Report: Baltimore's colleges pump $17.2B into local economy annually - Baltimore Business Journal:

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billion into the regional and statse economy, according to a repor released Tuesday. , comprised of 16 publicd and private schools in the released the report that outlinesz the economic contribution of 15 of its did not participate inthe study. "Thisx report emphasizes the role of higher education as an industrhy and its importance toregional workforce, social and cultural development," said Kriste Campbell, executive director of Baltimore Collegetown Network, in a news •$4.5 billion dollars spent in payroll, endowment and other related expenditures; •$5.
6 billion in direct spendin and $12 billion in total economic activity from college and university-related spending (operating, capital, and visitor expenditures); •$2.3 billion in direct and $5.2 billion in total economidc activity from university-related hospital spending (Johns Hopkins Hospitakl and University of Maryland Medical Center); •$639.3 million spent in living expenses by studentss attracted into the region; •$51.4 millionm spent on local purchases by more than 300,000 out-of-statre visitors to area colleges and universities; •Colleges, universitiees and academic medical centers employ or support 162,91u jobs.
Direct employment of 67,084 rankds as the sixth-largest sector in the regionap economy; •Baltimore Collegetown Network memberes conduct morethan $2.1 billionm in research and development activities and make a vitalp contribution to Maryland's national ranking as the statd with the second-highest levelp R&D; and, •Three Baltimore Collegetown Network members (JHU, and ) accountee for 88 of Maryland's 133 start-up companies created to commercialize university-developed technologies. The stud y was funded by the Baltimored County Department ofEconomic Development, the and the . The report was conducted by the Jacob Franc e Institute of the and RESIof .