University of Southern Mississippi’s annual economic impact increases to $ 663 million
Thu 09/30/2021 – 11:25 am | By: Margaret Ann Macloud
The annual economic impact of the University of Southern Mississippi (USM) on the state of Mississippi has reached more than $ 663 million, a 10% increase since the previous study in 2016.
The study, conducted by subject matter experts at the Trent Lott National Center of Excellence in Economic Development and Entrepreneurship and independently verified by IMPLAN Inc., shows that the University’s annual economic impact has increased – a previous study found that the University’s annual impact was $ 603 million. The present study examined the University’s annual economic and social activity from 2017 to 2019, concluding that the University generated more than $ 34 million per year in tax revenue, and that the aggregate output of student and student spending employees added $ 565 million to Mississippi’s economy.
“I am so proud that the University of Southern Mississippi continues to be an important economic engine for our state,” said University president Rodney D. Bennett. “We take our role as community partner very seriously and look forward to continuing to meet the economic, educational and research needs of the Great Pine Belt, the Mississippi Gulf Coast and the State of Mississippi in its region. together.”
Highlights of the study include:
- The University spends $ 112 million in external funding for research purposes, which represents an economic impact of $ 188 million in fiscal year 2019 and generates an additional $ 7 million in state and local taxes.
- The University is a generator of jobs, creating and supporting 7,437 jobs statewide.
- Southern Miss Athletics generated a total economic impact of $ 41 million, up from $ 31.2 million in 2015.
- Three multi-million dollar vessels totaling $ 36.1 million have opened over the past five years on the Mississippi Gulf Coast in support of USM coastal operations, along with two additional vessels and a research vessel posted online in the near future.
- About 60 percent of USM graduates stay in the state of Mississippi to live, work, and apply the skills learned.
“The increased economic impact of the University’s activity compared to five years ago is an indication of the progress made in achieving the University’s mission,” said Dr Shannon Campbell, USM Senior Associate Vice President for Coastal Operations and former Director of the Trent Lott National Center. for excellence in economic development and entrepreneurship.
The Trent Lott National Center of Excellence in Economic Development and Entrepreneurship at the University of Southern Mississippi works with public entities, nonprofits, businesses and individuals to plan and implement activities designed to generate jobs and income using data-driven economic development.
“IMPLAN Inc., a well-respected economics company, has independently verified the analysis conducted by the National Trent Lott Center,” said Dr. Chad Miller, Acting Director of the National Trent Lott Center and Professor of Economic Development .
To access the full study, click here.