University of Florida contributed $19.57 billion to Florida’s economy, supports more than 134,000 jobs

The University of Florida contributed $19.57 billion in industry output and supported 134,411 jobs throughout the state’s economy in fiscal year 2023-24, reinforcing its role as one of Florida’s most powerful economic engines, according to a new economic contribution report.

UF and its partners contributed $12.61 billion in terms of value added to Florida’s economy (a measure that captures wages, salaries, benefits, business income and taxes generated in Florida) and more than $2.76 billion in terms of overall tax revenue for local, state and federal governments. 

The report was developed by UF’s Institute of Food and Agricultural Sciences Economic Impact Analysis Program, which conducts regional economic modeling and contribution analyses to measure how organizations, such as UF, contribute to regional economies through jobs, income and other measures of economic activity. The program, led by Christa Court, an associate professor of regional economics at UF, produces analyses used by researchers, private industry and policymakers across Florida and beyond.

UF Health hospitals and clinics and core university operations accounted for the largest share of this activity. UF Health supported 62,705 jobs and contributed $5.92 billion in terms of value added to Florida’s economy, while university operations supported 57,077 jobs and contributed $5.37 billion.

In total, UF and related entities accounted for nearly $10 billion in direct in-state expenditures – meaning money spent on goods and services purchased from Florida businesses – with additional indirect and induced economic effects rippling throughout Florida communities.

Compared with fiscal year 2017-18, and adjusted for inflation, UF’s economic contributions increased by 11.9% in terms of employment, 15.7% in terms of output and 15.4% in terms of value added.

A statewide footprint

In Alachua County, UF and related entities supported 100,169 jobs and contributed more than $14 billion in output, representing 51% of total county employment and 44% of value-added gross regional product, within the county in 2023. Nearly half of the county’s economy is tied directly or indirectly to the university.

In 2023-24, UF’s athletic events, cultural programs, educational activities and health care services attracted 6.85 million attendees. Of those, 2.06 million were nonresident visitor-days, representing travelers from outside Florida. Those visitors spent an estimated $307 million on lodging, dining, transportation, entertainment, shopping and other travel-related expenses, further contributing to local and statewide economic activity.

Major contributions were also recorded in counties with UF Health hospitals, including Duval, Lake and St. Johns. UF/IFAS research and education centers contributed jobs across Polk, Hillsborough, Gadsden, Collier, Miami-Dade, Broward, Palm Beach and St. Lucie counties.

A strong return for graduates

The report also highlights the financial return of a UF degree. Average annual earnings in 2023 ranged from $58,057 for bachelor’s degree holders to $101,343 for professional degree holders. The estimated lifetime earnings advantage of a UF degree ranges from $571,000 to more than $1 million, depending on degree level.
 
Together, the graduates from 2023-24 are expected to earn an estimated $10.9 billion more over their lifetimes than they would have with only a high school diploma. The estimated payback period for a UF degree ranged from three to six years, depending on degree type and residency status. 

Research and innovation

UF received $1.138 billion in sponsored research funding in 2023-24 and awarded 17,907 degrees. In fiscal year 2023 alone, the university conducted $1.25 billion in research, including more than $530 million supported by federal agencies. Those competitive research awards create invaluable training for UF students who become the highly skilled workforce necessary for Florida’s future.

The university’s innovation ecosystem also contributed to Florida’s private sector. Eighty-seven private companies, cumulatively accounting for $46.18 million in sales and 333 employees, participated in UF Innovate technology assistance programs.

“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.”