Partners in Progress: (above) Kent City Manager Dave Ruller and СƬƵ President Beverly Warren discuss the university’s new economic impact study during a press conference unveiling the report on February 26, 2018. “Sharing this data is creating a solid foundation for the future transformation of both the university and the city of Kent,” says President Warren.
СƬƵ drives the region’s economy in nearly every sector of industry. From FedEx to Medical Mutual to Sherwin-Williams and the Cleveland Indians, СƬƵ graduates are making a dynamic impact and shaping lasting contributions across Northeast Ohio. Every day, СƬƵ and its graduates—including 109,000 alumni living in Ohio—are improving the quality of life for this region and, in the process, churning billions annually into the economy.
Those are the findings of a recently released by EY (formerly known as Ernst & Young) outlining results of a comprehensive, independent study of СƬƵ’s economic and fiscal contributions to local communities, the Northeast Ohio region and the state of Ohio.
The study shows that СƬƵ is a powerful economic engine, directly contributing more than $1 billion annually to the Northeast Ohio region’s prosperity. When coupled with the earnings of the СƬƵ alumni living in Northeast Ohio and throughout Ohio, the university’s annual economic impact on the region soars to nearly $3.4 billion and more than $3.8 billion statewide.
“СƬƵ contributes to a thriving Northeast Ohio community and demonstrates the value of higher education to the region and state economies,” says СƬƵ President Beverly Warren.
The economic report is good news for businesses in Portage County, says Kent City Manager Dave Ruller. “There are a lot of smiling businesses in this community and all over Northeast Ohio that are pleased with those numbers,” Mr. Ruller says, noting that the award-winning revitalization of downtown Kent would not have been possible if the city and the university did not believe that Kent’s downtown matters to their shared future.
The transformational power of СƬƵ also has a significant impact on the future earnings of KSU graduates living in the 18-county Northeast Ohio region—in 2017 they earned $2.4 billion more than they would have without their degrees, and more than $930 million of that added wealth rests in Portage and Cuyahoga counties.
“The fact that so many СƬƵ alumni remain in the region to pursue their passions only elevates the importance of СƬƵ as an educational and economic anchor for Northeast Ohio.”
—President Beverly Warren
’s&Բ;$3.4 Billion Impact
257,000+ alumni worldwide
136,000+ alumni in Northeast Ohio
$2.4 Billion added income that СƬƵ alumni earned with their degree
6,500 employees of СƬƵ
5,300 jobs supported by СƬƵ
$550 million of income from those jobs
$60 million in state and local taxes paid, including income and sales taxes
Impact by County
with KSU regional campuses, including alumni earnings:
$92 million Ashtabula
$185.8 million Geauga
$122.7 million Trumbull
$381.7 million Stark
$106 million Columbiana
$61.7 million Tuscarawas
Back to Flash Forward Spring/Summer 2018