New analysis puts University of South Florida’s economic impact at nearly $10B a year

The economic footprint of the University of South Florida now rivals that of a major industry in Tampa Bay, according to a new report that portrays the university as a central driver of jobs, talent and research activity across the state.

Based on Fiscal Year 2023-24 data, the analysis estimates USF generated $9.8 billion in added income statewide, including $6.6 billion in the Tampa Bay region. That regional impact alone accounts for roughly 2% of Tampa Bay’s gross regional product and supports an estimated 76,649 jobs, a scale the report notes exceeds the economic footprint of the entire utilities industry in the region.

The report highlights the cumulative effect of USF’s operations, research enterprise, health system, student spending and alumni workforce. USF received $738 million in research funding during FY 2023-24, continuing a multiyear upward trend that reflects a 35% increase since FY 2021-22. The university also reported a record $750 million in research funding in 2025. 

More than 80% of USF students come from Florida, and the majority of graduates remain in the state, according to the report. Alumni productivity generated an estimated $7.3 billion in added income statewide, including $3.9 billion regionally. Bachelor’s degree recipients from USF are projected to earn nearly $28,000 more annually than Floridians with only a high school diploma.

Health care further amplifies USF’s economic reach. USF Health delivers care through more than 750 physicians and providers affiliated with the Morsani College of Medicine and reports more than 1 million patient encounters each year. When the full economic contribution of Tampa General Hospital is attributed through its academic partnership with USF, the combined impact rises to $13.4 billion statewide and $9.8 billion in the Tampa Bay region, the report found.

“The numbers in the report are undeniably impressive, but as has been the case with every other major accomplishment at USF in recent years, this is really about our people,” USF Board of Trustees Chair Will Weatherford said in a statement.

“Our students, faculty, staff, alumni, community partners and friends have long known what the rest of the country is quickly learning: There is no stopping Bulls Nation when we work together, and the Tampa Bay region, the state of Florida, and our nation are better for it.”

USF President Rhea Law said the findings reflect USF’s role in preparing students for the workforce while supporting innovation.

“The University of South Florida plays a vital role as an economic engine by preparing students for successful careers, driving innovation, supporting jobs and enhancing the overall quality of life for our communities,” Law said. “USF’s impact extends far beyond the boundaries of our campuses, reflecting our commitment to fostering growth and opportunity across the Tampa Bay region and the state of Florida.”

The report was released as USF approaches its 70th anniversary in 2026 and follows the university’s 2023 invitation to join the Association of American Universities, a designation that strengthens its competitiveness for federal research funding and faculty recruitment.

“The University of South Florida is one of the most impactful universities in the nation — among the fastest rising, and a member of the prestigious Association of American Universities,” Florida Board of Governors Chair Alan Levine said.

“So, it is no surprise that the impact of USF economically has grown to the billions, while their impact on the quality of life in Tampa Bay, Florida and the nation makes them a heavyweight among America’s universities.  We are proud of their Board of Trustees and their leadership.”

The university is also looking ahead at two major developments expected to shape USF’s future economic impact: a 35,000-seat on-campus football stadium scheduled to open in fall 2027 and the Fletcher District, a mixed-use development north of Fletcher Avenue expected to begin construction in 2026. University officials said both projects are designed to generate long-term economic benefits for Tampa and Hillsborough County.

“USF is one of the county’s largest and most important economic engines, with a truly remarkable upward trajectory, and Hillsborough County is proud to have a long-standing partnership with the university,” Hillsborough County Board of County Commissioners Chair Ken Hagan said.

“We are excited to see the continued growth through transformative projects like the Fletcher District and the on-campus stadium that are shaping the university and county’s future.”