
0
0
6
0
24
0
0
157 |
NA
NA
154
1,358
1,512
29
51
1
13
0
0
4
2
0
1,314
0
9
89
1
198
39
13,515
13,515
13,515
13,920
NA
NA
NA
25,158
25,158
25,158
15,720
15,720
15,720
87
153
82
0
0
0
13
0
0
0
11
11
2
0
0
0
0
7
1
0
0
45 |
78
18
863
67
930
42
31
1
11
0
1
1
3
10
879
1
95
4
0
51
18
28,268
29,534
30,798
32,150
52,008
52,008
52,008
49,904
49,904
49,904
38,570
38,570
38,570
7
138
17
0
0
0
45
0
0
1
0
12
10
0
38
8
1
6
11
0
0
132 |
48
33
730
161
891
42
26
1
21
0
1
4
0
4
798
5
85
10
0
93
13
24,200
26,744
28,044
28,160
42,970
42,970
42,970
45,230
45,230
45,230
33,430
33,430
33,430
18
133
31
0
0
0
56
0
0
1
2
11
7
3
46
5
8
0
13
7
0
159 |
NA
NA
555
165
720
34
26
5
28
0
1
1
4
1
390
0
25
74
0
330
14
17,014
17,014
17,014
18,238
NA
NA
NA
36,577
36,577
36,577
25,279
25,279
25,279
53
92
133
0
3
0
42
0
0
1
25
7
1
1
0
0
0
0
5
0
0
82 |
66
96
580
77
657
77
3
2
7
0
0
4
3
3
657
11
87
2
0
0
13
18,060
18,060
18,060
18,920
35,170
35,170
35,170
36,970
36,970
36,970
26,920
26,920
26,920
109
94
0
0
0
0
46
0
0
1
44
17
12
4
14
0
6
2
8
4
0
158 |
100
34
223
114
337
28
24
4
38
1
0
6
0
0
337
0
44
56
0
0
20
20,170
20,826
22,346
23,093
NA
NA
NA
45,440
45,440
45,440
30,130
30,130
30,130
0
35
0
0
0
0
21
0
0
0
4
6
0
0
1
0
0
0
3
0
0
35 |
NA
NA
226
0
226
33
40
0
12
0
0
4
10
0
226
0
25
75
0
0
17
12,959
13,480
13,480
14,895
NA
NA
NA
33,811
33,811
33,811
25,176
25,176
25,176
11
0
0
0
0
0
15
0
0
1
3
1
2
1
0
0
0
2
3
0
0
28 |
Page 1 of 2
Schiller International University |
Faith Theological Seminary and Christian College |
|
Concorde Career Institute-Tampa |
|
Trinity College of Florida |
|
Percent admitted - total Admissions yield - total
Full-time enrollment Part-time enrollment
Total enrollment % White % Black % Asian % Hispanic % Native Hawaiian or Other Pacific Islander % American Indian or Alaska Native % two or more races % Race/ethnicity unknown % U.S. Nonresident
Undergraduate enrollment % under 18 % 18-24 % 25-64 % over 65
Graduate enrollment
Student-to-faculty ratio
Tuition and fees, 2020-21 2021-22 2022-23 2023-24
Total price for In-district students living on campus 2023-24 In-state students living on campus 2023-24 Out-of-state students living on campus 2023-24
In-district students living off campus (no family) 2023-24 In-state students living off campus (no family) 2023-24 Out-of-state students living off campus (no family) 2023-24
In-district students living off campus (w/ family) 2023-24 In-state students living off campus (w/ family) 2023-24 Out-of-state students living off campus (w/ family) 2023-24
Associate's degree Bachelor's degree Master's degree Doctor's degree - research/scholarship Doctor's degree - professional practice Doctor's degree - other
Instructional FTE Research FTE Public Service FTE Librarians, Curators, and Archivists FTE Student/Academic Affairs and Other Education Services FTE Management FTE Business and Financial Operations FTE Computer, Engineering, and Science FTE Community Service, Legal, Arts, and Media FTE Healthcare FTE Service FTE Sales and Related FTE Office and Administrative Support FTE Natural Resources, Construction, and Maintenance FTE Production, Transportation, and Material Moving FTE Total FTE staff
|
96
41
153
36
189
48
22
1
18
1
0
5
5
1
189
19
54
26
1
0
12
16,300
16,300
16,300
16,300
27,750
27,750
27,750
26,525
26,525
26,525
20,150
20,150
20,150
3
43
0
0
0
0
13
0
0
1
5
6
2
1
4
0
0
0
2
6
0
40 |
99
58
132
0
132
15
21
1
39
1
0
1
22
0
132
0
54
46
0
0
31
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
76
NA
NA
NA
NA
NA
16
0
0
1
3
15
3
0
0
0
0
8
2
0
0
48 |
NA
NA
78
24
102
31
34
0
31
0
0
1
2
0
74
0
15
70
15
28
10
1,520
1,520
1,520
1,520
NA
NA
NA
7,720
7,720
7,720
2,320
2,320
2,320
10
11
19
2
0
0
5
0
0
0
1
0
1
0
0
0
0
0
0
0
0
7 |
NA
NA
54
0
54
24
19
2
15
0
0
2
37
2
35
0
63
37
0
19
10
14,360
14,320
13,840
13,680
NA
NA
NA
24,680
24,680
24,680
16,680
16,680
16,680
0
2
10
0
0
0
6
0
0
1
5
1
2
1
0
0
0
3
1
0
0
20 |
Page 2 of 2
Sources: STI: PopStats and STI: Colossus
|