university of miami
Driving Community Progress
e c o n o m i c i m pac t re p o rt
Th e U n i v e r s i t y o f M i a m i :
ALocalImpact
of$4.5Billion
As a premier research institution, the University focuses
not only on programs and activities that contribute to
intellectual advancement but also those endeavors that
generate economic development.
T
he remarkable development of the University of Miami into one of the
nation’s top research universities mirrors South Florida’s emergence as a
thriving global marketplace. The University has long been one of the
community’s pioneering institutions, having opened its doors just 30 years
after the founding of the City of Miami and only one year after Coral
Gables was incorporated.
The history of dynamic synergy between the University and its community has been abundantly evident in several dimensions—but perhaps
nowhere is it more apparent than in the economic impact the University
has on Miami-Dade County.
The University of Miami is one of the three largest private employers
in Miami-Dade County and the sixth largest employer overall, with a total
University of Miami Economic Impact
economic impact of $4.5 billion. It is a powerful catalyst for economic
Miami-Dade County
development in the county and in Coral Gables in particular—it is the city’s
■ $4.5 billion in total economic impact
largest economic enterprise and is responsible for a large percentage of
■ $2 billion in labor income
its workforce and a significant share of its labor income. The University
■ 42,100 employment positions
has a total economic impact of $1.23 billion on the Coral Gables economy,
■ $2.6 billion in gross county product (the county’s estimated GDP)
and approximately 40 percent of its payroll is paid to employees living in
■ $108 million in state and local government fiscal revenues
($50 million to local taxing jurisdictions)
the city. UM supports 11,256 jobs and $579 million in labor income to
employees in the city.
In 2007 the University provided employment for 11,700 persons on all
City of Coral Gables
its campuses—with 90 percent residing in Miami-Dade County—who were
■ $1.23 billion in total economic impact
compensated a total of $875 million. The total employment impact, however, as a result of
■ $579 million in labor income to workers within the city
operations, capital expenditures, and spending by students and visitors, is approximately
■ 11,256 employment positions
42,000 jobs. More than 70,000 visitors attended University-sponsored academic events and
■ $754 million in gross city product (Coral Gables’s estimated GDP)
spent an estimated $71 million, and UM students from outside the area spent an estimated
■ $33 million in revenues to state and local governments
(approximately $14 million to local taxing jurisdictions)
$236 million in the local economy. Overall, the University and its out-of-town students and
guests injected almost $2 billion into the county’s economy in 2007. The University’s total
operating and capital cash outlays in FY 2007 were budgeted at $1.6 billion.
from No. 54 the previous year. This
continues the steady upward trend
that reflects the University’s accelerating progress—it has moved up 14
spots from five years ago. Student
quality has been steadily improving,
with the University now admitting
the most outstanding undergraduates in its history. The mean SAT
score has increased 92 points, from
Reaching Out to the Community
A Major South Florida Presence
The University’s schools and colleges are engaged in activities that reach
out to assist the South Florida community, contributing to the vitality
■ ■ ■ ■
As South Florida’s number one intellectual resource—as well as an internationally
and well-being of its citizenry.
prominent research institution—the University of Miami’s multifaceted and knowledgebased operations generate growing levels of added-value jobs for South Florida while
■ The Center for Autism and Related Disabilities, a program conducted
UM students can choose from a vast
spectrum of outstanding programs
in 12 schools and colleges.
increasing the supply of highly trained college graduates.
by the Department of Psychology in conjunction with Nova Southeastern University, provides clinical, outreach, and support services to nearly
4,000 individuals with autism and other developmental disabilities. The
department’s Linda Ray Center provides services to help at-risk children
1183 to 1275, and 67 percent of new
born into families afflicted by drug or alcohol abuse.
The University’s 12 colleges and
nationally ranked centers of excel-
research and education institutions
freshmen now admitted graduated
schools offer 115 bachelor’s, 114
lence contribute to the advance-
in the nation. The University has
in the top 10 percent of their high
■ The School of Architecture’s Center for Urban and Community Design
master’s, 51 doctoral, and two pro-
ment of knowledge and the
steadily risen in rankings for
school class, compared with 45 per-
has been involved in a number of community development projects,
fessional areas of study, and its
economic development of the
national research institutions, with
cent in 2000.
region and the state. Renowned
top-rated programs in other diverse
programs include the Leonard M.
fields including law, philosophy,
enterprise, which embraces a vast
neighborhood. The center is planning to work with organizations in
Miller School of Medicine, which is
music, business, and psychology,
range of disciplines, generates applied
other underserved communities to develop environmentally responsible
internationally recognized as an out-
among others.
innovations and breakthroughs in
neighborhoods.
