Ohio State generates nearly $20 billion for the state economy, with more than $341 million coming from students
Ohio State had an estimated $19.6 billion impact on the state’s economy in 2019, according to its economic impact report of September 14.
The report was released through the Enterprise for Research, Innovation and Knowledge and analyzed university spending and its effects on the region based on four measures of impact: the total value of the production of a industry, employment, employee compensation, and state and local tax revenue.
Ohio State spent nearly $8 billion in operations and $604.7 million in capital in 2019. Ohio State Campuses and Wexner State Medical Center ‘Ohio had the largest impacts on the Ohio economy, generating nearly $10 billion each. Fiscal 2019 was analyzed as the most recent year unaffected by COVID-19.
According to the report, students contributed significantly to the economic impact, spending an estimated $341.8 million in 2019.
Jim Landers, a contributor to the report, said in an email an estimated 46% of student spending went to housing, 16 to meals, 11 to books and supplies, 10 to transportation, and 5 to clothing.
“I think it’s safe to say that student spending has a significant impact on the local community through individuals and businesses that rent apartments and houses to students; in food establishments such as grocery stores and restaurants; businesses selling clothing and household items; and companies that transport students or provide a service for their vehicles”, Landers, Associate Professor of Practice and Enarson Scholar at John Glenn College of Public Affairs, said.
Dawn Larzelere, associate vice president of operations at the Enterprise for Research, Innovation and Knowledge, said in an email that Ohioans across the state are still affected even though they have no link with the university. Visitors from Ohio State spent approximately $585.5 million, according to the report, which was calculated based on spending on accommodation, transportation, entertainment, and food and beverages.
“While this report quantifies the economic impact of college, people are impacted by Ohio State every day and may not realize it,” Larzelere said. “We currently have over 67,000 students enrolled at Ohio State across all of our campuses and so far this calendar year, over 13,000 have graduated from Ohio State. These students and graduates are part of the current and future workforce of Ohio, the country, and the world.
According to the report, Ohio State Athletics supported an estimated $366.4 million in industrial production statewide, including $171.5 from direct production.
The report details Ohio State’s employment impact on surrounding communities, supporting more than 110,000 jobs in Ohio and employing 47,686 full-time and part-time workers that year.
According to the report, the university paid out about $7.5 billion in labor income in the form of salaries, wages, benefits and payroll taxes.
Overall, Ohio State supported $663.1 million in tax revenue for state and local governments, according to the report.
University President Kristina M. Johnson said in A press release the report will be useful in measuring the university’s future success as a land-grant university.
“We have long known that institutions of higher learning have the ability to significantly drive economic development and create a ripple effect of positive impact in the communities and states where they are located,” Johnson said. . “This data-driven report quantifies that impact and establishes a benchmark against which we will measure future success in our continued mission to be the nation’s leading 21st century land-grant university.”