June 28, 2007
Over $1 billion.
According to a new study, that is how much money the University of Virginia pumps into the local economy in a year.
The Weldon Cooper Center for Public Service performed the study analyzing data from 2005.
In addition, the University also pumps about $600 million into the state economy, thanks to out-of-state grants.
Local business leaders say, there is no denying the impact of this great economic engine.
"It's very easy for us in this community to overlook the University. We know about football games and basketball games, but it's a billion dollar a year enterprise to our local economy," said President of the Charlottesville Chamber of Commerce Tim Hulbert. "It's pretty hard to imagine what our region would look like without the University of Virginia. It wouldn't be our region. It would be a completely different construct."
This study is the first of its kind because it examines both the local and state impact of UVa.
“The goal was to develop a more complete picture of the total effect of the university of this kind in a state's economy on the scale of ours and to make that information available to legislatures, policy makers, the governor and so on,” said UVa President, John Casteen.
Students spend over $200 million a year in Charlottesville and Albemarle.
This study does not include the John Paul Jones Arena, which was not open yet.