AMERICAN COLLEGES WITH THE LARGEST ECONOMIC IMPACTS: THESE UNIVERSITIES HAVE CREATED BILLIONS OF DOLLARS FOR THEIR STATES

Although Vanderbilt University produced one of the methodology's sources, it neglects to mention its own economic impact on Tennessee in that report. However, the Association of American Universitieshas a report that notes that the college's statewide financial benefit was $8.6 billion in 2011 to 2012. Vanderbilt University itself states that in 2015 to 2016 this impact had increased to $9.5 billion. Additionally, between the two reports, Tennessee based jobs supported by the college had increased from 58,000 to 63,500. Perhaps most impressively, from 2015 to 2016, the college provided $513 million worth of free medical care to Tennessee residents.

The most recent report to come out of the University of Southern California stated that from 2015 to 2016, its economic benefit to California was $8 billion. This money supported over 53,425 jobs in the state. However, the college is also proud of its support for the local area. For instance, it is working to address the shortage of highly skilled labor through educational outreach programs. These mostly work in, "the neighborhoods surrounding USC's campuses, which are populated by under-represented demographic groups." In fact, the college supports over 400 community initiatives in these neighborhoods.

An overall report on the economic impact of the University of California, San Diego is overdue. Association of American Universities'slatest collected report states that from 2006 to 2007, the college contributed $7.2 billion to the Californian economy, with $5.7 billion of this going into its local county. Another report details that by 2011, the college was employing 36,466 individuals and paying $1.4 billion to these employees per year. Additionally, Top Universities/QSconsiders the University of California, San Diego to be one of the 20 best universities in America, placing it at 17th. US Newshas a slightly lower perception of the college and names it 41st best national university.

Association of American Universitieshas an article that states that in 2007, the University of Virginia's economic impact on the state of Virginia was over $1 billion. However, a more recent study found that in 2016, this had increased to $5.9 billion. Of this figure, $70.3 million came from students, faculty, and staff taking part in charitable community efforts, such as volunteering time or donating money. The more recent report also states that the college provided and supported over 51,000 jobs, meaning that one in every 76 Virginians was sustained by the college's activities in 2016.

Association of American Universitiesprovides information upon Duke's economic impact in the fiscal year of 2012 to 2013. It stated at that time, the college added $5.8 billion to North Carolina's economy. When this information was released, Duke also revealed that it employed 31,518 people. And the alumni contribution to the North Carolina economy was $302.7 million. One of the most innovative ways that Duke has been energizing the national and international economy is through DukeEngage. This is an immersive summer program that allows students to provide assistance to needing communities. As of 2018, the program has involved over 4,000 students, who have worked in 42 US cities and 81 different countries.

A 2018 study revealed that the University of Georgia's home state economic impact is $5.7 billion a year. The college calculated this figure by taking data on the earnings of alumni and analyzing the number of them who stay in Georgia after degree completion. They also factored in funded research, start-up businesses and scientific products that have been produced by the college. US Newsconsiders the University of Georgia to be the 46th best national university, and Top Universities/QSconsiders it to be the 82nd best national university.

Thanks to the different data that the Association of American Universitiesand the University of Michigan provide, it is possible to see the growth of this college from 2003 to 2017. For instance, in 2003, the college had 26,317 employees in Michigan. By 2017, it had almost doubled this number to 51,638 employees in Michigan. In 2017, University of Michigan estimated that the total earnings and benefits that the college is responsible for totaled over $4 billion. The college has many success stories that show how it is perfectly aligned with its state's values. For instance, its industry partners recently invested $11 million into the college. This money will be used to accelerate the development and implementation of connected and automated vehicles to improve traffic safety. Michigan has a proud history of automotive innovation, so this latest project could be the next phase!

In the fiscal year of 2012 to 2013, Wake Forest University's economic impact upon its region was $3.3 billion. The college was particularly proud of the $294.2 million of income that its alumni who were living in the local area had provided to the economy. The college has not published an update on its financial benefit in the years following the 2012 to 2013 report. But it is certain to have increased its economic output considerably. In construction alone, the college has stated that it is spending $625 million from 2016 to 2026.

The most recent record of Cornell's statewide economic impact comes from 2013 when the college published a report conservatively estimating it to be $3.2 billion. $1.2 billion of this was spent in its home county on paying employees, purchasing resources and constructing buildings. Additionally, its faculty and staff numbers were over 20,000 when its report was published. However, Association of American Universitiesendorses more recent statements from Cornell, including that the college has supported over 722 startups and provided a total of over $10 billion in funding to these.

The information about New York University's economic impact presented in the Association of American Universitiesis older than that found on NYU's website. This means that the two can be compared, to see the growth. The older report states that in 2009, the college and student spending in the local area amounted to $2.25 billion per year. In the more recent report, it states that in 2013, this spending had increased to $2.9 billion per year. But the college's Start Up Program is where New York University is really proud of itself. Startups based in its incubators had generated $251 million by 2013 and have to date created thousands of new jobs in New York City.

