Group of colleges releases study on financial impact
Report says Baltimore colleges contribute $17.2 billion to economy
Issue date: 2/28/08
A first-ever report issued by the Baltimore Collegetown Network (BCN) this week says the group's member institutions have contributed $17.2 billion to the regional economy.
BCN executives and Maryland public officials hope the report will shed light on the contributions of colleges and universities in the Baltimore City area.
"This is really the first time this kind of study has been done," Baltimore Collegetown Network Executive Director Kristen Campbell said in a press conference at the Old Baltimore County Courthouse on Monday.
Baltimore Mayor Shelia Dixon said the report showed that "we do have every key ingredient to be successful."
Of the $17.2 billion the BCN contributes to the economy, around $8 billion is created through direct expenditures. These include salary, equipment and other operating expenses. The other $9 billion is created indirectly from money spent by University employees.
The network has 63,369 employees, making it the sixth-largest source of jobs in the region. These numbers include employees at the Hopkins Hospital and the University of Maryland Medical Campus.
"It was very exciting to have this great information gathered and assimilated in one place. We could have each thought of the impact individually, but to see the impact of every institution in Baltimore magnifies the importance of higher education," Baltimore County Executive James Smith said
Hopkins Director of Community Affairs Salem Reiner said the report was a "very positive indicator of importance that individual intuitions and colleges play, including Hopkins."
Hopkins contributed $7 billion to the regional community, according to the last report compiled on its contributions, which was released in 2003. According to the same report, Hopkins was the largest private employer in Maryland.
Reiner said Hopkins plans to compile a new study of economic impact within the next few years, but was unsure of the exact date.
BCN executives and Maryland public officials hope the report will shed light on the contributions of colleges and universities in the Baltimore City area.
"This is really the first time this kind of study has been done," Baltimore Collegetown Network Executive Director Kristen Campbell said in a press conference at the Old Baltimore County Courthouse on Monday.
Baltimore Mayor Shelia Dixon said the report showed that "we do have every key ingredient to be successful."
Of the $17.2 billion the BCN contributes to the economy, around $8 billion is created through direct expenditures. These include salary, equipment and other operating expenses. The other $9 billion is created indirectly from money spent by University employees.
The network has 63,369 employees, making it the sixth-largest source of jobs in the region. These numbers include employees at the Hopkins Hospital and the University of Maryland Medical Campus.
"It was very exciting to have this great information gathered and assimilated in one place. We could have each thought of the impact individually, but to see the impact of every institution in Baltimore magnifies the importance of higher education," Baltimore County Executive James Smith said
Hopkins Director of Community Affairs Salem Reiner said the report was a "very positive indicator of importance that individual intuitions and colleges play, including Hopkins."
Hopkins contributed $7 billion to the regional community, according to the last report compiled on its contributions, which was released in 2003. According to the same report, Hopkins was the largest private employer in Maryland.
Reiner said Hopkins plans to compile a new study of economic impact within the next few years, but was unsure of the exact date.
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