A recent study by John L. Knapp, professor emeritus and senior economist at UVA’s Weldon Cooper Center for Public Service, and William M. Shobe, director of business and economic research at the center, reveals the extent of the University’s economic impact on both the Charlottesville metropolitan statistical area and the commonwealth. The study is based on data from the 2005 fiscal year, and did not factor in recent additions such as the John Paul Jones Arena.
- The University of Virginia brings in $4.71 from outside the common-wealth for every $1 the institution receives in state support.
- UVA brought in $622 million in out-of-state grants, out-of-state tuition, philanthropic support and graduate fellowships to Virginia. UVA. received $132 million from Virginia’s General Fund in fiscal year 2005.
- UVA’s impact on Charlottesville and Albemarle County exceeded $1 billion in 2005. The figure includes total spending by all University units, components, employees, students and visitors. Local spending by the University itself, including payroll, totaled $791 million.
- University operations directly generate annual income of well over $600 million from sources outside the state.
- Tuition payments by out-of-state students to the University brought $166 million into the state in fiscal year 2005.
- That same year, UVA attracted $456 million in out-of-state grants, philanthropic gifts and graduate fellowships to Virginia.
- UVA faculty received almost $300 million in research funding from outside Virginia. On average, each full-time faculty position at UVA generated in excess of $100,000 in sponsored research funding, most of which derives from sources outside the state.
- Student spending in the Charlottesville area totaled $211.9 million.
- Spending by visitors to UVA totaled $122.1 million.
- The University is the largest single employer in the Charlottesville metropolitan area, with 19,487 employees.
- The UVA Medical Center cared for 86,021 local residents on an outpatient basis. In addition, the Medical Center provided $27.6 million of indigent care to local residents.