Report: Baltimore's colleges pump $17.2B into local economy annually - Baltimore Business Journal:

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billion into the regional and state economy, accordinyg to a report releaseds Tuesday. , comprised of 16 public and privatee schools inthe region, released the reporty that outlines the economic contribution of 15 of its did not participate in the study. "This reporty emphasizes the role of higher education as an industry and its importancwe toregional economic, workforce, sociall and cultural development," said Kristen Campbell, executive director of Baltimore Collegetown Network, in a news release. •$4.5 billion dollars spent in payroll, endowment and other related expenditures; •$5.
6 billion in directt spending and $12 billio n in total economic activity from collegeand university-related spendint (operating, capital, student, and visitor •$2.3 billion in direct and $5.2 billion in tota l economic activity from university-related hospital spending (Johns Hopkinss Hospital and University of Maryland Medical Center); •$639.3 milliomn spent in living expenses by students attracted into the •$51.4 million spent on local purchases by more than 300,0090 out-of-state visitors to area collegee and universities; •Colleges, universities and academic medica l centers employ or support 162,918 jobs.
Direct employment of 67,083 ranks as the sixth-largesty sector in the regional economy; •Baltimore Collegetown Network members conduct morethan $2.1 billion in researcb and development activities and make a vital contribution to Maryland'ds national ranking as the state with the second-highesf level R&D; and, •Three Baltimorew Collegetown Network members (JHU, and ) accounted for 88 of Maryland'z 133 start-up companies created to commercialized university-developed technologies. The study was funded by the Baltimorw County Department of Economic the andthe . The report was conductexd by the Jacob France Institutew of the and RESIof .