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The Economic Impact of Vcu Visitor Spending VCU’s Impact on the Region: Talent, Innovation and Collaboration Center for Urban and Regional Analysis December 2016 VCU’s Impact on the Region: Talent, Innovation and Collaboration Prepared for VCU President’s Ofice Report prepared by John Accordino, Ph.D., FAICP Fabrizio Fasulo, Ph.D. Mike McKenzie Tim Bland Michaela Martin Sarah Powers Center for Urban and Regional Analysis at VCU Report edited and designed by Pamela Stallsmith Sara Rozmus L. Douglas Wilder School of Government and Public Affairs Virginia Commonwealth University December 2016 921 W. Franklin Street | PO Box 842028 | Richmond, Virginia 23284-2028 (804) 827-0525 | www.cura.vcu.edu ACKNOWLEDGMENTS The CURA research team is grateful to President Michael Rao for the opportunity to work on this fascinating and important project, and to Kevin Allison, Pam Lepley, Brian Shaw, and Daniel Woodward, of the President’s Ofice, for their guidance during the research process. We also thank Pam Stallsmith and Sara Rozmus of the Wilder School for their work in editing and designing the inal document. We are grateful to the several dozen VCU faculty and staff persons who provided us with the data and information on which this report is based. And we thank the many community and regional stakeholders who participated in the information-gathering process, either through focus groups or through one-on- one interviews, providing vital insights on VCU’s role in the community and in the region. TABLE OF CONTENTS EXECUTIVE SUMMARY ..................................................................................................I INTRODUCTION ..............................................................................................................1 I. TALENT: Developing Tomorrow’s Workforce, Contributing to Our Communities ...5 1. Students and Institution ..........................................................................................7 Enrollment and Trends ...........................................................................................7 Diversity in Enrollment ........................................................................................10 Academic Programs .............................................................................................14 Admissions ...........................................................................................................17 Student Success ...................................................................................................18 2. Real World Talent and Teaching .............................................................................24 Living-Learning Programs ...................................................................................24 Service-Learning ...................................................................................................28 Community Service ..............................................................................................30 3. VCU Alumni ............................................................................................................31 The Outcome Survey ...........................................................................................33 Estimated Wage Impact of VCU Alumni on Richmond ......................................34 4. VCU Employment ...................................................................................................36 VCU Research Output ...........................................................................................41 5. Knowledge Transfer ...............................................................................................44 6. VCU Networks ........................................................................................................53 VCU Career Services ............................................................................................53 II. PLACE: Supporting the Regional Economy ............................................................58 Introduction ................................................................................................................60 1. Overall Economic Impact of VCU Operations and Associated Spending for Fiscal Year 2015 .....................................................62 2. Dissecting the Economic Impact of VCU by Spending Source ..........................68 Economic Impact of VCU and VCU Health SystemOperational Spending .......68 Economic Impact of VCU and VCU Health System Capital Spending ..............71 Economic Impact of VCU Employee Spending ..................................................81 Economic Impact of VCU Student Spending ......................................................82 Economic Impact of VCU Visitor Spending ........................................................84 3. Focus: VCU Health and the Richmond Community ............................................87 Health Service through Education ......................................................................88 VCU Health System as a Regional Employer .....................................................90 Community Engagement through Partnerships ................................................91 Engaging the Past with the Community .............................................................93 Engaging the Future of the Community .............................................................94 III. INNOVATION AND ENTREPRENEURSHIP: The Impact of VCU as an Innovation Leader ..............................................................97 The Innovative Mindset .............................................................................................98 1. Venture Creation University ..................................................................................99 Innovative Curriculums for Credit .......................................................................99 The DaVinci Center .............................................................................................102 School of Engineering ........................................................................................104 School of the Arts ............................................................................................... 110 From Educate to Innovate .................................................................................. 115 2. Regional Partners .................................................................................................123 Virginia Biotech Research Park (VBRP) .............................................................124 Dominion Resource Innovation Center .............................................................125 VCU Innovation Advisory Council .....................................................................126 Lighthouse Labs .................................................................................................126 Regional Recognition .........................................................................................128 The VCU Innovative Thrust Revisited ................................................................128 IV. REGIONAL STEWARDSHIP ...................................................................................131 Introduction ..............................................................................................................132 1. Community Developer.........................................................................................133 2. Convener ..............................................................................................................136 Metro Richmond Exports Initiative ...................................................................136 The Community-Engaged Partnership Map .....................................................137 3. Thought Leader ....................................................................................................138 Think of Us ..........................................................................................................139 VCU Metro View ..................................................................................................139 Craft Breweries ...................................................................................................140 Community Lectures ..........................................................................................141 Environmental Sustainability ............................................................................142 Primary and Secondary Education ....................................................................143 4. Moral Leader ........................................................................................................145 Social Justice ......................................................................................................145 Community Health .............................................................................................148 Conclusion ..........................................................................................................149 CONCLUSION: VCU and Richmond Culture .............................................................150 Executive summary Universities, as large organizations that are anchored in their communities, can poten- tially have signiicant economic and social impacts on the immediate community, the region, and even the state. Virginia Commonwealth University’s economic impact on the Richmond region is signiicant. Within the metropolitan statistical area (Richmond MSA), VCU’s spending on operations, maintenance and capital investment,
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