Report finds UM System generated 5.4 billion for state in 2017

2 months 4 weeks 1 day ago Tuesday, April 17 2018 Apr 17, 2018 Tuesday, April 17, 2018 7:52:00 PM CDT April 17, 2018 in News
By: Stephanie Hamann, KOMU 8 Reporter
loading

JEFFERSON CITY - University of Missouri System administrators and a consulting firm founder went to the Capitol Tuesday to discuss the UM System's impact on Missouri's economy.

The consulting firm Tripp Umbach reviewed the UM System's economic and community impact for the 2017 fiscal year. Paul Umbach, the firm's founder, said the UM System created an annual economic impact of $5.4 billion in Missouri from the roughly $400 million in taxes the System received. As a result, the UM System had a 13-to-1 return on investment ratio.

The firm also found that the UM System supported 61,105 Missouri jobs and created $244.4 million in local and state tax revenue in the 2017 fiscal year. 

The presentation included speakers from the UM System, the Missouri Chamber of Commerce, the Missouri Department of Economic Development and MU.

Mark McIntosh, the UM System Vice President for Research and Economic Development, mentioned examples of economic successes in the UM System, including UMKC's $8 million grant to research opioid use as well as the Show-Me-Select Replacement Heifer Program.

"We touch each county through our educational activities, through our workforce development, through our research and our innovative technologies and especially through our community engagement," McIntosh said.

UM System President Mun Choi said being open about the UM System's impact and economic developments will benefit the System.

"I think it's going to be the university sharing with our legislators and the citizens of Missouri the value that we bring," Chun said. "We have to continue to bring value, otherwise, just the president and the leaders coming in and talking about the value is not going be sufficient."

Sen. Caleb Rowden, R-Columbia, attended the presentation and said he was surprised to hear a statistic that one in 50 Missouri jobs is related to the UM System.

"People really forget about the University of Missouri Extension and really the broad implications it has across the state," Rowden said. "It's a message that resonates in 114 counties and everywhere in between."

More News

Grid
List
WASHINGTON (AP) - The United States is open to holding direct talks with the Taliban to encourage negotiations between the... More >>
12 minutes ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 4:30:00 AM CDT July 17, 2018 in News
WASHINGTON (AP) - A 29-year-old gun-rights activist served as a covert Russian agent while living in Washington, gathering intelligence on... More >>
28 minutes ago Tuesday, July 17 2018 Jul 17, 2018 Tuesday, July 17, 2018 4:14:00 AM CDT July 17, 2018 in News
COLUMBIA – City council approved two public hearings in August to discuss possible increases to the property tax and sewer... More >>
8 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 7:46:00 PM CDT July 16, 2018 in News
JEFFERSON CITY (AP) — Former Gov. Eric Greitens' campaign spent hundreds of thousands of dollars on legal fees in his... More >>
9 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 7:03:27 PM CDT July 16, 2018 in News
WASHINGTON, D.C. -- The U.S. House of Representatives passed a bill to rename the Columbia post office located on Walnut... More >>
9 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 6:51:00 PM CDT July 16, 2018 in News
CALLAWAY COUNTY - Family, friends and law enforcement continue to search Little Dixie Lake Conservation Area for Jerry Kinman. ... More >>
10 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 6:00:00 PM CDT July 16, 2018 in News
JEFFERSON CITY (AP) — Missouri's U.S. senators are standing by the intelligence community's conclusion that the Russians interfered in the... More >>
11 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 5:10:30 PM CDT July 16, 2018 in News
KANSAS CITY (AP) — A man who was fatally shot after wounding three Kansas City police officers during a gunfight... More >>
13 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 3:30:00 PM CDT July 16, 2018 in News
KANSAS CITY - A group responsible for ballot petition advocating major reform in Jefferson City said they are almost positive... More >>
13 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 3:19:00 PM CDT July 16, 2018 in News
COLUMBIA - A dialogue that began in October 2017 among the East Campus community could finally have an answer Monday.... More >>
14 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 2:10:00 PM CDT July 16, 2018 in News
KANSAS CITY (AP) — Bidders have spent nearly $80,000 for baseball memorabilia a former Kansas City Royals second baseman put... More >>
14 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 1:51:00 PM CDT July 16, 2018 in News
(CNN Money) -- Adidas is racing to make its products more sustainable. The global sportswear maker said Monday that... More >>
15 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 1:18:32 PM CDT July 16, 2018 in News
(CNN) -- A common drug used to control blood pressure and help prevent heart failure was announced by the US... More >>
15 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 1:05:00 PM CDT July 16, 2018 in News
(CNN) -- US President Donald Trump said Monday he holds both the United States and Russia responsible for the breakdown... More >>
17 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 11:08:00 AM CDT July 16, 2018 in News
COLUMBIA - Work to remove several large pin oaks from Mizzou's Francis Quadrangle began Monday after a recent study showed... More >>
18 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 10:17:00 AM CDT July 16, 2018 in News
BEIJING (AP) — China announced it filed a World Trade Organization challenge Monday to President Donald Trump's latest tariff threat,... More >>
18 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 9:52:57 AM CDT July 16, 2018 in News
HELSINKI (AP) — President Donald Trump and Russia's Vladimir Putin opened their long-awaited summit Monday with a wink and slouch,... More >>
19 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 9:37:00 AM CDT July 16, 2018 in News
JEFFERSON CITY - A Jefferson City man died in Iowa Saturday morning during police pursuit. A Fayette County Sheriff's... More >>
20 hours ago Monday, July 16 2018 Jul 16, 2018 Monday, July 16, 2018 8:20:00 AM CDT July 16, 2018 in News
Columbia, MO
Broken Clouds 74°
5am 73°
6am 72°
7am 73°
8am 76°