COLUMBUS – The research, health care, construction and sports at Ohio State – not to mention the university’s status as the state’s fourth-largest employer – contributes over $15 billion a year to Ohio’s economy.
University President Michael Drake told the Columbus Metropolitan Club Wednesday that the university’s research enterprise, medical complex, construction projects, athletics events, faculty and staff add up to $15.2 billion a year in economic impact, or about $1.7 million an hour.
The consulting firm Tripp Umbach calculated the economic benefits to the state that could be traced to Ohio State’s operational spending, including the ripple effects of spending by employees, students and visitors on retail purchases, restaurant meals, hotel stays, events and other goods and services that filter through the economy and support jobs, Drake said.
The analysis estimated that the Columbus campus alone generated $7 billion in economic benefits, supporting 67,244 jobs. Across its six campuses, medical complex and Department of Athletics, Drake says OSU supports more than 123,000 jobs. One in every 57 jobs in the state is directly or indirectly supported or sustained by the university, the analysis said
Wexner Medical Center generated $7.3 billion and supported almost 22,000 full- and part-time jobs.
Construction of a new Wexner Medical Center tower, West Campus Ambulatory Clinical Complex and an Interdisciplinary Research Center are projected to generate $3.8 billion in economic impact on Franklin County and create 22,000 jobs over the projects’ five-year span.