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Carnegie Mellon University's Role As a Local and Global Economic Engine

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Carnegie Mellon University's Role As a Local and Global Economic Engine IMPACT FROM INNOVATION: CARNEGIE MELLON UNIVERSITY’S ROLE AS A LOCAL AND GLOBAL ECONOMIC ENGINE FINAL REPORT Spring 2017 FINAL REPORT SUBMITTED TO: Carnegie Mellon University 5000 Forbes Avenue, 403C Warner Hall Pittsburgh, PA 15213 FINAL REPORT SUBMITTED BY: Econsult Solutions, Inc. 1435 Walnut Street, 4th Floor Philadelphia, PA 19102 Econsult Solutions, Inc.| 1435 Walnut Street, 4th Floor| Philadelphia, PA 19102 | 215-717-2777| econsultsolutions.com Impact from Innovation: Carnegie Mellon University’s Role as a Local and Global Economic Engine|Final Report ii TABLE OF CONTENTS Table of Contents............................................................................................................................. ii Executive Summary ........................................................................................................................ iv 1.0 Introduction ........................................................................................................................... 7 1.1 Purpose of Report ........................................................................................................ 7 1.2 About Carnegie Mellon University (CMU) ................................................................ 7 1.3 How Carnegie Mellon Serves as an Economic Engine for the City, Region, and State … .................................................................................................................................... 8 1.4 Organization of Report ............................................................................................... 9 2.0 Impact Methodology ......................................................................................................... 11 2.1 Section Overview ....................................................................................................... 11 2.2 Economic and Tax Revenue Impact Methodology ............................................. 11 2.3 Scope of Economic Impact Analysis ...................................................................... 13 Introduction to Aggregate Economic Impact Analysis (Sections 3-6) .................................. 17 3.0 Impact from Operations .................................................................................................... 18 3.1 Section Overview ....................................................................................................... 18 3.2 Direct Operating Expenditures By Carnegie Mellon ............................................. 18 3.3 Economic Impact from Direct Operating Expenditures ...................................... 22 3.4 Industry Distribution of Economic Impact from Direct Operating Expenditures 22 3.5 Revenue Generation for Local and State Government from Direct Operating Expenditures ......................................................................................................................... 24 3.6 Importance of Impacts from Annual Operations ................................................. 25 4.0 Impact from Capital Investments ..................................................................................... 27 4.1 Section Overview ....................................................................................................... 27 4.2 Direct Capital Investments ....................................................................................... 27 4.3 Economic Impact from Direct Capital Investments ............................................. 30 4.4 Industry Distribution of Economic Impacts from Capital Investments ................ 31 4.5 Revenue Generation for Local and State Government from Direct Capital Investments .......................................................................................................................... 33 4.6 Importance of Impacts from Capital Investments ................................................ 33 5.0 Impact from Ancillary Student and Visitor Spending ..................................................... 35 5.1 Section Overview ....................................................................................................... 35 5.2 A Campus that Draws Students from Around the World ..................................... 35 5.3 Ancillary Spending by Students ............................................................................... 36 5.4 A Campus that Draws Visitors from Around the World ......................................... 38 5.5 Ancillary Spending by Visitors ................................................................................... 39 5.6 Economic Impact from Ancillary Student and Visitor Spending ......................... 41 5.7 Revenue Generation for Local and State Government from Ancillary Student and Visitor Spending ........................................................................................................... 42 5.8 Importance of Impact from Student and Visitor Spending ................................. 42 Econsult Solutions | 1435 Walnut Street, 4th Floor| Philadelphia, PA 19102 |215.717.2777| econsultsolutions.com Impact from Innovation: Carnegie Mellon University’s Role as a Local and Global Economic Engine|Final Report iii 6.0 Impact from Wage Premium and Talent Attraction ...................................................... 44 6.1 Section Overview ....................................................................................................... 44 6.2 What Carnegie Mellon Means for Local Aggregate Earning Potential............. 44 6.3 Impact of Carnegie Mellon on Educational Attainment in the Local Workforce 46 6.4 Enhanced Earning Potential for Carnegie Mellon Graduates ............................ 48 6.5 Aggregate Increase in Earning Potential within the City, Region and Commonwealth .................................................................................................................. 50 6.6 Economic Impact from Wage Premium and Talent Attraction .......................... 51 6.7 Revenue Generation for Local and State Government from Wage Premium and Talent Attraction .......................................................................................................... 52 6.8 Importance of Impact from Direct Annual Wage Premium ............................... 53 Introduction to Implications of Impact Analysis (Sections 7-9) ............................................... 54 7.0 The Reach and Impact of CMU’s Innovation Diaspora ................................................ 56 7.1 Section Overview ....................................................................................................... 56 7.2 The Importance of Innovation in the Knowledge Economy ............................... 56 7.3 Research Funding Attracted by CMU .................................................................... 57 7.4 Bringing Technology to the Marketplace .............................................................. 60 7.5 Alumni Entreupreneurship Impacts ......................................................................... 62 7.6 Philanthropy at Work ................................................................................................. 63 7.7 A Global Draw to and a Global Impact from the Pittsburgh Region ................ 65 8.0 Carnegie Mellon’s Essential Contribution to Regional Economic Transformation .... 66 8.1 Section Overview ....................................................................................................... 66 8.2 The Importance of Export and Innovation to Regional Economic Growth ...... 66 8.3 Carnegie Mellon’s Historical Contribution to Pittsburgh’s Post-Industrial Transformation ..................................................................................................................... 67 8.4 Pittsburgh’s Transformation into a Knowledge Center ......................................... 69 8.5 Carnegie Mellon’s Role in Pittsburgh’s Modern Knowledge Economy ............. 74 9.0 Impact from Local Engagement ...................................................................................... 78 9.1 Section Overview ....................................................................................................... 78 9.2 Civic Engagement..................................................................................................... 78 9.3 Educational Opportunities ....................................................................................... 80 9.4 Community Service ................................................................................................... 83 9.5 Arts and Culture Contributions ................................................................................. 84 9.6 Local Procurement and Hiring ................................................................................. 87 10.0 Conclusion ........................................................................................................................... 89 Appendix A – Detailed Economic and Tax Revenue Impact Methodology ..................... A-1 Appendix B – Detailed Student/Visitor Spending Methodology .......................................... A-3 Appendix C – Additional Detail on Industry Sectors Impacted by Carnegie Mellon’s Ongoing Operations and Capital Expenditures .................................................................... A-9 Appendix D – Detailed Wage Premium and Talent Attraction Methodology ................ A-11 Appendix E – About Econsult Solutions, Inc. ......................................................................... A-22
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