The economic impact of the University of Miami on Miami-Dade County, Florida

The purpose of this study is to determine the direct impact of the University of Miami on the economy of Miami-Dade County, Florida, and to estimate the total (direct and indirect) economic impact of the university on business volume, employment and personal income. Data are collected from published documents or from key administrators at the university, local county government and federal agencies. No survey instruments are used.The study applies the Caffrey and Isaacs methodology. Consistent with this methodology, several areas of positive and negative impact are measured and, where appropriate, multipliers are used to estimate indirect impact.Three areas of impact on business are measured: University-related local business volume ($973.8 million); value of local business property committed to university-related business ($1,622.7 million); and local business volume un-realized because of the existence of university auxiliaries ($-34.6 million).Five areas of university-related impact on Miami-Dade County government are measured: university-related revenues received by local government ($57.5 million); operating cost of local government-provided county and public school services allocable to university-related influences ($-44.0 million); value of local government properties allocable to university-related portion of services provided ($1,447.3 million); real estate taxes foregone because of the tax-exempt status of the university ($-2.3 million); and value of county-type services self-provided by the university ($1.6 million).The impacts on local individuals were measured in three areas: number of local jobs attributable to the existence of the university (30,169); personal income of local individuals from university-related jobs and business activities ($716.1 million); and durable goods procured with income from university-related jobs and business activities ($82.7 million).Although these findings are not collapsed into one single dollar amount of impact, they clearly demonstrate the significance of the University of Miami\u27s economic impact on Miami-Dade County