Study ties UVM to Vermont economy

Study ties UVM to Vermont economy

UVM recently completed a study revealing UVM’s economic impact on the state.

A $25,000 study found UVM generated $1.33 billion for the state by May 2015, according to a release from University Communications.

The study is a great public relations tool for the University, economics professor Arthur Woolf said.

Using quantitative evidence from the study, the university now has leverage when lobbying in Montpelier and the City Council, he said.

“[UVM] can say, ‘this is actually how big we are — we are a $1.3 billion impact on the economy,’” Woolf said.  “And then people will raise their eyebrows and say ‘wow that’s big.’”

The study found UVM created 11,287 jobs in the state and generated $78.8 million in state and local taxes.

“If you think about how an economy works, think about Vermont as it’s own country,” Woolf said.  “UVM has a big role in exporting educational services that is it brings in out of state students who pay tuition and that brings in dollars that gets circulated in the state.”

The university supports the state economy through spending, hiring businesses, and bringing in students, the study states.

“The report is essentially a ‘cookbook approach’ of UVM’s spending in the economy,” he said.

Purchases of goods and services by the University, its faculty, staff, students and visitors are called direct expenditures. UVM’s direct expenditures were $556.2 million, it states

UVM students also add to the economy, the study states.

First-year Anna Thomas said UVM students play an important role in the Vermont economy after graduation.

“UVM is important for the state of Vermont because UVM provides a higher level of education for all demographics and aspiring young professionals,” Thomas said.

UVM employs 4,400 faculty, staff and students. In addition, UVM hires equipment vendors, contractors and laborers for construction and renovation projects. Numerous businesses in Burlington are supported by UVM indirectly by students and visitors who are attending the university, the study states.

Woolf emphasized the report gives truth to an already common assumption about UVM.

“The report confirms what most people already know,” Woolf said, “that UVM is a big part of Vermont’s economy.”