YSU’s Economic Impact Nearly $1B Each Year
YOUNGSTOWN, Ohio – Youngstown State University students, alumni and visitors, along with research, construction and entrepreneurial activities, pump nearly $1 billion into the five-county regional economy every year, supporting close to 16,000 jobs, a new study says.
In addition, YSU generates nearly six times more in tax dollars than it spends, and the university’s return on investment for students outperforms the U.S. stock market, the report concludes.
“This study confirms what all of us have known for quite some time – YSU is a major driver of the region’s economy and plays an enormous role in the educational, economic and social well-being of the greater Mahoning and Shenango valley area,” said YSU President Jim Tressel.
The report, “Economic Impact and Return on Investment of Education for YSU,” was commissioned by YSU and conducted by Economic Modeling Specialists International, a provider of economic impact studies for more than 1,800 educational institutions in four countries.
Among the findings for the fiscal year 2016 to 2017 :
- YSU’s overall annual impact on the regional business community amounted to $923.9 million in added income.
- YSU supported 15,688 total jobs, or one out of every 23 jobs in the five-county YSU region, including 3,710 in the health-care and social assistance industry, 1,472 in the government/non-education sector, and 900 in the manufacturing sector.
- For every $1 students spend on a YSU education, they get back a cumulative $5.20 in increased lifetime earnings.
- While the S&P 500 has delivered an average annual return of 10.1% over the last 30 years, the average annual return on investment for YSU students will amount to 15%.
- For every $1 taxpayers invest in YSU, $5.50 in added tax revenues is generated.
- While the state of Ohio allocated $54 million to support YSU, the university generated $271 million in benefits to taxpayers.
- YSU spent $915,000 on payroll to support research activities, creating a net total of $3.1 million in added income for the regional economy.
- Start-up companies associated with YSU added nearly $30 million to the regional economy the fiscal year.
- Visitors to the YSU campus from outside the region generated a net impact of $1.3 million in added income.
- For every $1 that society invested in a YSU education, society received a cumulative $11.70 in benefits, reduced crime, lower unemployment, increased health and well-being.
Copyright 2023 The Business Journal, Youngstown, Ohio.