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.
|
City College-Altamonte Springs |
Beacon College |
|
Universal Technical Institute-Auto Motorcycle & Marine Mechanics Institute Division-Orlando |
|
Florida Institute of Technology-Online |
|
Southern Technical College |
|
AdventHealth University |
|
Bethune-Cookman University |
|
Rollins College |
|
Stetson University |
|
Lake-Sumter State College |
|
Ana G. Mendez University |
|
Florida Institute of Technology |
|
Embry-Riddle Aeronautical University-Daytona Beach |
|
Daytona State College |
|
Embry-Riddle Aeronautical University-Worldwide |
|
Eastern Florida State College |
|
Seminole State College of Florida |
|
Full Sail University |
|
Valencia College |
|
University of Central 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
|
40
34
46,570
22,663
69,233
43
9
8
29
0
0
5
1
5
59,470
1
86
14
0
9,763
29
6,368
6,368
6,368
6,368
24,668
24,668
40,767
24,668
24,668
40,767
12,598
12,598
28,697
778
14,770
2,887
324
229
0
1,807
256
0
82
135
583
732
430
519
37
290
4
536
137
14
5,562 |
NA
NA
17,193
25,331
42,524
24
16
5
43
0
0
3
2
6
42,524
11
65
23
0
0
23
2,616
2,688
2,664
2,474
NA
NA
NA
16,479
16,479
23,388
7,113
7,113
14,022
8,151
731
0
0
0
0
1,096
0
0
17
246
58
473
91
103
0
217
31
278
32
1
2,643 |
NA
NA
26,421
0
26,421
37
31
2
19
0
1
7
4
0
25,195
1
45
54
0
1,226
31
25,820
25,687
26,307
26,417
NA
NA
NA
50,853
50,853
50,853
29,447
29,447
29,447
612
4,320
808
0
0
0
804
0
0
2
2
324
68
111
55
0
65
1
976
9
10
2,427 |
NA
NA
4,870
9,234
14,104
43
15
5
30
0
0
4
2
2
14,104
11
57
32
0
0
26
3,131
3,131
3,131
3,227
NA
NA
NA
31,729
31,729
39,949
8,121
8,121
16,341
2,411
477
0
0
0
0
318
0
0
13
156
26
68
62
54
0
59
0
89
7
1
853 |
NA
NA
4,367
9,234
13,601
59
11
3
18
0
0
6
2
1
13,601
20
51
29
0
0
20
2,496
2,496
2,496
2,496
18,724
18,724
25,967
18,132
18,132
25,375
8,322
8,322
15,565
2,161
562
0
0
0
0
385
0
0
16
91
15
35
39
116
5
37
4
92
31
7
873 |
62
54
4,200
8,068
12,268
52
8
4
18
1
0
4
5
6
9,037
2
22
76
0
3,231
22
10,296
10,748
11,185
11,665
NA
NA
NA
28,621
28,621
28,621
18,461
18,461
18,461
515
1,529
1,154
0
0
0
313
0
0
0
157
39
95
11
0
0
1
0
16
0
0
632 |
NA
NA
4,530
7,277
11,807
54
13
3
22
0
0
5
2
1
11,807
15
53
32
0
0
17
3,106
3,106
3,140
3,106
18,285
18,285
27,173
16,230
16,230
25,118
7,930
7,930
16,818
1,911
403
0
0
0
0
400
0
0
12
19
59
38
54
40
0
245
0
69
84
10
1,030 |
66
28
7,867
3,203
11,070
42
3
4
11
0
0
4
25
11
10,274
25
70
5
0
796
18
37,964
39,066
40,564
42,304
62,936
62,936
62,936
62,936
62,936
62,936
49,266
49,266
49,266
24
1,397
218
29
0
0
413
20
0
29
446
181
168
171
48
14
67
0
122
76
0
1,755 |
63
9
4,194
4,322
8,516
46
6
3
17
0
0
3
6
19
3,458
3
91
6
0
5,058
13
43,246
43,246
43,670
44,360
63,500
63,500
63,500
63,500
63,500
63,500
50,360
50,360
50,360
39
595
1,362
58
20
0
317
16
0
11
50
56
86
68
85
3
114
19
101
42
13
981 |
NA
NA
5,720
2,662
8,382
1
0
0
71
0
0
0
25
2
4,915
0
26
73
0
3,467
34
5,080
10,384
12,980
13,575
NA
NA
NA
30,196
30,196
30,196
20,133
20,133
20,133
85
423
585
0
0
0
197
0
0
7
170
75
10
15
1
2
7
0
13
0
0
497 |
NA
NA
1,705
3,359
5,064
50
11
4
27
0
1
3
3
1
5,064
25
54
21
0
0
25
3,292
3,292
3,292
3,292
NA
NA
NA
20,626
20,626
30,610
9,394
9,394
19,378
747
81
0
0
0
0
104
0
0
9
18
62
33
24
38
0
1
0
28
7
1
325 |
86
9
3,232
437
3,669
55
10
2
18
0
0
5
3
6
2,338
2
95
3
0
1,331
10
49,500
