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.
|
Moore College of Art and Design |
Peirce College |
|
University of the Arts |
|
Chestnut Hill College |
|
Philadelphia College of Osteopathic Medicine |
|
Holy Family University |
|
La Salle University |
|
Atlantic Cape Community College |
|
Rowan College of South Jersey-Gloucester Campus |
|
Rutgers University-Camden |
|
Rowan College at Burlington County |
|
Saint Joseph's University |
|
Camden County College |
|
Thomas Jefferson University |
|
Stockton University |
|
Community College of Philadelphia |
|
Rowan University |
|
Drexel University |
|
University of Pennsylvania |
|
Temple 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
|
83
12
26,397
3,808
30,205
45
16
15
9
0
0
4
5
6
21,720
2
90
8
0
8,485
12
16,970
17,378
21,135
22,082
44,756
44,756
60,136
44,756
44,756
60,136
27,788
27,788
43,168
3
5,567
1,822
219
856
0
2,620
0
0
64
176
1,110
134
658
334
161
337
3
654
174
109
6,534 |
6
69
23,948
4,763
28,711
30
7
19
8
0
0
3
9
24
11,611
2
91
7
0
17,100
8
60,042
61,710
63,452
66,104
89,028
89,028
89,028
88,892
88,892
88,892
71,176
71,176
71,176
0
2,772
5,638
647
689
0
2,354
1,611
2,875
166
295
2,899
1,850
2,810
382
1,976
1,045
6
1,480
298
37
20,084 |
78
9
16,930
4,773
21,703
45
10
19
8
0
0
4
3
11
13,589
0
92
7
0
8,114
9
56,238
57,136
58,965
60,663
81,413
81,413
81,413
81,737
81,737
81,737
63,863
63,863
63,863
0
3,474
2,277
267
468
0
1,519
130
0
42
218
508
532
380
293
43
344
2
367
66
32
4,476 |
78
18
15,987
3,673
19,660
58
10
8
13
0
0
4
1
6
14,869
2
87
11
0
4,791
16
12,939
14,376
14,952
15,700
39,342
39,342
49,206
33,450
33,450
43,314
23,729
23,729
33,593
0
4,283
828
53
304
0
1,202
0
1
21
20
409
528
94
45
62
322
0
447
77
3
3,231 |
NA
NA
4,221
8,003
12,224
19
44
9
18
0
0
4
2
4
12,224
16
45
38
0
0
14
4,536
4,632
4,632
4,632
NA
NA
NA
25,378
29,434
33,186
14,578
18,634
22,386
1,575
NA
NA
NA
NA
NA
496
0
0
17
60
98
133
21
15
0
47
0
109
10
0
1,006 |
88
19
7,869
919
8,788
59
10
7
19
0
0
4
1
1
7,812
0
89
11
0
976
17
14,599
14,885
15,188
15,532
39,034
39,034
46,922
33,855
33,855
41,743
24,844
24,844
32,732
0
2,124
317
16
33
0
466
0
0
7
88
91
44
72
61
4
157
1
225
87
3
1,306 |
86
15
6,155
2,160
8,315
51
12
16
9
0
0
4
3
5
3,731
1
81
19
0
4,584
13
41,866
43,116
44,350
45,683
68,557
68,557
68,557
72,575
72,575
72,575
53,423
53,423
53,423
27
1,065
888
32
476
0
494
170
856
32
13
894
206
917
180
204
277
15
981
151
21
5,411 |
NA
NA
3,310
4,281
7,591
35
20
5
29
0
1
3
4
3
7,591
5
58
37
0
0
21
4,560
3,648
3,648
3,960
NA
NA
NA
17,200
17,296
17,296
9,910
10,006
10,006
983
NA
NA
NA
NA
NA
270
0
0
4
68
17
16
33
22
3
28
0
59
8
0
528 |
86
16
5,560
1,641
7,201
64
8
10
8
0
0
3
2
4
4,828
1
97
2
0
2,373
10
47,940
47,940
49,610
51,340
69,600
69,600
69,600
69,600
69,600
69,600
57,320
57,320
57,320
0
1,392
1,070
27
204
0
616
0
0
16
71
70
86
73
143
18
95
0
66
42
2
1,298 |
NA
NA
3,225
3,322
6,547
51
19
5
17
0
0
4
2
2
6,547
2
69
29
0
0
21
4,730
4,730
4,860
4,968
NA
NA
NA
19,222
19,630
21,190
9,222
9,630
11,190
1,426
NA
NA
NA
NA
NA
195
0
0
5
21
68
22
10
33
3
43
0
56
8
8
472 |
78
6
4,309
1,467
5,776
41
17
12
19
0
0
3
4
4
3,922
2
74
24
0
1,854
12
14,877
15,657
16,112
17,079
36,231
36,231
54,993
48,644
48,644
67,406
30,230
30,230
48,992
0
1,301
354
35
154
0
422
19
0
26
92
26
161
44
26
10
75
0
98
17
0
1,016 |
NA
NA
2,882
2,508
5,390
56
11
3
11
0
0
4
14
1
5,390
13
68
19
0
0
25
4,560
4,710
4,800
4,980
NA
NA
NA
24,576
25,416
25,416
13,684
14,524
14,524
919
NA
NA
NA
NA
NA
137
0
0
4
35
49
27
19
43
2
41
