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.
|
Capitol Technology University |
Lincoln College of Technology-Columbia |
|
Strayer University-Maryland |
|
SANS Technology Institute |
|
Hood College |
|
McDaniel College |
|
Carroll Community College |
|
Stevenson University |
|
United States Naval Academy |
|
Bowie State University |
|
Frederick Community College |
|
Howard Community College |
|
Prince George's Community College |
|
Anne Arundel Community College |
|
University of Maryland-Baltimore County |
|
Community College of Baltimore County |
|
Montgomery College |
|
Towson University |
|
University of Maryland-College Park |
|
University of Maryland Global Campus |
|
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
11,489
48,595
60,084
33
27
5
16
1
0
5
11
2
50,793
1
33
66
0
9,291
20
7,560
7,704
7,848
7,992
NA
NA
NA
31,396
31,396
35,740
18,072
18,072
22,416
2,284
7,843
3,582
0
41
0
1,355
0
0
8
66
339
927
29
108
0
4
0
102
2
0
2,940 |
45
23
36,362
4,451
40,813
38
12
20
9
0
0
4
4
12
30,608
0
95
5
0
10,205
18
10,779
10,955
11,233
11,505
30,885
30,885
59,686
32,915
32,915
61,716
17,013
17,013
45,814
0
8,075
3,078
631
39
0
2,198
1,694
0
113
185
157
2,572
822
649
68
816
0
226
431
109
10,040 |
83
19
15,585
3,942
19,527
42
30
7
10
0
0
5
3
2
16,517
1
89
9
0
3,010
14
10,198
10,464
10,818
11,306
31,390
31,390
48,410
31,390
31,390
48,410
15,746
15,746
32,766
0
4,064
844
12
38
0
1,180
2
0
26
20
356
332
150
133
29
51
8
233
79
37
2,636 |
NA
NA
6,123
11,657
17,780
19
25
13
29
0
0
4
0
9
17,780
12
65
22
1
0
17
5,322
5,322
5,322
5,394
NA
NA
NA
28,255
33,259
37,111
11,531
16,535
20,387
2,594
NA
NA
NA
NA
NA
671
0
34
27
148
171
119
274
3
4
203
5
201
65
3
1,928 |
NA
NA
4,219
11,584
15,803
33
38
6
8
0
0
4
2
8
15,803
15
48
37
1
0
15
4,380
4,380
4,380
4,380
NA
NA
NA
25,230
28,324
31,730
9,488
12,582
15,988
1,718
NA
NA
NA
NA
NA
562
0
111
24
216
67
95
68
111
1
151
0
276
52
11
1,745 |
74
20
11,523
2,625
14,148
28
20
19
8
0
0
5
1
18
10,490
2
88
10
0
3,658
18
9,420
12,280
12,606
12,952
32,170
32,170
49,526
35,190
35,190
52,546
19,284
19,284
36,640
0
2,419
1,000
100
0
0
696
221
0
35
8
408
297
146
137
15
39
6
138
46
18
2,210 |
NA
NA
2,929
8,229
11,158
49
18
4
12
0
0
6
8
2
11,158
16
52
29
2
0
17
4,910
4,910
4,970
4,178
NA
NA
NA
22,460
26,468
29,612
13,090
17,098
20,242
1,401
NA
NA
NA
NA
NA
386
0
125
9
121
88
60
57
11
15
95
8
164
2
1
1,142 |
NA
NA
3,025
7,488
10,513
4
59
3
19
0
0
3
8
3
10,513
22
50
28
1
0
16
3,746
3,746
3,914
3,914
NA
NA
NA
27,404
29,684
32,132
9,514
11,794
14,242
1,258
NA
NA
NA
NA
NA
367
0
88
10
116
50
57
92
58
2
82
0
110
11
5
1,048 |
NA
NA
2,277
6,263
8,540
24
29
14
13
0
0
6
7
6
8,540
21
52
27
1
0
13
4,080
4,080
4,088
4,080
NA
NA
NA
30,918
33,870
35,814
10,767
13,719
15,663
1,147
NA
NA
NA
NA
NA
326
0
37
6
88
43
42
45
37
6
3
0
72
65
6
776 |
NA
NA
1,864
4,932
6,796
54
14
6
17
0
0
7
0
2
6,796
35
44
19
1
0
18
3,748
3,772
3,772
3,772
NA
NA
NA
15,872
19,544
21,944
7,772
11,444
13,844
847
NA
NA
NA
NA
NA
193
0
44
2
62
80
28
33
33
3
15
0
120
32
2
647 |
84
19
4,853
1,555
6,408
4
79
1
5
0
0
4
2
3
5,288
2
82
16
0
1,120
16
8,444
8,558
8,748
8,999
26,431
26,431
37,321
29,770
29,770
40,660
13,159
13,159
24,049
0
855
191
17
0
0
352
0
0
6
0
133
135
37
61
6
31
3
114
8
4
890 |
9
85
4,465
0
4,465
58
6
10
14
0
0
9
1
1
4,465
1
98
1
0
0
8
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
1,029
