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Charlottesville, VA Business News

UVa brings in the bucks says new study

Posted by lbanner on June 28, 2007

A new study by economists at the Weldon Cooper Center for Public Service found that the University of Virginia brings in $4.71 from outside the commonwealth for every $1 the institution receives in state support.

This study is the first to examine the University’s economic impact not only in the immediate Charlottesville area but also throughout the rest of the state. Researchers report that in fiscal year 2005 alone, U.Va. brought $622 million in out-of-state grants, out-of-state tuition, philanthropic support and graduate fellowships into Virginia. U.Va. received $132 million from Virginia’s General Fund in fiscal year 2005.

Locally, U.Va.’s impact on Charlottesville and Albemarle County exceeded $1 billion in 2005, according to the study. The figure represents total spending by all University units, components, employees, students and visitors. Local spending by the University itself, including payroll, totaled $791 million. The Academic Division spent more than three- fifths of this amount. The Medical Center and the closely related Health Services Foundation accounted for more than a third of local outlays.

The report is available online at www.coopercenter.org/publications/uvaimpact

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