Economic Engine | Kent State Magazine | Kent State University

Economic Engine

Flash Forward | Spring/Summer 2018

Partners in Progress: (above) Kent City Manager Dave Ruller and Kent State President Beverly Warren discuss the university’s new economic impact study during a press conference unveiling the report on February 26, 2018. “Sharing this data is creating a solid foundation for the future transformation of both the university and the city of Kent,” says President Warren. 


Kent State University drives the region’s economy in nearly every sector of industry. From FedEx to Medical Mutual to Sherwin-Williams and the Cleveland Indians, Kent State graduates are making a dynamic impact and shaping lasting contributions across Northeast Ohio. Every day, Kent State and its graduates—including 109,000 alumni living in Ohio—are improving the quality of life for this region and, in the process, churning billions annually into the economy.

Those are the findings of a recently released report by EY (formerly known as Ernst & Young) outlining results of a comprehensive, independent study of Kent State’s economic and fiscal contributions to local communities, the Northeast Ohio region and the state of Ohio.

The study shows that Kent State is a powerful economic engine, directly contributing more than $1 billion annually to the Northeast Ohio region’s prosperity. When coupled with the earnings of the Kent State alumni living in Northeast Ohio and throughout Ohio, the university’s annual economic impact on the region soars to nearly $3.4 billion and more than $3.8 billion statewide.  

“Kent State contributes to a thriving Northeast Ohio community and demonstrates the value of higher education to the region and state economies,” says Kent State University President Beverly Warren. 

The economic report is good news for businesses in Portage County, says Kent City Manager Dave Ruller. “There are a lot of smiling businesses in this community and all over Northeast Ohio that are pleased with those numbers,” Mr. Ruller says, noting that the award-winning revitalization of downtown Kent would not have been possible if the city and the university did not believe that Kent’s downtown matters to their shared future. 

The transformational power of Kent State also has a significant impact on the future earnings of KSU graduates living in the 18-county Northeast Ohio region—in 2017 they earned $2.4 billion more than they would have without their degrees, and more than $930 million of that added wealth rests in Portage and Cuyahoga counties. 

“The fact that so many Kent State alumni remain in the region to pursue their passions only elevates the importance of Kent State as an educational and economic anchor for Northeast Ohio.”

—President Beverly Warren

KSU’s $3.4 Billion Impact

241,000 alumni worldwide

92,300 alumni in Northeast Ohio

$2.4 Billion added income that Kent State alumni earned with their degree

6,500 employees of Kent State University

5,300 jobs supported by Kent State

$550 million of income from those jobs

$60 million in state and local taxes paid, including income and sales taxes

Impact by County

with KSU regional campuses, including alumni earnings:

$92 million Ashtabula

$185.8 million Geauga

$122.7 million Trumbull

$381.7 million Stark

$106 million Columbiana

$61.7 million Tuscarawas

 

 


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POSTED: Wednesday, June 6, 2018 - 3:31pm
UPDATED: Tuesday, October 16, 2018 - 3:02pm