August 23, 2005

Study: University of Miami's Economic Impact Grows to $3.9 Billion
Research Institution is Now Largest Private Employer in Miami

CORAL GABLES, FL – The University of Miami, one of the nation’s leading universities and one of the largest private research university in the Southeastern United States, pumps $3.9 billion into the South Florida economy, according to a study conducted by the Washington Economics Group.  In recent years, the University of Miami has experienced significant programmatic and research growth, and with more than 10,000 employees, it is now the largest private employer in Miami-Dade County and the sixth largest employer overall. 

“The University of Miami is inextricably linked to this wonderful and diverse community – and as a key intellectual and economic force, we are committed to its continued advancement,” said President Donna E. Shalala.

In the City of Coral Gables, the University of Miami is the most important economic enterprise, with a total impact of $1.1 billion. Approximately 40 percent of the University’s total payroll budget is paid to employees who live in the city. In addition, the University enhances the quality of life for residents, inviting neighbors to participate in athletic, educational, and cultural activities on its suburban, tropical campus. 

In 2004, the University had more than 10,000 employees on all campuses who were compensated a total of $739 million, with an indirect impact on 27,000 additional jobs in the local market. More than 68,000 out-of-town visitors attended University-sponsored academic events and spent an estimated $62 million. Overall, the University, its guests, and out-of-state students injected $1.5 billion into Miami-Dade County’s economy last year.

The institution maintains close relations with civic and business leaders throughout the county to ensure that it serves evolving needs throughout the community. The University further enriches the South Florida landscape through its wealth of programs in the arts, athletics, and other areas. Dozens of other initiatives bring together faculty, students, business and civic leaders, organizations, and families to bridge gaps, improve communications, enhance prosperity, and create a brighter future.

In fact, the University of Miami is pursuing bold, expansive strategies to realize its next level of excellence, moves that will increase its substantial impact on Miami-Dade County and the State of Florida. This acceleration of progress is possible due to the generous contributions of donors who have made Momentum: The Campaign for the University of Miami, a billion-dollar fundraising effort, to already have reached the $923 million mark to date.

To read the study on UM’s economic impact, visit http://www.miami.edu/visitors/EconomicImpact.pdf

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The University of Miami’s mission is to educate and nurture students, to create knowledge, and to provide service to our community and beyond. Committed to excellence and proud of our diversity of our University family, we strive to develop future leaders of our nation and the world. www.miami.edu

Contact:
Margot Winick
mwinick@miami.edu
305-284-5500