0
54
5
0
416 |
NA
NA
1,737
2,536
4,273
41
14
6
29
0
0
4
4
2
4,273
3
65
31
0
0
16
5,340
5,340
4,272
4,863
NA
NA
NA
32,111
33,311
34,511
11,727
12,927
14,127
643
NA
NA
NA
NA
NA
159
0
0
8
6
40
35
28
30
0
40
0
39
12
1
398 |
86
11
1,983
1,571
3,554
46
24
6
15
0
0
3
1
4
2,426
17
71
12
0
1,128
12
32,425
33,150
33,890
35,570
53,160
53,160
53,160
48,070
48,070
48,070
40,870
40,870
40,870
23
662
464
0
53
0
217
0
0
8
29
125
10
24
60
2
51
0
12
11
2
551 |
74
24
2,172
976
3,148
55
14
6
14
0
0
1
7
1
2,446
4
78
19
0
702
11
31,640
31,640
32,558
33,968
50,924
50,924
50,924
48,094
48,094
48,094
36,714
36,714
36,714
17
518
266
4
12
0
179
0
0
5
52
31
22
8
37
3
5
0
28
5
2
377 |
NA
NA
2,927
100
3,027
47
18
22
3
0
0
9
2
0
0
NA
NA
NA
NA
3,027
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
278
0
565
0
218
27
0
18
1
89
22
30
9
0
28
0
92
1
0
535 |
79
9
992
410
1,402
37
25
2
11
0
0
2
21
2
972
2
71
27
0
430
10
38,200
38,360
39,410
39,410
58,854
58,854
58,854
68,304
68,304
68,304
48,469
48,469
48,469
0
231
130
0
15
0
104
0
0
1
27
37
5
7
18
4
1
0
13
0
0
217 |
78
23
1,136
71
1,207
51
19
4
14
0
0
2
6
3
1,072
1
94
4
0
135
7
46,680
48,530
51,130
54,290
77,152
77,152
77,152
75,098
75,098
75,098
59,267
59,267
59,267
0
326
72
1
0
0
163
0
0
10
23
57
15
12
38
2
1
1
30
1
1
354 |
NA
NA
160
712
872
20
55
3
12
0
1
1
9
0
790
0
9
90
1
82
11
15,060
15,060
15,060
15,060
NA
NA
NA
26,660
26,660
26,660
18,660
18,660
18,660
45
191
50
0
0
0
34
0
0
1
19
32
5
5
1
0
1
0
2
0
0
100 |
61
14
392
7
399
52
16
4
8
0
1
9
11
0
390
0
92
8
0
9
8
44,806
46,150
47,990
50,279
74,735
74,735
74,735
75,147
75,147
75,147
58,779
58,779
58,779
0
75
12
0
0
0
46
0
0
4
11
9
5
2
5
1
0
0
21
0
0
104 |
Page 1 of 2
ASPIRA City College |
Jna Institute of Culinary Arts |
|
Missio Theological Seminary |
|
Talmudical Yeshiva of Philadelphia |
|
Walnut Hill College |
|
Pennsylvania Academy of the Fine Arts |
|
Curtis Institute of Music |
|
Lincoln Technical Institute-Philadelphia |
|
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
363
11
374
15
43
2
25
0
0
4
11
0
374
1
68
32
0
0
26
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
7
NA
NA
NA
NA
NA
16
0
0
0
1
10
0
0
0
0
0
0
2
0
0
29 |
7
81
159
0
159
32
2
10
4
0
1
5
0
47
106
20
80
0
0
53
2
3,015
7,445
5,930
6,000
34,075
34,075
34,075
37,712
37,712
37,712
17,730
17,730
17,730
0
27
5
0
0
0
62
0
0
6
11
8
10
3
23
0
5
0
1
0
0
129 |
88
11
125
16
141
60
17
5
4
0
1
4
1
9
99
0
84
15
1
42
5
40,376
40,376
42,100
44,600
71,438
71,438
71,438
71,438
71,438
71,438
52,776
52,776
52,776
0
29
26
0
0
0
27
0
6
11
7
14
7
2
1
0
0
7
12
0
0
94 |
95
55
127
0
127
43
22
4
13
0
0
10
7
0
127
0
87
13
0
0
20
23,550
23,550
23,550
23,550
41,375
41,375
41,375
42,350
42,350
42,350
30,200
30,200
30,200
82
30
0
0
0
0
18
0
0
1
1
8
0
0
0
0
9
3
4
0
0
44 |
76
92
120
0
120
95
0
0
0
0
0
0
0
5
120
4
96
0
0
0
15
9,725
9,925
10,275
10,869
22,680
22,680
22,680
NA
NA
NA
NA
NA
NA
0
28
0
0
0
0
8
0
0
0
0
0
0
0
0
0
0
0
2
0
0
10 |
NA
NA
22
27
49
8
37
22
0
0
0
0
0
33
0
NA
NA
NA
NA
49
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
46
0
3
0
2
0
0
0
0
1
0
0
0
0
0
0
1
0
0
4 |
NA
NA
31
0
31
13
77
0
6
0
0
0
3
0
31
0
68
32
0
0
4
14,575
14,575
14,575
14,575
NA
NA
NA
35,045
35,045
35,045
20,438
20,438
20,438
2
NA
NA
NA
NA
NA
4
0
0
0
0
1
0
0
0
0
0
1
0
0
0
6 |
100
100
10
4
14
0
7
0
93
0
0
0
0
0
14
7
57
36
0
0
5
12,097
12,097
12,147
12,147
NA
NA
NA
29,586
29,586
29,586
18,252
18,252
18,252
1
NA
NA
NA
NA
NA
2
0
0
0
0
2
0
0
0
0
0
0
0
0
0
4 |
Page 2 of 2
Sources: STI: PopStats and STI: Colossus
|