The University is well known for its
leading-edge research in oceanography
and many other disciplines.
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The University’s dynamic research
designing affordable homes for first-time homeowners in Coconut
Grove and spearheading the revitalization of the West Coconut Grove
numerous fields while contributing
Research and sponsored program expenditures
exceeded a record $274 million in FY 2007.
to humanity’s intellectual capital.
■ The Department of Biology partners with Miami Dade College on
Research and sponsored program
two outreach programs that help underrepresented populations enter
expenditures exceeded a record
the biosciences. Supported by grants from the Howard Hughes Medical
standing academic, research, and
$274 million in FY 2007. The University
Institute and the National Institutes of Health, the programs furnish
In recent years the University
clinical medical center dedicated to
has been rising in the prestigious
works with established companies,
scholarships and research opportunities to fledgling scientists who trans-
cutting-edge advances in life sci-
“America’s Best Colleges” rankings
start-up firms, entrepreneurs, con-
fer to UM if they successfully complete the programs. Some students in
ences. The Rosenstiel School of
issued by U.S. News & World Report.
sultants, and investors to translate
the programs have gone on to pursue doctoral-level studies.
Marine and Atmospheric Science is
In 2007 it moved up to No. 52 in the
exceptional research discoveries into
one of the leading oceanographic
National Universities category, up
commercial products and services.
u n i v e r s i t y o f m i a m i e c o n o m i c i m pac t re p o rt
u n i v e r s i t y o f m i a m i e c o n o m i c i m pac t re p o rt
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research universities in South Florida.
The University’s strength is further reflected in one of its most vital
products—its outstanding alumni,
many of whom have distinguished
themselves in their chosen professions, including business, law, media
and entertainment, sports, and public
service. As such, the institution is a
leading exporter of knowledge-based
Students Dedicated to Service
S u p p o r t i n g S o u t h F l o r i d a’s E c o n o m i c V i t a l i t y
The University enhances the traditional academic experience for its students
through inspiring programs that enable them to develop leadership and
■ ■ ■ ■
As a premier research institution, the University focuses not only on programs
civic engagement. Such community service opportunities include:
and activities that contribute to intellectual advancement but also those endeavors that
■ STRIVE (Serving Together Reaching Integrity, Values and Engagement)
generate economic development.
growth by participating in dozens of volunteer activities. More than 40
is an on-campus housing community in which students enrich personal
UM’s academic programs contribute
businesses and retain exist-
The Miller School of Medicine is a
vital component of South Florida’s
health care system.
opment is a liaison to over 450 community partners.
other student clubs and organizations offer volunteer opportunities, and
the University’s Butler Center for Volunteer Service and Leadership Devel-
to the economy and cater to market-
ing ones. They help gener-
place demand by efficiently prepar-
ate additional production,
ing students for knowledge-based
income, and employment
services through alumni who work in
■ The Mitchell Wolfson, Sr., DOCS Program enables student volunteers
careers in growing sectors of the
throughout the economy via
and contribute to the local, national,
from the Miller School of Medicine to provide health care, under the super-
and international economies.
vision of faculty physicians, at community health fairs and weekly clinics.
The influential economic development role
played by the University underscores the
significant benefit of having a top research
university in South Florida.
global, regional, and local economies,
inter-industry linkages and
Beyond its measurable economic
impact, the University provides signif-
■ H.O.P.E. (Helping Others through Pro Bono Efforts) is a School of Law
icant intangible benefits. With a stu-
program that offers opportunities for law students, faculty, staff, and
dent population from throughout
alumni to participate in community outreach and legal advocacy projects.
the United States and 114 other
The School of Law is among the many academic
units known for their renowned faculty and graduates who have risen to the pinnacle of their fields.
countries, the University supports
■ The UM Area Health Education Center Program links UM’s resources
Miami-Dade’s role as the business
with medically underserved communities in South Florida. Faculty/student
such as health services, law, and busi-
consumer spending of labor
ness. These are fields in which Miami-
income. This magnifies the
Dade County, and Coral Gables
economic and educational
specifically, enjoy a competitive
impact of the University while
influential economic development
vibrant business climate that supports
advantage.
supporting the state’s economic
role played by the University under-
global finance and commerce and
■ Through Students and Tutors Achieving Reading Success, graduate
development strategy to create a
scores the significant benefit of
hosts high-tech industries in a variety
student teachers tutor struggling readers in schools located in some of
knowledge-based economy. The
having one of the nation’s top
of product areas.
