“The goals of the University of Washington [UW] economic impact study included the following:
• To calculate the business volume impacts of the UW’s operations on the state of Washington, Puget Sound Region, including Seattle, Bothell, and Tacoma.
• To calculate the total employment impact (direct and indirect) of the UW’s operations.
• To quantify the government revenue impact of the UW’s operations and the return on investment for public funding.
• To determine the economic impact of out-of-state research funding including research commercialization, patents and licensing, business spin offs, and the impact of the Center for Commercialization (C4C)” (p.3). (Abstractor: Author)
Major Findings & Recommendations
"The University of Washington's annual impact on the Washington state economy [includes]: • $9.1 billion in total economic impact generated by the UW in the state of Washington. $618.1 million in tax revenue to state and local governments, including sales, property, and business tax payments. • For every $1.00 in state funding allocated to the UW, $1.48 in tax revenue is returned to the state. • $1.00 invested by the State in the UW generates $22.56 in the total state economy. • 12,000 students graduate annually from the UW, and 74% of alumni stay in the state of Washington. • UW staff, faculty and students generate more than $394.5 million annually in charitable donations, volunteer services, and provision of free care" (p. 1). "The UW creates jobs: • The UW is the 3rd largest employer in the state of Washington. • UW has generated 69,803 jobs in Washington State. • One-third of these jobs are supported by $1.15 billion in UW-sponsored research" (p. 1). (Abstractor: Author)