June 24, 2016
There is no surprise in the impact that the University of Florida has had and continues to have on the local Gainesville economy. However not only is the university profitable for the town, but it has proven to be very important and beneficial for the entire state of Florida. Private companies that license technology from the University of Florida have brought almost $2.3 billion into Florida's economy just last year, and the same companies have accounted for the employment of over 10,600 people.
Furthermore, with never-ending campus events, football games, graduations, student orientations, arts and entertainment productions, and much more, visitors have spent more than $253 million at the campus. UF's researchers have brought in approximately $55.3 million in grants, which is equal to more than three times their salaries and benefits, showing a very strong return on investment for the state.
According to Alan Hodges, an economist with the UF Institute of Food and Agricultural sciences, the numbers mentioned above "demonstrate that UF is a major economic presence of its own in Florida." He also states that "UF activities are very diverse, going beyond its education, research and service missions to encompass tourism, economic development and job creation to benefit the state."
Since 1985, the University of Florida has been the only Florida institution to be a member of the Association of American Universities, which is the benchmark for success among research-intensive universities. UF's standing has allowed for special state funding, which the university has used to hire new faculty to help enhance its expertise in more than two dozen strategic areas of emphasis.
For more details on the economic success and profound impact that the University of Florida has had on Gainesville as well as on the entire state, read the full article at floridatrend.com.