Miami-Dade County’s most disadvantaged communities.
UM’s programs are also a positive force to attract new high-wage
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u n i v e r s i t y o f m i a m i e c o n o m i c i m pac t re p o rt
center of the Americas. Its presence
teams from medical, nursing, and allied health programs spend 175,000
promotes Miami-Dade’s reputation
hours yearly training and providing health care to recently arrived immi-
as a world-class metropolis with a
grants, migrant workers, homeless families, and isolated populations.
u n i v e r s i t y o f m i a m i e c o n o m i c i m pac t re p o rt
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national rankings. In the past year,
three long-awaited facilities opened
on the campus: the M. Christine
Schwartz Center for Nursing and
Health Studies, the School of Communication’s International Building,
and University Village, a residential
complex that houses 800 students.
On the Miller School of Medicine campus—the heart of the University of Miami/Jackson Memorial
Medical Center, one of the nation’s
largest and most vibrant academic
Building for the Future
■ ■ ■ ■
Going Green
medical centers—advanced new
facilities are being developed that
To help ensure a sound environmental future, the University has intro-
are the nexus of South Florida’s
duced a host of “green” initiatives. Launched in 2005, Green U is making
To accelerate its development as a top research university that will fuel South
UM a community leader in the acquisition of environmentally responsible
products and the practice of ecologically sound maintenance and opera-
Florida’s progress, the University is engaged in its most ambitious construction program to
tions procedures. New University facilities are incorporating a host of
features to promote conservation and energy efficiency.
date, with nearly $1.5 billion in current and planned projects.
The University has become a signatory to the Talloires Declaration of
the Association of University Leaders for a Sustainable Future, which com-
impact in Miami-Dade County:
room and research facilities, residence
over the past five years alone has
$1.8 billion in economic output from
buildings, and structures to enhance
and practice, and the American College and University Presidents Climate
generated a considerable economic
2002 to 2006; $825 million in com-
the student life experience. In addi-
Commitment, which provides a framework and support for colleges to
pensation to Miami-Dade workers;
tion, a renovated and expanded
become climate neutral. Students are involved in environmental organiza-
and average annual employment for
Whitten University Center and a new
tions that address issues such as global warming and mount local efforts
3,770 workers.
Student Activities Center will be the
The University’s construction activity
A key element of the evolution
of the Coral Gables campus is the
The Clinical Research Building is
a center for work that is speeding
research from laboratory to bedside.
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heart of campus life. The Robert and
Judi Prokop Newman Alumni Center
mits institutions to sustainability and environmental literacy in teaching
The Robert and Judi Prokop Newman
Alumni Center will be a home for
the extended UM family.
to promote sustainability and awareness.
The University’s construction activity over the
past five years alone has generated a considerable
economic impact in Miami-Dade County.
dynamic pace with the resources
physicians on disease-based research.
Medicine, the planned state-of-the-
University of Miami Campus Area
will provide the extended UM family
and vision for elevating South
The building’s complementary facility,
art,1.4 million-square-foot Life Sci-
Development Plan (UMCAD), which is
a place to call their own. These new
Florida into the ranks of the nation’s
the 15-story Clinical Research Build-
ence Park will be developed as a
enabling the University to move for-
projects will enhance academic pro-
elite medical research communities.
ing, opened in late 2006 and is now
hub of research innovation that
ward on construction initiatives that
grams, strengthen the vibrant resi-
occupied by 800 scientists and support
embraces scientific collaboration
will add nearly one million square feet
dential and student life experience,
the 188,000-square-foot Biomedical
staff who are engaged in cutting-
between academia and industry and
of new space. Projects include class-
and help raise the institution’s
Research Building, scheduled to open
edge work to speed research from
promotes economic development.
u n i v e r s i t y o f m i a m i e c o n o m i c i m pac t re p o rt
growth as one of the world’s great
in 2008, which will significantly
bioscience research and develop-
increase the Miller School’s wet lab,
ment centers. No other institution
basic science space, housing hundreds
research across the University and
in the region is moving at such a
of scientists who will collaborate with
especially at the Miller School of
Construction is continuing on
the laboratory to patients.
