UH economic benefit is estimated at $1.66B
A University of Hawaii-Manoa study estimates the university's economic impact on the state at $1.66 billion in 2006.
The money includes state general funds, government research and training grants, revolving funds, special funds and federal matching grants, UH officials said. It also includes spending by students and by the privately funded UH Foundation and the Research Corporation of the University of Hawaii.
The researchers also estimated out-of-state visitor spending while attending UH sporting events, conferences and professional meetings, as well as UH employee retiree benefits, according to a university news release.
The study also found:
» Overall the university increases each dollar of general funds appropriated by the Legislature by an additional $1.88.
» Each dollar of state general fund spending by UH generates $4.25 of total business sales and $2.59 of labor earnings.
» UH expenditures also brought in $148 million in state tax revenues during the 2006 fiscal year, representing 3.33 percent of total state taxes.
"The figures confirm that the University of Hawaii continues to be a major player in the economic health of the state and that the state's investment in the university pays substantial dividends," said UH President David McClain.
Total UH-related expenditures in fiscal 2006 directly and indirectly generated $2.44 billion of business sales, 37,316 jobs and $1.49 billion in earnings to households in Hawaii, the study estimates. UH represented about 2.84 percent of Hawaii's economy (gross state product) of $58.3 billion.
The study by UH-Hilo professor David Hammes was funded by the UH system and UH Foundation.