ABOUT TRIPP UMBACH
Tripp Umbach is the national leader in providing economic impact analysis to leading healthcare organizations, universities, and academic medical centers. We have completed more than 150 economic impact studies over the past 20 years for clients such as: The Pennsylvania State University, The Ohio State University, University of Washington, The University of Iowa, UAB, Cleveland Clinic, University of Florida Shands HealthCare, the University of North Carolina Hospitals, the University of Pennsylvania Medical Center, the University of Pittsburgh Medical Center, and the Ohio State University Medical Center.
Economic impact begins when an organization spends money. Studies measuring economic impact capture the direct economic impact of an organization’s spending, plus additional indirect and induced spending in the economy as a result of direct spending. Economic impact has nothing to do with dollars collected by institutions.
Total economic impact measures the dollars that are generated within Connecticut due to the presence of UConn and UConn Health. This includes not only spending on goods and services with a variety of vendors within the state, and the spending of its staff and visitors, but also the business volume generated by businesses within Connecticut that benefit from the university’s spending. It is important to remember that not all dollars spent by a university remain in its home state. Dollars that “leak” out of the state in the form of purchases from out- of-state vendors are not included in the university’s economic impact on the state. The multipliers utilized in this study are derived from the IMPLAN software.
MODEL INPUTS AND DATA SOURCES
Model inputs included actual FY 2012-13 expenditures provided by UConn and UConn Health.