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Published: Thursday, May 16, 2019 @ 10:13 AM
By: Nolan Simmons
— Ohio State University has an annual $15.2 billion economic impact on the state of Ohio, according to a recent analysis.
The economic analysis conducted by Tripp Umbach found the university was the state’s fourth largest employer in fiscal year 2018. The university either directly or indirectly supported more than 123,000 jobs across Ohio, the study found.
“We are focused on being the most innovative university we can be,” Ohio State president Michael Drake said. “It is very important that our university prepares not just for the foreseeable future, but for those things that will define our work 10, 20, 30 years from now.”
The analysis took into consideration the effects of OSU’s operational spending, as well as the ripple effects of spending by employees, students and visitors on retail purchases, restaurant meals, hotel stays, events and other goods and services.
Ohio State’s campus alone generated $7 billion, supported almost 67,000 jobs and stimulated almost $350 million in state and local tax revenue, the study showed. OSU’s Wexler Medical Center generated $7.3 billion and directly supporting almost 22,000 jobs.
Drake said OSU had record year for size, diversity and academic capability in its 2018-2019 freshman class. He said that the momentum of the university positions OSU to create a talented workforce that will contribute to the innovation economy.
OSU has potential to create an estimated $184 million of additional earning power annually for new graduates, according to the analysis. In addition to the economic impact of operational costs, the university generates at least $364 million each year in faculty, staff and student charitable donations and volunteer services.
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