Did you know that the University of South Florida isn’t just a world-class academic institution, but also an absolute powerhouse for our state’s economy? A brand-new report reveals that USF’s annual economic impact on Florida is now a staggering nearly $10 billion!
Released as the university proudly celebrates its 70th anniversary, this comprehensive study, conducted by USF in collaboration with labor market analytics firm Lightcast, utilized data from the 2024 fiscal year. The findings are truly eye-opening, showing USF generating $9.8 billion in added income statewide, with a remarkable $6.6 billion directly benefiting the vibrant Tampa Bay region.
More Than Just an Employer – A True Economic Engine
It’s clear from the report that USF isn’t merely one of the largest employers in the region; it stands as one of the most significant economic engines across the entire state. As President Rhea Law aptly puts it, “The University of South Florida plays a vital role as an economic engine by preparing students for successful careers, driving innovation, supporting jobs and enhancing the overall quality of life for our communities.”
Where Does the Impact Come From?
Much of USF’s immense economic footprint stems from three core areas:
- Groundbreaking Research Efforts: USF is a hub of innovation! The university secured an impressive $738 million in research funding during the 2023-2024 fiscal year. This represents a nearly 7% increase from the previous year and a phenomenal 35% jump since the 2021-2022 fiscal year. In 2025 alone, USF achieved a record-breaking $75 million in research funding.
- Successful Alumni Earnings: USF graduates are making a difference and earning significantly! Over 80% of USF’s alumni choose to stay right here in Florida, collectively contributing an estimated $7.3 billion to the state economy. Of that, $3.9 billion stays within the Tampa Bay region. The report highlights that USF bachelor’s degree holders earn, on average, $27,900 more per year than Floridians with only a high school diploma or equivalent.
- Critical Health Care Operations: USF Health is not only advancing medical science and patient care but also bolstering the economy through its extensive operations.
The university’s continually evolving academic and research initiatives are perhaps the biggest drivers. Recent investments and formations like the Bellini College of Artificial Intelligence, Cybersecurity and Computing, the Global and National Security Institute, and the USF Health–Tampa General Hospital partnership are pivotal in pushing this impact even further.
The Future Looks Even Brighter!
And here’s the exciting part: this report doesn’t even account for two massive projects that are set to significantly elevate USF’s economic impact in the coming years!
- On-Campus Stadium: USF’s highly anticipated 35,000-seat on-campus stadium, set to open in fall 2027, will not only host exhilarating football games but also a variety of other events throughout the year, drawing visitors and revenue.
- Fletcher District: Construction is slated to begin this year on the first phase of the Fletcher District. This ambitious mixed-use community will transform 27 acres just north of Fletcher Avenue into a vibrant space combining residential, retail, dining, hospitality, and cutting-edge academic and research facilities.
It’s clear that the University of South Florida is not just educating the next generation; it’s a monumental force for economic growth, innovation, and prosperity across Florida. The future for USF and the state looks incredibly promising!
Source: Original Article
