UA ECONOMIC IMPACT
UA added $3 billion in income 
to the region’s economy, a value approximately equal to 1.5% of the total gross regional product (GRP).
The University of Akron (UA) creates immense value for its students, alumni, the City of Akron and the six-county Northeast Ohio service area it directly impacts, consisting of Cuyahoga, Portage, Medina, Stark, Summit and Wayne Counties.
UA recently completed an economic impact study, conducted by Lightcast, a global leader in labor market analytics, highlighting the key role the University plays in helping students increase their employability and achieve their individual potential, the ways it facilitates research and company developments, draws visitors and students to the region, and generates new dollars and opportunities.
The net impact of UA’s former students currently employed in the regional workforce amounted to $2.7 billion in added income in FY 2021-22.
UA and its students support one out of every 48 jobs with a total impact of 36,324 jobs.
Research activities at UA impact the regional economy by employing people and making purchases for equipment, supplies and services. They also facilitate new knowledge creation in the UA service area.
Out-of-region visitors attracted to the UA service area for activities at UA brought new dollars to the economy through their spending at hotels, restaurants, gas stations and other regional businesses.
The expenditures of relocated and retained students in FY 2021-22 added $53.7 million in income to the UA service area economy.
UA creates an exceptional environment that fosters innovation and entrepreneurship, evidenced by the number of start-up companies created in conjunction with the University.
Students gain
$6.70 in lifetime earnings.
In return for their investment, students will receive a cumulative present value of $1.7 billion in increased earnings over their working lives.
In addition to working with UA, Lightcast also completed a study focused on the economic impact of all state universities that found Ohio’s 14 public universities together delivered $68.9 billion in total economic impact in FY 2021-2022, representing 8.8% of Ohio’s total gross state product. The study, conducted on behalf of the Inter-University Council of Ohio, also calculated that activities of the public universities and their students support 866,782 jobs – one in eight Ohio jobs.