A newly released report reveals that the University of Virginia contributes approximately $11.9 billion to the state’s economy each year. This figure reflects both direct and indirect economic activity generated by the institution, including its health system and UVA Wise campus. The analysis, conducted by UVA’s Weldon Cooper Center for Public Service, identifies the university as a significant driver of economic growth throughout Virginia, supporting over 67,000 jobs statewide—equivalent to roughly 1 in every 85 positions. The study assessed fiscal year 2024, covering the period from July 1, 2023, to June 30, 2024, factoring in employee salaries, expenditures by students and visitors, research funding, and government grants.
One of the report’s standout findings is the return on investment for state funding: every dollar provided by Virginia taxpayers generates $35 in economic output. Jennifer “J.J.” Wagner Davis, Executive Vice President and Chief Operating Officer, emphasized that UVA’s collaborations with public and private sector partners amplify its reach across all regions of the commonwealth. She noted that these partnerships are aligned with key industries fueling economic expansion.
Beyond immediate financial contributions, the report highlights long-term benefits for graduates. Ten years after entering the workforce, individuals holding degrees from UVA earn 53% more than the national average and 41% above the state’s median wage. Additional impacts include $740 million in annual spending by students and visitors in Central Virginia and at the College at Wise, $455 million in tax revenues for local and state governments, and $2.6 billion in indirect economic activity stemming from UVA’s supply chain relationships.
Interim President Paul Mahoney underscored the institution’s broader societal role, stating that academic excellence, groundbreaking research, and high-quality healthcare collectively deliver measurable economic value. He added that the resources entrusted to UVA by Virginians yield substantial returns.
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Report: UVA’s annual statewide economic impact is nearly $12 billion
The University of Virginia’s economic impact across the state is nearly $12 billion annually, which includes directly and indirectly providing more than 67,000 jobs, according to a new report presented Friday to a Board of Visitors committee. n nBy the Numbers: UVA’s Economic Impact n n$11.9B n nUVA’s total economic impact throughout Virginia n nThe report prepared by UVA’s Weldon Cooper Center for Public Service concluded that the University is a “major economic engine for the commonwealth,” directly or indirectly responsible for 1 in 85 jobs in the state. The report examined the University’s contributions to the state economy in fiscal year 2024, which spanned from July 1, 2023, through June 30, 2024. The researchers examined salaries, visitor and student spending, government grants, research investments and other financial impacts. n nBy the Numbers: UVA’s Economic Impact n n67K n nState jobs generated directly and indirectly by UVA, including UVA Health and UVA Wise n n$35 n nEconomic impact for every one dollar of state funding n nThe report concluded that for every dollar the state invests in UVA, it gets a return of $35. n n“It’s exciting to see the findings of this study validate UVA as a top economic asset locally, regionally and across the commonwealth,” Executive Vice President and Chief Operating Officer Jennifer “J.J.” Wagner Davis said. “This study clearly demonstrates how our collaborations with business, government and regional partners ensure that our impact reaches every corner of Virginia and is aligned with the sectors driving growth for the commonwealth. UVA is committed to continuing its work with our economic development partners to accelerate opportunity and prosperity for all Virginians.” n nThe report also found that, after 10 years in the workforce, employees with UVA degrees earned 53% more than the average national wage and 41% more than the state average wage. n nAdditionally, the report noted: n nNearly $740 million in annual economic impact from student and visitor spending in Central Virginia and around UVA’s College at Wise n n$455 million in tax revenue delivered to the state and local governments n n$2.6 billion in indirect impact by companies and people doing business with UVA, and the related economic ripple effect in the supply chain n n“The University has a positive and growing effect across our state and region,” interim President Paul Mahoney said. “Our excellence in academics, life-changing research and comprehensive patient care makes a tangible economic contribution – nearly $12 billion a year – to the life of our commonwealth. The financial resources the people of Virginia provide us are returned many times over.”