<p>GAINESVILLE, Fla. The University of Florida, the states largest university and one of the biggest research universities in the nation, contributes nearly $6 billion annually to Floridas economy and is responsible for nearly 75,000 jobs.</p>
<p>So concludes a new study of UFs economic impact by three UF specialists in regional economics.</p>
<p>Alan Hodges, David Mulkey and Thomas Stevens in UFs food and resource economics department analyzed the universitys total revenues, spending, student enrollment, campus visitors and other data for fiscal year 2005-06. They included Shands HealthCare and UFs other affiliates in their analysis. The researchers then plugged the results into a regional economic model used by many universities and government agencies to derive economic multipliers that estimate overall economic contribution.</p>
<p>Their main finding: UFs total impact on the state economy was $5.85 billion last year. With the state investing approximately $665 million in the university, that works out to some $8.80 for every state dollar invested in the university.</p>
<p>The researchers also found that the university, which employs about 34,000 people directly on its main campus and via UF organizations such as the Institute of Food and Agricultural Sciences, is responsible for the creation of 74,894 jobs statewide.</p>
<p>I think what this study shows is that Florida taxpayers get a great return on their investment in the University of Florida, said UF President Bernie Machen. The fact is, were not only a major educator, were also a major economic force.</p>
<p>Mulkey, a professor of food and resource economics, said the study highlights how much money UF brings into Florida. UFs total revenue is $3.95 billion. About 45 percent of that figure, or $1.79 billion, comes from outside the states borders, through sources such as federal funding for research, spending by out-of-state students attending UF and out-of-state visitors to Florida, he said. The majority of the rest of the revenue comes from health care services, the study shows.</p>
<p>Comparisons of the studys numbers with those of some of Floridas largest companies show that UF brings in more revenue annually than Outback Steakhouse, Harris Corp. and TECO Energy Inc. If UF were a public company, it would be the 16th largest in the state, according to those comparisons. Even people who work here often dont realize the size of our total revenues, Mulkey said.</p>
<p>Mulkey said the researchers calculated the total economic impact by plugging the studys numbers into the Implan Pro software produced by Minnesota Implan Group Inc. and licensed to hundreds of other universities and government agencies nationwide. One of the softwares main functions was to divide the states economy into various economic sectors and estimate how they interact with one another as a result of UFs spending. That process generated the multiplier effects and the $5.85 billion figure. </p>
<p>Among the studys other notable findings was that UF attracts 3.5 million visitors to campus and an additional 1 million visitors to athletic events annually. </p>
<p>According to Mulkey, the total 4.5 million figure likely is conservative, because researchers could count only visitors who purchased tickets, attended major events where attendee numbers were tallied, or registered for events. I suspect there are literally hundreds of visitors on our campus each day that we have no record of, he said, adding that faculty meetings, for example, often draw out-of-state visitors for which there is no record.</p>
<p>The study also found that UF spends $4.35 billion annually, including $3.87 billion in Florida; that the university contributes $3.24 billion in total value-added impacts to personal income and business profits, and that the colleges of health sciences and veterinary medicine and UF healthcare services have a $3.39 billion in annual output, or revenue, impact.</p>
<p>Although the impact study is UFs first since 2004, its findings dovetail with other studies that address the universitys business and economic activities. Last year, the Milken Institute rated UF fifth in the nation when it comes to transferring technology to the marketplace. </p>
<p>Mulkey also said the new studys main caveat is that it examines UF in narrow economic terms, using the same methodology that would be used with a paper mill or a factory. That perspective is fine as far as it goes, he said, but it does not measure the most important thing UF does, which is to educate people who are going to live and work in the state of Florida and, through research, generate new ideas and technologies.</p>