University of Rhode Island Foundation releases new economic impact report
Tracey Manni, 401-874-2145
URI generates more than $726 million in statewide economic activity
KINGSTON, R.I. –October 22, 2013 –The University of Rhode Island directly and indirectly generated $726 million in statewide economic activity, supported 8,200 jobs and provided $392 million in wages in FY2012, according to a newly released report, “The Economic Impact of the University of Rhode Island.”
The report assesses the impact of the University as the sixth largest employer in the state, funding $86 million in construction projects and purchasing $98 million in goods and services in FY2012. Commissioned by the URI Foundation on behalf of the University and produced by Appleseed, Inc. of New York City, the report concludes that URI is a major enterprise with more than half of its $469* million in operating revenues coming from sources outside of the state.
“This independent assessment reinforces the fact that the University of Rhode Island is a major contributor to the economic vitality of the state,” said URI Foundation President Michael Smith. “It shows the value the University brings to Rhode Islanders, and demonstrates how scientific discovery and innovation at America’s universities play a significant role in economic growth,” he added.
Laurie White, president of the Greater Providence Chamber of Providence, said, “The University of Rhode Island generates important economic benefits to our state including providing significant employment, attracting important outside research dollars and investments and educating our current and future workforce. The role of the University in achieving our common goal of sustaining innovation in Rhode Island and enhancing the overall economy of the state will continue to be instrumental to our success.”
The 44-page economic impact study also analyzes the impact of spending in Rhode Island by URI students and visitors to its four campuses and outlines the commercialization of University research and its impact on the economy, as well as URI’s contributions to new business development within the state.
Details of the full report can be found at http://web.uri.edu/economic-impact