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The Economic Impact of the University of Virginia

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The Economic Impact of the University of Virginia THE ECONOMIC IMPACT OF THE UNIVERSITY OF VIRGINIA HOW A MAJOR RESEARCH UNIVERSITY AFFECTS THE LOCAL AND STATE ECONOMIES WELDON COOPER CENTER FOR PUBLIC SERVICE University of Virginia P. O. Box 400206 Charlottesville, VA 22904-4206 www.coopercenter.org The Economic Impact of the University of Virginia how a major research university affects the local and state economies based on 2005 data John L. Knapp William M. Shobe June 2007 Copyright © 2007 by the Rector and Visitors of the University of Virginia This study can be accessed on the web at: http://www.coopercenter.org/publications/uvaimpact Charlottesville 2400 Old Ivy Road, Room 220 Charlottesville, VA 22903-4827 (434) 982-5522 • FAX: (434) 982-5524 • TDD: (804) 982-HEAR Internet: http://www.coopercenter.org Richmond 700 East Franklin Street, Suite 700 Richmond, VA 23219 (804) 371-0202 • FAX: (804) 371-0234 • TDD: (804) 982-HEAR Southwest 1 College Avenue Wise, VA 24293-0016 (276) 328-0133 • FAX: (276) 328-0233 • TDD: (276) 328-0191 Southside 1008 South Main Street Danville, VA 24541 (434) 791-5174 • (434) 971-5175 • FAX: (434) 791-5176 TABLE OF CONTENTS list of tables and figures . v foreword. vii study highlights. 1 chapter 1 the study in brief: overview and summary. 5 introduction . 5 local area . 5 Local Spending. 5 Spending by the University and Its Major Components. 5 Spending by Students . 6 Visitor Spending . 6 Total Local Spending Attributable to the University . 6 University Employment . 7 University Involvement in Community Services. 7 Police. 7 Fire. 7 Emergency Communications. 7 Rescue . 7 University Transit Service . 8 Student Housing Inspection. 8 Solid Waste Disposal. 8 Charitable Activities. 8 Medical Center Programs . 8 The University and Local Government Finances . 9 Tax-Exempt Real Property. 9 Taxable Real Property . 9 Service Charges. 9 Real Estate Taxes Paid by Faculty, Staff, and Students and Education Services Received . 9 statewide impact. 9 The Flow of Dollars into the State. 9 Valuing the Outputs of the “Knowledge Factory” . 10 Education: The Private Value. 10 Education: The Public Value. 10 Social Gains . 11 Economic Gains . 11 Equal Economic Opportunity. 11 The Value of University Research . 12 Research and Growth . 12 U.Va. Initiatives. 13 Research and Education as Joint Products. 14 1 chapter 2 a detailed analysis of the university’s local impact . 5 introduction . 15 local spending by the university and by faculty and staff . .15 local spending by students . 16 visitor spending. 18 Faculty and Staff Visitors. 19 Students’ Visitors. 20 Season Ticket Holders . 20 Conference Attendees . 21 Alumni Association Visitors . 21 Attendees at Office of Admission Events . 22 Medical Center Out-of-Town Patients and Their Families . 22 Table of Contents iii Table of Contents Continued Darden Executive Education Participants. 23 Continuing Medical Education Participants. 23 Festival Attendees . 23 Virginia Festival of the Book. 23 Virginia Film Festival . 24 School of Continuing and Professional Studies Executive Development Program Participants . 24 John Paul Jones Arena Spectators . 24 Culbreth Theater Patrons. 24 Visitor Summary . 24 university capital outlay. 25 total local spending attributable to the university . .27 University Employment . 27 university involvement in community services. 28 Police . 28 Fire . 29 Emergency Communications. 29 Rescue. 30 University Transit Service . 30 Student Housing Inspection . 31 Solid Waste Disposal. 31 Charitable Activities . 32 Medical Center Programs . 32 The University and Local Government Finances . 33 Tax-Exempt Real Property. 33 Taxable Real Property . 34 Service Charges . 35 Real Estate Taxes Paid by University Faculty, Staff, and Students and Public Education Services Received . 35 3 chapter 3 the economic value of education and research. 7 introduction . .37 a short note about the history of higher education in america. 37 the flow of dollars into the state. 38 valuing outputs of the “knowledge factory” . 39 the value of a university education . 39 Education: The Private Value. 41 Increased Wages . ..
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