The University of Missouri System President Mun Choi has commented on a study made by a private firm on the economic impact the university has on the state.
At the UM System level, $5.4 billion in economic impact to the state includes the entire system and four campuses. It breaks down to 61,105 jobs and $244.4 million in generated support of state and local taxes in the overall statewide impact.
The report identifies the impact from each of the campuses, with MU at Columbia the leader with more than 70 percent of the $5.4 billion impact and 77 percent of the jobs. Three key contributors to the total are UM’s size of enterprise operations, along with serving as the administrative home of University of Missouri Health Care and University of Missouri Extension. Those two entities accounted for a total of more than $1.8 billion in economic impact.
More than $244 million in state and local revenue taxes result from the system.
“Given that our annual appropriations from the state of $400 million each year, this means that taxpayers are receiving a return on their investment of 13.5 to 1, an impressive number,” said Mark McIntosh, MU system vice president of Research and Economic Development.
The MU System is an economic powerhouse in the state.