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.
|
Remington College-Cleveland Campus |
Ohio Business College-Sheffield |
|
Cleveland Institute of Music |
|
Herzing University-Akron |
|
Ohio State University Agricultural Technical Institute |
|
Fortis College-Cuyahoga Falls |
|
Bryant & Stratton College-Parma |
|
Cleveland Institute of Art |
|
Valley College-Cleveland |
|
Ursuline College |
|
University of Akron Wayne College |
|
Notre Dame College |
|
The College of Wooster |
|
Oberlin College |
|
Ashland University |
|
Lorain County Community College |
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Case Western Reserve University |
|
University of Akron Main Campus |
|
Cleveland State University |
|
Cuyahoga Community College District |
|
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
4,332
13,075
17,407
54
24
3
8
0
0
4
4
3
17,407
20
42
36
1
0
12
2,889
3,009
3,129
3,736
NA
NA
NA
16,436
17,322
21,436
8,436
9,322
13,436
1,852
NA
NA
NA
NA
NA
701
0
0
12
375
174
196
25
19
13
117
0
240
0
0
1,872 |
95
16
10,394
3,723
14,117
51
14
3
7
0
0
4
4
16
9,463
3
78
18
1
4,654
16
11,016
11,680
12,254
12,613
32,043
32,043
37,403
32,203
32,203
37,563
17,083
17,083
22,443
0
2,301
1,391
25
200
0
719
0
0
17
97
158
129
136
107
11
109
3
186
26
7
1,705 |
71
20
9,666
3,852
13,518
69
11
4
4
0
0
5
3
4
11,452
16
73
11
0
2,066
16
12,078
12,078
12,427
12,799
28,665
28,665
33,105
28,585
28,585
33,025
17,995
17,995
22,435
405
2,094
506
76
138
0
738
8
0
26
77
177
101
96
272
7
179
2
122
49
24
1,878 |
29
14
11,143
1,123
12,266
39
7
20
9
0
0
4
3
19
6,186
2
97
1
0
6,080
9
52,948
54,532
61,584
64,671
86,073
86,073
86,073
78,621
78,621
78,621
70,197
70,197
70,197
0
1,361
1,529
215
486
0
1,315
596
0
68
236
243
522
520
181
177
246
0
348
68
8
4,528 |
NA
NA
2,120
7,290
9,410
72
9
1
10
0
0
5
1
0
9,410
41
35
23
0
0
14
3,745
3,810
4,005
4,135
NA
NA
NA
15,535
16,190
20,130
7,553
8,208
12,148
1,356
9
0
0
0
0
278
0
0
8
54
43
58
47
92
0
31
7
90
5
0
713 |
81
18
2,640
1,503
4,143
75
10
2
3
0
0
3
3
4
3,123
18
58
24
0
1,020
15
23,060
24,080
26,340
28,910
44,378
44,378
44,378
39,050
39,050
39,050
33,550
33,550
33,550
138
545
381
8
16
0
218
0
0
5
153
89
23
29
71
1
109
3
63
15
1
780 |
33
21
2,951
25
2,976
62
4
5
8
0
0
9
1
10
2,966
0
99
0
0
10
9
58,554
60,240
62,024
64,646
87,404
87,404
87,404
80,732
80,732
80,732
67,654
67,654
67,654
0
683
0
0
0
0
309
0
0
39
93
31
52
43
108
6
44
1
97
29
2
854 |
54
12
1,870
6
1,876
61
9
4
6
0
0
4
1
14
1,876
2
98
0
0
0
10
54,000
55,500
57,500
59,550
75,800
75,800
75,800
72,795
72,795
72,795
66,476
66,476
66,476
0
395
0
0
0
0
179
0
0
14
13
60
25
16
85
15
26
1
49
14
10
507 |
80
9
931
515
1,446
49
25
1
5
0
0
6
6
8
1,336
10
76
14
0
110
14
30,750
31,350
31,970
32,606
48,604
48,604
48,604
48,206
48,206
48,206
38,006
38,006
38,006
3
204
50
0
0
0
79
0
0
3
28
21
15
0
32
1
11
1
10
0
0
201 |
81
