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UM puts its economic impact at $1.1B a year
Alexander Pyles//Daily Record Business Writer//January 25, 2013
UM puts its economic impact at $1.1B a year
Graduates of Maryland’s public universities contribute $1.1 billion in income and sales taxes each year, according to an economic impact analysis commissioned by the University System of Maryland.
The estimated impact on the state’s coffers exceeds the state’s investment in public universities in fiscal year 2013. Gov. Martin O’Malley and the General Assembly, as part of a broader package of higher education spending, put $1.06 billion into the university system during the current fiscal year.
The system includes the University of Maryland, College Park; University of Maryland, Baltimore County; University of Maryland, Baltimore and others. The study was conducted by the University of Baltimore’s Jacob France Institute.
An analysis of the lifetime earnings of three graduating classes — 1986, 1989 and 1996 — found that for every dollar the state invested in those students, it received an average return of $2.77 through taxes.
Nearly three-quarters of all bachelor’s degrees and 88 percent of professional degrees in the state are awarded by public universities.
The study is the first of its kind since 2002.
