Commonwealth of Virginia
Over its 200-year history, the University of Virginia has grown into one of the nation’s preeminent public universities. And it has never lost sight of its mission to serve the people of Virginia, to lead the advancement of human knowledge and to benefit the region and the world. Today, the University continues that tradition of service as a major economic engine for the Commonwealth.
In 2016 the University engaged an independent research firm to study its effect on Virginia’s economy. The full report confirms that UVA contributes substantially to making the Commonwealth one of the nation’s best places to live and work.
By The Numbers
Using IMPLAN, an accepted methodology for quantifying economic impact, the report determined the University’s total impact on the Commonwealth in Fiscal Year 2015 as follows:
Government Revenue Impact
Economic impact is classified into three types: Direct, Indirect, and Induced.
Accounts for operational spending on goods and services within the region—including employee compensation, employee spending and spending by patients and visitors to the region.
$2.9B of direct impact in 2015
This impact is seen through spending on goods and services by the companies and people who do business with the University. The payments to suppliers lead to payments to other suppliers, who pay other suppliers, and so on, in a ripple effect.
The University’s economic contributions do not end when it pays employees or suppliers. That money is filtered back into the economy by household and vendor spending, and greatly increases the contribution of the University.
$3B of combined indirect and induced impact in 2015
Making Our Presence Felt
Economic impact may be measured in numbers, but is felt in the lives of Virginians across the Commonwealth in a number of ways.
The University of Virginia accounts for 51,653 jobs across the Commonwealth. One in every 76 jobs within the Commonwealth is either held directly by a UVA employee or is supported as a result of UVA’s presence.
As a major research University, we pursue groundbreaking discoveries that hold the promise to advance the human condition. The University’s research enterprise generates $644.5 million in annual economic impact and is responsible for one in five jobs created or supported by the University. Our research enterprise also serves to attract funding, high-skilled jobs, and potential additional R&D business to the Commonwealth.A recent groundbreaking discovery at UVA uncovered structures in the human brain previously not known to exist.
Technology & Entrepreneurship
The National Venture Capital Association ranked Charlottesville as the fastest-growing venture-capital ecosystem in the U.S. The University has contributed to the city’s culture of collaboration and innovation; in FY15 alone, seven new startups were launched by UVA faculty or as a result of UVA innovations. Since 2006, 53 UVA-related startups have been launched.
The National Venture Capital Association recently named Charlottesville the fastest growing venture capital ecosystem in the United States.
One of the University’s most promising start-up ventures is a smartphone app from TypeZero Technologies that acts as an artificial pancreas to help diabetes patients actively manage their health.
UVA students and faculty support local communities through volunteerism and philanthropy on an impressive scale. Through Madison House, 3,179 students volunteered for 111,135 hours in 2015, serving schools, health clinics, food pantries, community centers and animal shelters.
The estimated value of UVA faculty, staff and student volunteerism for local charities is $51.4 million.
UVA faculty and staff are responsible for $18.9 million in annual charitable donations, and UVA is the top contributing state agency to the Commonwealth of Virginia Campaign, with more than $13 million contributed since 1999.Read more about UVA’s contribution to the Commonwealth of Virginia Campaign.
The University is a destination for visitors from inside and outside the Commonwealth. Athletic events, entertainment at the John Paul Jones Arena, the Virginia Film Festival, and the David J. Prior Convocation Center at UVA-Wise bring hundreds of thousands of visitors to Charlottesville and Wise each year, generating spending for area businesses. In 2015, area visitors to University events created $352.9 million in economic impact, supported 3,918 jobs and generated $23 million in state and government revenue.The Virginia Film Festival draws thousands of visitors and film industry executives to Charlottesville every fall.
UVA alumni make significant contributions to local, state, national and international economies, with 91,530 UVA alumni currently working within the Commonwealth. UVA alumni have created approximately 65,000 companies worldwide, with an estimated 2.3 million people employed at companies founded or directly supported by UVA alumni. The Commonwealth has benefitted significantly, with over 371,000 of these jobs held at companies operating within Virginia. Virginia-based companies started by UVA alumni produce about $395 billion in calculated annual revenues and spend $279 billion per year.
UVA Alumnus and co-founder of Rivanna Medical created a spine-finding device that will revolutionize the administration of epidurals.
Sworkit app from UVA grad earns record-setting tech deal on popular "Shark Tank" TV program.
Through local spending and its direct and indirect support of employment, the University strengthens the local and statewide tax base, generating more than $239.9 million in state and local government revenues annually.
Impact from All Angles
The report examined UVA’s Academic Division, Health System, and the UVA College at Wise. The numbers shown above demonstrate the collective impact of the University as a whole. Below, the University’s impact is broken down to illustrate each organization’s impact on the Commonwealth.
Example of impact in action:
iLab is a notable example of how UVA’s Academic Division benefits the Commonwealth. UVA’s iLAB fosters collaborative entrepreneurial ventures between students, students and faculty, and students and the community. In 2015, iLab launched 22 new ventures, including Dream Power, RealFuel, Contraline, RouteMine, and Springbok.
Example of impact in action:
One of the most beneficial ways UVA’s Health System positively affects Virginia is the Karen S. Rheuban Center for Telehealth. The Karen S. Rheuban Center for Telehealth provides access to specialty medical services otherwise unavailable to patients in communities throughout Virginia, as well as around the world. By the numbers, the Center has:
- Established 152 Telemedicine Partners across Virginia
- Supported more than 50,000 clinical patient encounters
- Provided care in more than 60 medical subspecialties
- Saved Virginia patients 16 million miles of travel
UVA College at Wise
Example of impact in action:
UVA’s College at Wise greatly impacts the state through Opportunity SWVA. Opportunity SWVA is a collaborative effort led by UVA-Wise that empowers entrepreneurship in Southwest Virginia. Based on the tenets of building the entrepreneurial ecosystem and developing a culture of entrepreneurship, growing entrepreneurs and nurturing new ventures, and promoting the region as a vibrant entrepreneurial hub, Opportunity SWVA has supported over 390 small businesses and entrepreneurs as well as the creation of over 30 business plan competitions.