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University's Economic Impact Noted
OXFORD, Ohio -- Miami University's economic impact on Ohio is 11 times greater than the state's $66.3 million investment, according to a report compiled by the Inter-University Council of Ohio (IUC).
The economic impact report says that Miami was responsible for 7,000 Ohio jobs and $217.3 million of in-state operational spending in fiscal year 1996.
Employees and students spent an additional $208 million and the approximately 540,000 visitors to Miami in 1996 spent another $12.6 million.
In all, Miami's total estimated economic impact reached $740 million.
The Miami report is part of a series of economic impact statements prepared by IUC based on information from fiscal year 1996 financial reports and calendar year 1995 payroll and tax records.
While acknowledging that contributions of education and quality of life are difficult to quantify, the report analyzes those impacts that can be counted.
The IUC report says Ohio's 15 public universities and medical colleges instruct 270,000 people annually. Combined, the schools are responsible for 123,570 Ohio jobs (not counting student employment). In fiscal year 1996 university, employee, student and visitor spending generated $6.2 billion, which is doubled for an estimated economic impact of $12.4 billion.
When the report was last done in 1991-92, Miami's economic impact was estimated at $588.9 million, and the impact of the 15 public universities and medical colleges was estimated at $10.72 billion.