For Immediate Release January 23, 2001
Contact: Ed FishelPhone:410/706-3801 Pager: 410/471-1735[email protected]
Report Shows UMB Generates $ 1 Billion in Economic Activity
An economic impact report prepared for the University of Maryland Baltimore shows it changes every $1 in state funds into $10 in economic activity. The report by an independent consultant concludes the campus generated between $900 million and $1.1 billion in economic activity associated with up to 16,215 jobs in Fiscal Year 99.
The campus is one of the largest employers in the region with 10,000 people directly earning their living at UMB or its partner, the University of Maryland Medical Center. It is the premier public provider of health and professional educational service in Maryland.
The report to President David J. Ramsay, DM, Phil, notes the campus makes a "significant contribution to the economic health and quality of life in Maryland" and it is the only public academic health campus that is enhanced by schools of law and social work.
UMB awards 58 percent of all professional degrees in Maryland, accounts for more than 10 percent of all University research and development in the state, and 27 percent of all industry-sponsored University research and development. It has three start-up companies currently in operation based on its research and two more companies are in development.
"This study shows the extraordinary return on the investment of public dollars in this university," says Ramsay. "This is possible because we have been able to hire the best and the brightest people in a fierce marketplace."
Located just blocks from Camden Yards, UMB has an enrollment in excess of 5,000 students. Seven out of every 10 students are women and 34 percent are minorities.
Research at the 26-acre campus continues to grow as more facilities are added for labs, students, and faculty. State and private funding are providing the new Health Sciences Facility II, law and social work building, and a replacement building for the Dental School. Plans also are underway to accelerate construction of facilities for the School of Pharmacy. UMB received a total of $165 million in research grants and awards in 1999, more than double the amount 10 years earlier. The total in FY2000 was $210 million, including research funds not incorporated in previous totals.
The report took note of the need for the University of Maryland in the economic future of the region. "According to the Maryland Business Research Partnership's 1999 fourth quarter Maryland Business Climate Survey report, 70 percent of surveyed firms in Maryland experienced worker shortages. Universities must play an important role in addressing these shortages."
The report continued, "A competitive advantage of the University of Maryland is that it awards degrees to 49 percent of the nurses, 53 percent of the physicians, and 100 percent of the dentists and pharmacists among all public and private colleges and universities in Maryland in FY99."
The report was prepared by the Jacob France Center at the University of Baltimore. For the complete report, contact Ed Fishel at 410-706-3801.
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http://www.oea.umaryland.edu/Media/NewsSum/News.htmThe Baltimore campus of the University of Maryland is home to the dental school, graduate school, and schools of law, medicine, nursing, pharmacy, and social work. It is the founding institution of the University System of Maryland
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