55
439
922
1,361
85
1
2
4
0
0
3
5
0
1,361
56
37
7
0
0
32
6,116
6,505
7,291
7,699
NA
NA
NA
24,979
24,979
31,652
11,965
11,965
18,638
0
NA
NA
NA
NA
NA
27
0
0
2
3
5
1
4
13
0
0
0
3
7
0
65 |
84
22
602
321
923
55
24
4
2
0
0
7
4
4
637
1
74
25
1
286
7
34,630
35,720
36,816
37,860
53,660
53,660
53,660
52,360
52,360
52,360
43,860
43,860
43,860
0
190
99
0
6
0
99
0
0
6
5
28
6
8
36
2
2
0
21
4
0
217 |
NA
NA
787
0
787
13
61
1
4
0
1
3
18
0
787
0
33
67
0
0
24
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
16
NA
NA
NA
NA
NA
34
0
0
0
14
1
4
1
0
0
0
13
1
0
0
68 |
56
23
557
9
566
65
13
3
10
0
0
7
0
1
566
0
95
5
0
0
9
44,385
45,495
46,460
47,880
65,550
65,550
65,550
65,550
65,550
65,550
53,030
53,030
53,030
0
111
0
0
0
0
70
0
0
4
25
30
3
10
6
0
4
0
6
1
0
159 |
NA
NA
390
132
522
45
36
2
8
0
0
6
2
0
522
1
49
50
0
0
10
18,272
19,135
19,433
19,542
NA
NA
NA
26,769
26,769
26,769
22,869
22,869
22,869
137
22
0
0
0
0
56
0
0
0
7
11
1
0
27
0
1
1
9
0
0
113 |
NA
NA
488
1
489
34
55
2
1
0
0
6
1
0
489
0
26
74
0
0
29
14,421
14,722
14,957
14,050
NA
NA
NA
34,911
34,911
34,911
17,266
17,266
17,266
58
NA
NA
NA
NA
NA
17
0
0
1
0
8
3
0
7
0
0
0
3
0
0
39 |
NA
NA
424
38
462
91
2
0
2
0
0
2
2
0
462
7
91
2
0
0
14
8,295
8,606
8,998
9,310
25,376
25,376
50,882
24,758
24,758
50,264
17,160
17,160
42,666
133
NA
NA
NA
NA
NA
31
0
0
1
0
6
9
4
11
0
1
0
6
0
0
69 |
94
69
169
212
381
52
38
1
4
0
0
4
2
0
381
0
28
72
0
0
13
14,200
14,200
12,750
13,420
NA
NA
NA
28,414
28,414
28,414
16,453
16,453
16,453
81
20
0
0
0
0
12
0
0
0
7
2
0
1
1
0
0
0
2
0
0
25 |
38
28
349
1
350
43
3
15
4
0
1
3
1
29
194
1
99
1
0
156
6
42,040
42,116
42,370
42,500
61,212
61,212
61,212
62,412
62,412
62,412
46,662
46,662
46,662
0
52
49
0
0
4
63
0
0
3
1
26
7
1
9
0
14
0
11
3
0
138 |
NA
NA
148
17
165
38
30
1
22
0
0
1
9
0
165
0
35
64
1
0
12
9,385
9,385
9,385
9,385
NA
NA
NA
37,348
37,348
37,348
24,100
24,100
24,100
11
NA
NA
NA
NA
NA
11
0
0
1
0
1
3
0
0
0
0
3
0
0
0
19 |
NA
NA
133
0
133
8
84
0
5
0
0
3
1
0
133
0
37
63
0
0
19
15,561
17,919
16,155
16,254
NA
NA
NA
29,911
29,911
29,911
20,679
20,679
20,679
7
NA
NA
NA
NA
NA
7
0
0
0
0
8
1
0
0
0
0
0
1
0
0
17 |
Page 1 of 2
Arizona College of Nursing-Cleveland |
Stautzenberger College-Brecksville |
|
Lakewood 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
|
NA
NA
101
0
101
21
61
2
13
0
3
0
0
0
100
0
4
96
0
1
11
10,479
10,479
10,479
10,479
NA
NA
NA
14,480
14,480
14,480
12,479
12,479
12,479
2
2
1
0
0
0
15
0
0
0
6
4
5
0
1
0
0
1
0
0
0
32 |
NA
NA
98
0
98
58
23
1
9
1
0
1
6
0
98
0
57
43
0
0
14
16,699
16,699
16,699
16,699
NA
NA
NA
33,753
33,753
33,753
19,353
19,353
19,353
67
NA
NA
NA
NA
NA
7
0
0
0
1
7
0
0
0
0
0
1
1
0
0
17 |
100
19
29
55
84
13
76
0
7
0
0
4
0
0
84
0
27
71
1
0
20
NA
NA
NA
23,760
NA
NA
NA
46,107
46,107
46,107
30,797
30,797
30,797
0
0
0
0
0
0
4
0
0
0
2
4
0
0
0
0
0
0
1
0
0
11 |
Page 2 of 2
Sources: STI: PopStats and STI: Colossus
|