The University of Virginia’s economic impact across the state is nearly $12 billion annually, which includes directly and indirectly providing more than 67,000 jobs, according to a new report presented Friday to a Board of Visitors committee.
By the Numbers: UVA’s Economic Impact
$11.9B
UVA’s total economic impact throughout Virginia
The report prepared by UVA’s Weldon Cooper Center for Public Service concluded that the University is a “major economic engine for the commonwealth,” directly or indirectly responsible for 1 in 85 jobs in the state. The report examined the University’s contributions to the state economy in fiscal year 2024, which spanned from July 1, 2023, through June 30, 2024. The researchers examined salaries, visitor and student spending, government grants, research investments and other financial impacts.
By the Numbers: UVA’s Economic Impact
67K
State jobs generated directly and indirectly by UVA, including UVA Health and UVA Wise
$35
Economic impact for every one dollar of state funding
The report concluded that for every dollar the state invests in UVA, it gets a return of $35.
“It’s exciting to see the findings of this study validate UVA as a top economic asset locally, regionally and across the commonwealth,” Executive Vice President and Chief Operating Officer Jennifer “J.J.” Wagner Davis said. “This study clearly demonstrates how our collaborations with business, government and regional partners ensure that our impact reaches every corner of Virginia and is aligned with the sectors driving growth for the commonwealth. UVA is committed to continuing its work with our economic development partners to accelerate opportunity and prosperity for all Virginians.”