50,800
52,320
55,220
74,149
74,149
74,149
74,149
74,149
74,149
58,819
58,819
58,819
0
728
200
0
289
0
308
0
0
17
39
69
73
43
101
7
117
3
98
29
4
908 |
41
16
2,768
245
3,013
58
6
3
18
0
0
4
2
8
2,595
1
93
6
0
418
13
53,716
54,740
56,110
58,300
78,260
78,260
78,260
75,890
75,890
75,890
62,270
62,270
62,270
0
629
202
8
0
0
248
0
0
18
23
85
64
33
89
9
76
1
63
21
2
732 |
100
10
2,404
111
2,515
1
59
0
3
0
0
2
33
2
2,414
1
95
4
0
101
14
14,794
14,794
14,794
14,794
29,940
29,940
29,940
35,290
35,290
35,290
20,794
20,794
20,794
0
337
35
0
0
0
156
0
0
8
21
36
29
15
62
2
28
0
49
0
1
407 |
NA
NA
803
889
1,692
31
14
5
33
1
0
3
10
4
1,221
7
46
47
0
471
6
19,800
20,340
20,340
20,880
45,723
45,723
45,723
50,250
50,250
50,250
31,995
31,995
31,995
68
227
124
0
48
0
163
3
0
3
33
37
26
18
9
4
13
0
27
2
3
341 |
NA
NA
1,686
0
1,686
29
31
2
31
0
0
2
4
0
1,686
0
51
48
0
0
23
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
208
NA
NA
NA
NA
NA
72
0
0
5
80
20
2
2
0
0
4
0
10
0
0
195 |
44
38
381
690
1,071
47
17
4
18
0
0
2
8
2
629
0
25
75
0
442
13
12,240
12,240
12,240
12,240
NA
NA
NA
31,380
31,380
31,380
17,040
17,040
17,040
61
165
232
0
0
0
25
0
0
0
0
0
0
0
0
0
0
0
0
0
0
25 |
NA
NA
866
0
866
63
9
1
13
0
0
11
3
0
866
0
57
42
1
0
18
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
716
NA
NA
NA
NA
NA
47
0
0
0
1
14
35
0
0
0
0
0
0
3
0
100 |
60
35
490
37
527
68
13
4
9
0
0
5
0
1
527
0
93
7
0
0
12
43,250
45,070
47,110
49,230
71,142
71,142
71,142
69,642
69,642
69,642
52,774
52,774
52,774
23
93
0
0
0
0
38
0
0
3
31
38
0
6
17
0
9
1
16
0
5
164 |
31
100
125
204
329
22
33
1
36
0
0
7
1
0
329
0
35
65
0
0
15
15,056
14,876
18,615
18,615
NA
NA
NA
41,126
41,126
41,126
28,573
28,573
28,573
39
NA
NA
NA
NA
NA
33
0
0
1
4
2
2
2
0
0
0
0
6
0
0
50 |
Page 1 of 2
Florida College of Integrative Medicine |
Polytechnic University of Puerto Rico-Orlando |
|
Concorde Career Institute-Orlando |
|
DeVry University-Florida |
|
Daytona College |
|
Cambridge College of Healthcare & Technology |
|
Gwinnett Institute |
|
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
|
NA
NA
324
0
324
7
74
2
12
0
0
1
5
0
324
0
23
77
0
0
14
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
60
1
0
0
0
0
15
0
0
0
0
1
2
0
0
0
0
0
9
0
0
27 |
NA
NA
224
74
298
18
30
2
40
0
0
9
0
0
298
0
45
55
0
0
25
15,330
15,330
15,330
15,330
NA
NA
NA
32,086
32,086
32,086
18,858
18,858
18,858
60
NA
NA
NA
NA
NA
17
0
0
0
4
1
2
0
0
0
0
9
0
0
0
33 |
NA
NA
199
0
199
45
39
0
12
1
0
2
2
0
199
1
35
65
0
0
10
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
33
0
0
0
0
0
19
0
0
1
10
2
1
0
0
0
0
0
3
0
0
36 |
100
100
114
82
196
29
31
1
29
1
1
2
5
2
188
0
7
93
1
8
8
17,776
17,488
17,488
17,488
NA
NA
NA
40,132
40,132
40,132
25,596
25,596
25,596
40
69
10
0
0
0
12
0
0
0
32
4
0
0
0
0
0
0
0
0
0
48 |
91
47
145
0
145
12
34
0
34
0
0
3
17
0
145
2
48
50
0
0
28
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
65
NA
NA
NA
NA
NA
13
0
0
1
4
10
4
0
0
0
0
5
3
0
0
40 |
NA
NA
42
77
119
2
3
0
90
0
0
1
0
5
102
2
38
60
0
17
5
12,630
13,200
13,827
14,262
NA
NA
NA
35,792
35,792
35,792
23,011
23,011
23,011
0
21
5
0
0
0
12
0
0
0
12
3
0
0
0
0
0
0
3
0
0
30 |
NA
NA
75
0
75
49
8
31
9
0
0
0
3
0
0
NA
NA
NA
NA
75
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
27
0
0
0
6
1
1
0
0
10
0
0
0
0
0
0
3
0
0
21 |
Page 2 of 2
Sources: STI: PopStats and STI: Colossus
|