Morgan State University has been incredible economic driver in its Baltimore community. For years, students and staff have boosted local sales in nearby restaurants and shops. In addition, tourists such as parents and those visiting for commencements have also boosted revenues in the area. However, a recent study has shown that Morgan’s economic impact has grown and is spread across new areas. In fact, a recent study has shown that MSU has generated about $1.1 billion in annual financial impact on Maryland. Get the full details on the eye-opening fiscal report from Patch below.
Morgan State University President David K. Wilson announced today the results of an independent analysis of impact indicators and fiscal contributions affirming that Morgan remains a key economic driver in the region, generating $1.1 billion in annual financial impact on Maryland and $640 million within Baltimore City. The new findingsreveal an 11.1% increase in statewide impact and an 11.5% increase in citywide impact since the University’s last commissioned study in 2018. The FY21 study, conducted by Econsult Solutions, Inc. (ESI), a national economic consulting firm, also found that Morgan is responsible for supporting 6,900 jobs statewide, nearly 4,200 within the City, accounting for $558 million in Maryland wages and $188 million in Baltimore.
As with Morgan’s previous ESI-produced economic impact report, the methodology of this study and its findings focused on an in-depth examination of seven key areas: operations, capital investments, student and visitor spending, wage premium, commitment to community, innovation and economic opportunities to diverse populations, local and statewide.
“The findings of this latest Economic Impact Update Report validate what we here at Morgan know all too well, that our university is, without question, unrivaled in its ability to impact lives, transform communities and spur economic progress that elevates not only the individual but our society as a whole,” said President David Wilson. “We look forward to continuing to uphold our mission by producing results that make a difference, while offering tangible and measurable return on the investment that has been made into Morgan.”