To expand the pioneering
u n i v e r s i t y o f m i a m i e c o n o m i c i m pac t re p o rt
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As a leading community partner, the University supports other
organizations—such as the American
Red Cross, The Children’s Trust,
and Big Brothers Big Sisters—that
strengthen the social fabric. For
example, UM employees raised an
impressive $1.13 million for the
United Way of Miami-Dade in
2007-08, making it the largest such
campaign in the University’s history.
The University is also one of
South Florida’s prime destinations
Pa r t n e r s i n E n h a n c i n g Q u a l i t y o f L i f e
for the finest in arts and culture,
Realizing Our Future
presenting exceptional programs
at its Coral Gables campus in music,
■ ■ ■ ■
Beyond its enormous economic impact, the University of Miami enriches the
fine arts, theatre, and film, as well
■ ■ ■ ■
The University is now in the process of finalizing
as a myriad of lectures and other
overall quality of life in South Florida in areas encompassing everything from health care and
events that entertain, educate, and
community revitalization to the arts and athletics.
offers hundreds of cultural programs
the strategic plan that will be the blueprint for its next genera-
enlighten. Every year the University
tion of investment and growth as a leading research university.
that are distinguished by extensive
The Miller School of Medicine is an
is serving patients from the region
variety, impressive virtuosity, firstclass venues, and notable value.
essential element of the area’s health
and beyond. The school’s continuing
care system, with its 800 physicians
partnership with the Miami-Dade
conducting more than one million
County Public Health Trust ensures
long celebrated for its outstanding
patient visits annually. The school’s
that the finest medical care is made
intercollegiate athletic programs.
The University has also been
The phenomenal success of Momentum: The Campaign for the
University of Miami has energized progress throughout the
institution and is the foundation for realizing its future ambitions.
The Hurricanes have enjoyed
UM employees raised an impressive $1.13 million
for the United Way of Miami-Dade in 2007-08.
tremendous success, winning more
After four years of record fundrais-
than 20 national championships
ing, the campaign concluded at the
while UM athletes have earned more
end of 2007 with a total of $1.4 bil-
pioneering research and biomedical
available to all, regardless of financial
than 55 individual titles. In fall 2007,
lion. This tops the $1.25 billion goal
breakthroughs enable its patients to
means, at Jackson Memorial Hospital.
after carefully assessing available
set in 2006 when the original $1 bil-
The development of the Miller
options, the University announced
lion goal was reached 18 months
cal care. The University’s purchase of
School’s campus has been part of an
plans to move the Hurricanes foot-
ahead of schedule and demonstrates
receive the latest innovations in clini-
The University’s theatre productions
are one dimension of vibrant cultural
offerings presented year-round.
Cedars Medical Center, the 560-bed
initiative to transform the Civic Center
hospital across the street from the
area, which was renamed the Miami
Miller School, is dramatically expand-
Health District. In 2004 the City of
ing the University’s patient care
Miami and the University forged The
enterprise. Renamed the University
Miami Partnership, an effort to revi-
forward this process. The effort will
the country, which will afford our
of Miami Hospital, it is South
talize the area, and the Miller School
result in new housing, offices, restau-
student-athletes and fans a much
Florida’s first university hospital and
held a charrette in fall 2007 to help
rants, and retail shops in the district.
better quality game-day experience.
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u n i v e r s i t y o f m i a m i e c o n o m i c i m pac t re p o rt
ball program from the Orange Bowl
the community’s abiding belief in
to Dolphin Stadium at the start of
the importance of the University.
the 2008 season. Dolphin Stadium is
As the University of Miami continues
one of the premier sports venues in
its dynamic rise as a global research
The University has more than 15,000
students from throughout the United
States and 114 foreign countries.
university, it will remain one of the
prime organizations strengthening
the South Florida community.
u n i v e r s i t y o f m i a m i e c o n o m i c i m pac t re p o rt
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About the Economic Impact Study
The University of Miami commissioned
The Washington Economics Group to conduct an
independent study of the economic impact that the
University has on Miami-Dade County and Coral
Gables. The company collaborated with University
of Miami Senior Vice President for Business and
Finance and Chief Financial Officer Joe Natoli in
preparing this report. The analysis was based on
information from the University of Miami’s
fiscal year ending May 31, 2007.
If you have questions regarding this report,
please call 305-284-6100.
© Copyright 2008, University of Miami.
ww w.m iami.edu