CORVALLIS, Ore. – An analysis of Oregon State University’s economic impact released today estimates that Oregon’s largest university contributed $2.371 billion to the global economy last year – an economic footprint that has grown by $311 million, or 15 percent, since 2011.
The greatest impact is in Oregon, where OSU was responsible for adding an estimated $2.232 billion to the state’s economy in 2014 – a figure that accounts for 31,660 jobs.
The analysis was conducted by the economic consulting firm ECONorthwest, based on OSU expenditure data, visitor data, student enrollment and a 2013 Oregon Travel Impacts study.
The ECONorthwest analysis looked for the first time at OSU’s contribution in Portland, where OSU contributed $401.9 million to the economy in 2014, along with 2,350 jobs.
The economic impact of OSU in Benton and Linn counties was $1.334 billion, along with 25,110 jobs.
Oregon State’s impacts come in three ways, direct impacts ($973 million), indirect impacts ($424.2 million) and induced impacts ($834.8 million). Direct impacts include spending on operations, goods and services, and capital construction; indirect impacts result from companies purchasing additional supplies or hiring additional employees to support spending by OSU; and induced impacts result from the purchasing power of the university’s employees.
The total does not include other significant OSU influences to the state, regional and national economies, including the contributions by university graduates or the benefits of OSU research, such as improved varieties of wheat and other crops used by Oregon farmers; spinoff companies that have major economic impacts; and scholarship that has improved public health and environmental stewardship.