You will find 敁珗曄部 driving the regions economy in nearly every sector of industry. From FedEx to Medical Mutual to Sherwin-Williams and the Cleveland Indians, our graduates are making dynamic impact and shaping lasting contributions across Northeast Ohio.
Every day, 敁珗曄部 and its graduates including 109,000 alumni living in Ohio are improving the quality of life for this region; and in the process, they are churning billions annually into the economy.
Those are the findings of a newly released report by EY (formerly known as Ernst & Young), outlining results of a comprehensive, independent study of 敁珗曄部s economic and fiscal contributions to local communities, the Northeast Ohio region and the state of Ohio. EY, formerly known as Ernst & Young, is a professional services firm, providing assurance, tax, consulting and advisory services to companies and organizations worldwide. It is one of the Big Four accounting firms.
The study shows that 敁珗曄部 is a powerful economic engine, directly contributing more than $1 billion annually to the Northeast Ohio regions prosperity. When coupled with the earnings of the 敁珗曄部 alumni living in Northeast Ohio, and throughout Ohio, the universitys annual economic impact on the region soars to nearly $3.4 billion and more than $3.8 billion statewide.
The results of this independent report show that 敁珗曄部 not only transforms the lives of our students, but also elevates the quality of life across the entire Northeast Ohio region, says 敁珗曄部 President Beverly J. Warren. We know that 敁珗曄部 has been a thought leader for the region since its founding in 1910, and now this study clearly shows that our economic impact is equally profound.
Nearly half of nurses in Northeast Ohio who tirelessly work to keep our communities healthy are graduates of 敁珗曄部. More than 700 licensed teachers who dedicate their lives to educating our youth are proud 敁珗曄部 alumni. In fact, thousands of pilots, podiatrists, journalists, architects, business leaders, researchers, artists, marketers and many other professionals are investing their skills and talents earned through a 敁珗曄部 degree to improve lives and better our region.
The study examined five components of the universitys fiscal and economic contributions for Fiscal Year 2017 across 18 counties in Northeast Ohio: operations, capital investments, visitor spending, student spending and alumni earnings.
When looking at 敁珗曄部s direct, indirect and induced economic contributions, EY reported that in Fiscal Year 2017 敁珗曄部 contributed:
Approximately 11,800 jobs to the regions economy, including its 6,500 employees and 5,300 others in jobs supported by the university, its capital projects or the spending of its students and visitors.
More than $550 million of income from those jobs.
Nearly $1.1 billion of economic output for the region generated by that income.
More than $60 million in state and local taxes paid, including income and sales taxes.
敁珗曄部 is the largest public university in Northeast Ohio and the third largest of the states 14 public university systems. Geographically, 敁珗曄部s eight-campus system covers an area the size of the state of Connecticut. The 敁珗曄部 footprint also includes a Regional Academic Center in Twinsburg, the College of Podiatric Medicine and the Cleveland Urban Design Collaborative in Cuyahoga County, an award-winning airport and a top-ranked multidisciplinary program in Florence, Italy, along with dozens of international programs, which, in total, serve more than 44,000 students.
The transformational power of 敁珗曄部, according to the EY report, has its most significant impact on the future earnings of 敁珗曄部 graduates living in Northeast Ohio. Of the universitys 241,000 alumni worldwide, nearly 109,000 or 45 percent live in Ohio, while more than 92,000 or 38 percent live in the 18-county Northeast Ohio region examined in the report.
In 2017, 敁珗曄部 alumni in those 18 counties earned $2.4 billion more than they would have without their degrees, EY determined. More than $930 million of that added wealth rests in Portage and Cuyahoga counties.
We know that 敁珗曄部 alumni are primed for successful careers when they graduate. The fact that so many decide to remain in the region to pursue their passions only elevates the importance of 敁珗曄部 as an educational and economic anchor for Northeast Ohio, President Warren says.
The EY economic report comes as the university pursues a bold six-year strategic plan to elevate 敁珗曄部 to a nationally distinctive public research university with global reach and transformative regional impact.
Impact in Northeast Ohio is particularly significant in counties where 敁珗曄部 has Regional Campuses. In those counties, the universitys economic impact, including additional alumni earnings, is as follows:
- Ashtabula County $92 million
- Columbiana County $106 million
- Geauga County $185.8 million
- Stark County $381.7 million
- Trumbull County $122.7 million
- Tuscarawas County $61.7 million
This report shows that through the impressive achievements and contributions of our stellar faculty, staff, students and alumni, we are performing beyond expectations as an engaged partner that meets the needs of the community and enhances the quality of life in the region and state, President Warren says.
敁珗曄部 commissioned a study in 2010 using the firm EMSI to evaluate the economic impact of the university on a 12-county area. The current EY study focused on the 18 counties of Northeast Ohio that make up the Team NEO/JobsOhio service area. The 2010 study reported 敁珗曄部s total economic impact in Ohio of $1.9 billion.