A recently released report—“Metroversities: A 2012 Ranking of Metroversity-Impacted Urban Areas”—evaluates 40 of the nation’s largest metropolitan areas based on the economic impact of metropolitan higher education institutions and illustrates the benefits urbanites receive from their colleges and universities. The Baltimore-Towson metropolitan area ranks third in the study (behind only Boston and Raleigh-Durham).
Seven of MICUA’s 14 State-aided members have campuses in the Baltimore metropolitan area: Goucher College, Johns Hopkins University, Loyola University Maryland, Maryland Institute College of Art, Notre Dame of Maryland University, Sojourner-Douglass College, and Stevenson University.
According to the report, higher education expenditures in the Baltimore area amount to $1,900 per capita per year. (This compares to an annual per capita economic impact from business and finance totaling $1,840 and from production occupations totaling $641.) When that higher education spending spreads throughout the economy—the multiplier effect—it translates into $15.2 billion in spending, the report said.
Colleges and universities in the Baltimore-Towson metropolitan area enroll close to 110,000 full-time students. This area ranks tenth in total higher education institutional expenditures, third in research expenditures, fifth in federal grants and contracts, and tenth in faculty/student employment. Higher education sustains 84,660 jobs, which comprise 6.7 percent of the metropolitan area’s total workforce.