In 2017, Carnegie Mellon University reported that its annual economic impact in Pennsylvania was $2.7 billion. Additionally, it employed 18,000 people and had created 148 startups over the last five years. Overall, these startups had raised over $1 billion in funding. Carnegie Mellon University attributed much of its economic success on its Swartz Center for Entrepreneurship. This center has boosted Carnegie Mellon startups' business with college research. Additionally, it is also responsible for fostering partnerships with more than 350 large corporations such as Amazon, Apple, Disney, Facebook, and Google. All of those companies now have offices in Carnegie Mellon's city of Pittsburgh as a result of the college's efforts.

In 2004, University of Oregon reported that it generated $10 for every dollar it spent, according to Vanderbilt University'sreport. In the present day, the college states that its annual economic footprint for the state of Oregon is $2.3 billion. And the college is displaying its impact in a unique way. It has produced an interactive map that showcases how it is benefiting the different counties in Oregon. This map shows information such as the amount the college is paying to vendors and the number of alumni living in the area.

Association of American Universitiescommends the impact of Washington University in Saint Louis. The college's latest economic report dates to 2016 and reveals that it spent over $2.1 billion in the Saint Louis region. Additionally, it supported over 43,000 jobs. But what's really impressive about the impact of Washington University in Saint Louis is what it's spending its money on. The college states that it's dedicated to championing the local businesses in its region. It's also investing in the region's next generation by providing a college prep program for high achieving high school students with limited financial resources.

Association of American Universities'slatest economic impact data for Yale University comes from 2012. This study stated that almost 14,000 Yale alumni were currently living in the state of Connecticut. It also estimated that at that point, the college had created over 43,000 jobs in the state, which included alumni company job creation. The college itself currently employs 14,000 people. It also ensures that these employees benefit their local economy by providing a program which assists in buying homes in the area. Yale University itself states that its annual financial impact upon its economy is over $2 billion. It is Top Universities/QS'seighth-best American college and US News'sjoint third best national university.

The 2006 Vanderbilt Universitystudy highlights how the University of Chicago is benefiting its local community in a number of innovative ways. One such manner is through creating a University of Chicago Police Department, which patrols an area greater than the college itself. And in the present day, the college's innovative ways of improving the economy of its home city have only increased. The college now runs community program accelerators, which fund and support non-profits; has established a student civic engagement center; and aims to revitalize some of Chicago's major retail areas. The college itself employs 10,000 people. On national rankings, University of Chicago is joint third on US News'sbest national universities list and fifth on Top Universities/QS'slist.

The most recent report on the economic impact of the University of California, Santa Barbara comes from 2010. In that year, the college stated that it had a $1 billion impact on its state's economy. However, it noted that much of this impact was based in Santa Barbara County. At the time, over 90 local companies had been founded by college alumni. Additionally, it stated that it employed 9,500 people in the nearby area. While more recent impact figures have not been released, the college's increase can be estimated from its budget. In 2010, the college's budget was $468 million. In 2016, the college's budget was $760 million. As the budget has almost doubled since 2010, it can be predicted that the current economic impact of the college has also doubled to nearly $2 billion per year.

Association of American Universitieshosts a report that details Princeton University's economic impact up until 2007. And it reveals that Princeton did some impressive things for its home state of New Jersey. For instance, at the time, over 6,000 alumni were still based in the state. Additionally, it generated slightly over $1 billion in revenues and employed over 5,000 people. In the present day, this economic impact has increased significantly, with its financial output standing at $1.58 billion per year and employment at over 6,000 people. Princeton University is also US News'stop national university and QS/Top Universities'ssixth-best American college.

New York City is in the metropolitan area that has the ninth highest economic benefit from college graduates, according to Citylab. In 2017, Columbia University was one of the top contributors to its area's economy. It employed over 20,000 people. Additionally, from 2012 to 2017, it invested $578 million into New York State. And in 2016 alone, its funded research that pioneers innovations and startup companies totaled over $737 million in expense. When these findings were published, the college expected to create 2,500 more jobs in the next 10 years. US Newsconsiders Columbia University to be the third best university in America, and Top Universities/QSconsiders it to be the ninth best.

Measuring the economic impact of a college that is surrounded by other prestigious colleges is a challenge. Harvard University is located near Boston University, Boston College, MIT, and others. When the financial benefits of all the college graduates in the area are combined, then Boston has the second most added value of any metropolitan area in the country, according to Citylab.However, HarvardUniversity certainly has some strong claims to being one of the greatest contributors to the local economy. For instance, it has been the largest employer in its city for 18 years. And in 2016, the college spent $1.5 billion on Massachusetts based businesses for construction, supplies, and services. On the various top national colleges lists, Harvard ranks at second on US Newsand third on QS/Top Universities.

The University of Notre Dame is mostly active within St Joseph County in Indiana. This can be shown through the amount of its statewide economic output that goes into this county. In 2016, it contributed $1.2 billion to Indiana's economy, but over $1 billion of this went into St Joseph County. Additionally, statewide it maintained over 11,000 jobs, with almost 10,000 of these being within its home county. If you want to study at a college that is heavily focused on its immediate surroundings, then this data shows that the University of Notre Dame could be a perfect choice!