UF stamps sizable economic footprint across Sunshine State

An economic activity report shows the University of Florida contributes nearly $19.6 billion to Florida’s economy.

The report analyzed the school’s economic activity in Florida for the 2023-24 fiscal year, showing UF supported 134,411 jobs in total.

“The University of Florida’s commitment to excellence translates into real economic benefit for Florida,” UF interim President Donald Landry said.

“Federal research funding, private investment and the work of our faculty and students surely advance the academic enterprise but also serve the people of Florida supporting jobs, bolstering businesses and strengthening communities throughout the state.”

The analysis was conducted by the UF Institute of Food and Agricultural Sciences Economic Impact Analysis Program.

The economic reach of the school goes well beyond the immediate institution. The report found that UF and its partners contributed about $12.6 billion in wages, salaries, benefits and taxes and more than $2.76 billion in overall tax revenue for governments on the local, state and federal level.

The analysis concluded that UF Health hospitals and clinics supported 62,705 jobs. Those health outlets also contributed $5.92 billion in value added to the state economy.

UF’s impact on the state’s economy has also been growing in the past decade. The report found that since the 2017-18 fiscal year, UF’s employment impact has jumped 11.9% and its value added has increased by 15.4%.

Looking at earnings by UF graduates in 2023, the report shows that alumni with a bachelor’s degree earned an average of $58,057 per year, while professional degree holders earned $101,343 on average.

And its research efforts are also substantial. In 2023-24, the university received more than $1.1 billion in sponsored research funding, awarding 17,907 degrees. UF in Fiscal Year 2023 spent $1.25 billion on research. That includes $530 million supported by federal agencies.

“When Florida competes successfully for federal research funding, the benefits do not stop at the laboratory,” Landry said. “Those dollars can support jobs, fuel local businesses and generate tax revenue that flows back into our communities.”