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Download Report A Force for Good at the Local, Regional, and Global Levels The Economic and Social Impact of Tulane University Date: August 22, 2019 Submitted to Tulane University 1435 Walnut Street, 4th Floor | Philadelphia, PA 19102 | econsultsolutions.com | 215 -717-2777 Offering solutions for PUBLIC SECTOR | PRIVATE SECTOR | ECONOMIC DEVELOPMENT | COMMUNITY DEVELOPMENT REAL ESTATE | NON-PROFIT + INSTITUTIONAL | TRANSPORTATION + INFRASTRUCTURE A Force for Good at the Local, Regional, and Global Levels: The Economic and Social Impact of Tulane University August 22, 2019 Executive Summary Tulane University is a top-ranked research and higher education institution, founded on a mission that emphasizes integrating education and research with intellectual pursuits as well as community-based initiatives. Rooted in New Orleans, the University encourages its students, faculty, researchers, and staff to apply their knowledge, skills, and discoveries to engage on issues of local, regional, and global importance. This intensive focus on fostering a community of scholars that addresses real world challenges makes the economic impact of Tulane all the more meaningful and helps power the region’s competitive engine. Annual Economic Impact $3.14 billion in Louisiana Generated by four categories: $2.3 $143 billion million Operations Capital Investments $312 $382 million million Visitor Spending Wage Premium “One of the first things you notice at Tulane is the passion of its students, faculty and staff – an infectious spirit that animates the teaching, learning, research and social life of this community. There are few places in the world where you can receive as rigorous, challenging and complete an education as you will at Tulane University. But there is definitely no place in the world where you will receive a more transformative learning experience.” - Michael Fitts, President of Tulane University Executive Summary: Page 3 A Force for Good at the Local, Regional, and Global Levels: The Economic and Social Impact of Tulane University August 22, 2019 Investing in the Surrounding Neighborhood and New Orleans Community Tulane ’s ethos of service is apparent among students, faculty and staff, which strengthens relationships with the New Orleans community and fosters partnerships that address the needs of local residents. The University is an anchor institution for its community; its grounded approach to scholarship focuses on real world impact and engagement. The University ensures that its annual operations also create economic opportunities for local residents (in the form of employment opportunities) and local merchants (in the form of procurement opportunities). Tulane’s commitment to local procurement reflects its commitment to using its economic footprint as a mechanism for inclusive opportunities. Investing in Student Service Investing in Public Education Initiatives 2 million + Service Hours performed by Tulane students, faculty, and staff over the past 10 years Initiatives such as The Cowen Institute for Public Education and the Tulane University Center for 165 Local Agencies K-12 STEM Education bolster the capacity of served each semester through the Center for New Orleans’ education system and improves Public Service educational outcomes. Investing in Public Service Investing in Comprehensive Healthcare 276,000+ patients Tulane University Medical Center annually The 63 member Tulane University Police Department works in collaboration with the City, illustrative of Tulane’s commitment to serve 500+ physicians hand-in-hand with the local community. TUPD is employed under the TUMC umbrella one of only nine CALEA (Commission on Accreditation for Law Enforcement Agencies) accredited police departments in Louisiana. Executive Summary: Page 4 A Force for Good at the Local, Regional, and Global Levels: The Economic and Social Impact of Tulane University August 22, 2019 A Major Player in the Region’s Competitiveness Innovation and regional competitiveness increasingly depend upon $193 million commitment by major research universities like Tulane to help spark spent on R&D development. Universities such as Tulane are a source of both activities discoveries that can be commercialized and of the entrepreneurial talen t that translate intellectual property into startup ventures. These activities spur innovation and attract outside investment and interest in the region in the form of research funding, venture $1.8 million capital, and new businesses, creating a virtuous cycle of growth. in licensing income Tulane is an innovator; it is an active participant in collaborations throughout the region. The intensity of educational assets, human capital, research, and discovery both within Tulane and across neighboring institutions means that New Orleans has increasingly $40,000+ become a hub of innovation, even being named the third best city awarded for young entrepreneurs, according to a 2018 study conducted by annually to LendingTree. entrepreneurs Broadly Impactful Research Supporting Human Capital Cultivating Innovation Tulane National Primate The School of Professional The Albert Lepage Center for Research Center is a leader in Advancement (SoPA) offers Entrepreneurship and a variety of important programs for working adults Innovation drives business multidisciplinary projects and regularly revises its development at Tulane and in focusing on biomedical curriculum based on feedback the Gulf South region, by research, particularly from industry leaders and offering startup support and infectious diseases and companies seeking talent. sponsoring yearly business vaccines discoveries that have This helps elevate the skills competitions, including the far-reaching implications. and professional potential of Novel Tech Challenge which the region’s talent pool. fosters innovation. Executive Summary: Page 5 A Force for Good at the Local, Regional, and Global Levels: The Economic and Social Impact of Tulane University August 22, 2019 A Force for Good Locally, Regionally, and Globally Tulane’s role as a force for good at local, regional, and global scales starts with providing educational resources to a “New Orleans is a better and more vibrant diverse community of students. Access and affordability are and attractive city because of Tulane, and central to the University achieving this mission and creating Tulane is a better and more attractive a transformative experience for students who ultimately do university because of New Orleans; the good within the New Orleans region and beyond. This ethos futures of the two are linked. We need to is rooted in the University’s birth as the Medical College of nurture that and further that relationship because it benefits us both.” Louisiana, which sought to mitigate, through extensive research and study, the devastating impact of diseases – Michael Fitts, President of Tulane University introduced to the city through the Port of New Orleans. It continues to drive the University today as Tulane has become a force for good locally, regionally, and globally. Combining Local Research with a Global Perspective Research at Tulane is often conducted locally but has global implications, with a focus on emerging methods and countries around the world. One example of that broadly applicable research is at the Center for Emerging Reproductive Perinatal Epidemiology (CERPE) which has studied how disaster and disease affect pregnancy. Educating Well-Rounded, Service-Oriented Students Students that choose Tulane often seek to give back in their academic lives as well as professionally when they become alumni. One example of Tulane’s service-oriented ethos moving beyond the classroom is with Fund 17, a local non-profit started by Tulane graduate Haley Burns, that now partners with the Center for Public Service on providing business development assistance to local entrepreneurs. Providing Accessible Avenues to Educational Opportunities Tulane puts accessibility and affordability at the forefront of its mission, providing mentorship and educational opportunities for the surrounding community, including its Upward Bound program. Upward Bound partners Tulane student mentors with local, low-income high school students who would be first-generation college students. Executive Summary: Page 6 A Force for Good at the Local, Regional, and Global Levels: The Economic and Social Impact of Tulane University August 22, 2019 Table of Contents 1. Background and Introduction ............................................................................................................................. 10 1.1. Purpose of Report ...................................................................................................................................... 10 1.2. About Tulane University ............................................................................................................................. 10 1.3. Framing Tulane as an Economic Impact Engine for the City and State ...................................................... 11 1.4. Broader Community, Regional, and Societal Impacts ................................................................................ 12 1.5. Organization of Report ............................................................................................................................... 13 1.6. Overview of Report Scope and Methodology ............................................................................................ 14 2. Impact from Operations ....................................................................................................................................
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