A study displayed how USF contributes over 60,000 jobs and $6 billion to Florida’s economy.
Courtesy of USF
By Sofía García Vargas
A Muma College of Business study found the University of South Florida’s economic impact to be over $6 billion during the 2019-2020 fiscal year.
The report defines the economic output as “the total value of production of goods and services generated through USF-related spending.”
According to the study, USF generates this impact through the people involved in its everyday operations, including construction, student spending, research and innovation, and visitor spending on sports events.
The distribution of the sum resulted in $3,253 million (54.07%) in direct effects, $1,709 million (29.39%) in induced effects and $1,055 million (17.54%) in indirect effects within the university’s ecosystem.
The study found the following:
**Every $1 of state funding invested in USF helps generate more than $14 in economic output.
** USF-related direct spending supports 68,704 jobs in Florida.
** USF was awarded $535.4 million in research contracts and grants.
“As a major research university that shares a symbiotic relationship with a growing urban region, the University of South Florida is a powerful engine of prosperity,” USF Interim President Rhea Law said.
The university’s reputation continues to grow.
In 2021, USF was ranked No. 19 among U.S. public universities, No. 28 among U.S. public and private universities and Florida’s top university for international enrollment.
Additionally, the study placed USF as the 14th largest public employer in Florida.
The university is also recognized for its production of high-quality professionals, as “many of the jobs supported by USF are in high-skill, high-wage, knowledge-based industries,” the study said.
The report further explores the university’s social impact in the community, fostering inclusivity and access to opportunity.
USF uplifted its first-generation and low-income student numbers as well as gender, racial and ethnic diversity.
Named “America’s fastest-rising university” for second year in a row, the university continues to show its potential as an educational leader both locally and nationally.
“USF has been instrumental in producing talent throughout various industry sectors from financial, accounting, insurance, hospitality, nursing and others,” Lisa Krouse, CEO of the Sarasota County Economic Development Corporation, said. “USF plays a vital role in producing strong talent for our local economy. Their business partnerships thrive because it has contributed to the incredible success that has been seen by businesses in our community.”