0
0
0
0
327
9
0
25
18
25
81
145
44
8
48
0
55
37
22
844 |
83
18
2,899
608
3,507
49
30
4
9
0
0
6
1
1
3,028
1
89
9
0
479
15
37,868
38,168
38,738
39,708
59,986
59,986
59,986
56,967
56,967
56,967
45,208
45,208
45,208
0
748
220
0
0
0
215
0
0
4
61
41
21
21
66
26
26
1
27
15
10
534 |
NA
NA
901
2,263
3,164
75
6
4
8
0
0
5
1
0
3,164
31
51
18
0
0
15
4,128
4,128
4,128
4,128
NA
NA
NA
14,128
17,188
19,618
7,628
10,688
13,118
471
NA
NA
NA
NA
NA
113
0
24
4
48
29
18
20
18
3
31
0
67
7
0
382 |
84
13
2,290
592
2,882
57
18
2
8
0
0
4
3
8
1,665
1
97
2
0
1,217
13
46,851
47,311
46,800
49,647
66,145
66,145
66,145
64,251
64,251
64,251
55,223
55,223
55,223
0
373
288
0
0
0
258
0
0
11
8
56
22
8
85
1
21
1
52
19
1
543 |
78
12
1,434
644
2,078
54
15
3
11
0
0
5
5
7
1,209
1
93
6
0
869
11
42,300
43,140
44,500
45,870
65,142
65,142
65,142
65,418
65,418
65,418
49,650
49,650
49,650
0
255
212
7
0
0
144
0
0
7
12
27
19
16
30
3
10
0
32
0
1
301 |
NA
NA
196
1,575
1,771
57
7
7
11
0
0
4
3
11
691
0
12
88
0
1,080
5
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
20
84
0
0
0
53
2
0
0
23
6
1
2
0
0
0
0
0
0
0
87 |
NA
NA
191
1,254
1,445
16
67
2
6
0
1
5
3
0
1,177
0
9
90
1
268
39
13,515
13,515
13,515
13,920
NA
NA
NA
25,158
25,158
25,158
15,720
15,720
15,720
119
254
96
0
0
0
13
0
0
0
11
11
2
0
0
0
0
7
1
0
0
45 |
NA
NA
803
272
1,075
17
47
3
27
0
0
6
1
0
1,075
0
67
33
0
0
18
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
21
NA
NA
NA
NA
NA
70
0
0
0
5
23
0
2
0
0
2
0
12
0
1
115 |
78
26
674
228
902
34
31
8
7
0
1
2
13
4
266
3
77
20
0
636
9
26,874
26,934
27,004
27,318
45,794
45,794
45,794
52,114
52,114
52,114
32,758
32,758
32,758
1
75
45
82
0
0
60
0
0
0
10
25
7
3
4
0
4
0
5
0
0
118 |
Page 1 of 2
Yeshiva College of the Nations Capital |
Bais HaMedrash and Mesivta of Baltimore |
|
Ner Israel Rabbinical College |
|
Fortis College-Landover |
|
St. John's College |
|
Maryland University of Integrative Health |
|
Washington Adventist University |
|
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
|
45
14
473
222
695
4
38
2
21
1
0
4
16
14
605
12
63
25
0
90
7
25,200
25,200
25,200
25,200
37,840
37,840
37,840
32,200
32,200
32,200
27,400
27,400
27,400
13
131
35
0
0
0
75
0
0
2
6
26
7
6
8
0
9
1
8
8
3
159 |
NA
NA
38
608
646
56
21
5
6
0
0
3
6
1
0
NA
NA
NA
NA
646
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
175
0
35
0
60
0
0
1
14
22
5
4
0
5
0
0
17
0
0
128 |
44
28
529
49
578
64
2
4
7
0
0
5
4
14
488
0
96
4
0
90
8
35,935
36,170
37,260
39,126
55,540
55,540
55,540
53,886
53,886
53,886
40,886
40,886
40,886
0
91
26
0
0
0
69
0
0
5
0
30
3
5
4
1
27
2
8
3
0
157 |
NA
NA
576
0
576
7
64
3
22
0
0
2
1
0
576
0
53
47
0
0
22
15,211
15,362
15,667
15,537
NA
NA
NA
38,342
38,342
38,342
19,892
19,892
19,892
46
NA
NA
NA
NA
NA
26
0
0
0
0
6
6
0
7
1
0
0
2
0
0
48 |
79
80
438
11
449
91
0
0
0
0
0
0
0
9
292
1
90
9
0
157
20
12,900
13,200
13,700
14,400
26,750
26,750
26,750
36,850
36,850
36,850
19,150
19,150
19,150
0
48
26
1
3
0
14
1
0
0
6
6
0
2
1
0
19
7
7
0
0
63 |
100
100
91
0
91
100
0
0
0
0
0
0
0
0
91
0
100
0
0
0
14
13,100
13,100
13,100
13,100
24,300
24,300
24,300
NA
NA
NA
NA
NA
NA
0
16
0
0
0
0
8
0
0
0
0
2
2
0
0
0
0
0
1
0
0
13 |
NA
NA
57
0
57
100
0
0
0
0
0
0
0
0
57
2
98
0
0
0
8
10,600
10,600
10,600
11,100
25,800
25,800
25,800
25,800
25,800
25,800
13,300
13,300
13,300
0
4
0
0
0
0
8
0
0
0
0
0
0
0
0
0
0
0
1
0
0
9 |
Page 2 of 2
Sources: STI: PopStats and STI: Colossus
|