UW contributes significantly to Wyoming’s local economy

A Nov. 12 University of Wyoming (UW) press release reports the university has significantly increased its contribution to the state’s economy over the past decade.

A recent research study titled “Economic Footprint of the UW,” conducted by UW’s Center for Business and Economic Analysis and led by UW College of Business Assistant Dean and Economist Anne Alexander, found UW’s contribution to the gross state product (GSP) grew from 0.3 percent in the Fiscal Years 2013-14 to 1.8 percent in Fiscal Years 2022-23.

When considering the additional impact of UW alumni living and working in Wyoming, the report finds the estimated total earnings of alumni is around $394 million annually.

However, the value-added impact is approximately $640 million to the state’s economy, bringing the total contribution to $1.36 billion.

The 2024 report

A similar study was conducted in 2014, but the recent report corroborates the university supports nearly 14,700 jobs and adds more than $720 million in value annually, not including the impact of UW alumni.

“The report quantifies economic impacts that would not occur in Wyoming but for the university’s presence – including externally funded research support, direct expenditures by nonresident students and visitors and spinout and startup businesses directly resulting from UW research,” reads the UW press release.

“As Wyoming’s land-grant and flagship university, UW is a powerful engine supporting the state’s growth, as it attracts and spends money which otherwise would not flow to Wyoming,” UW President Ed Seidel states. “But the university’s impact on the state is much broader than just technical economic impacts, as it provides broad access to educational opportunities and contributes in many ways to the full social, business, cultural, creative and economic environment of the state.”

In a Nov. 17 Wyoming Tribune Eagle article by Ivy Secrest, Alexander states, “One of the biggest contributors to this growth is nonresident students and research funding.”

However, the study notes faculty are applying for and receiving more out-of-state grants for research, and while the enrollment of nonresident students is down, the amount they bring from out-of-state tuition dollars and additional spending has gone up.

In addition

UW’s research enterprise contributes significantly to the state’s economy, with research expenditures totaling well over $150 million and supporting over 2,800 jobs in Fiscal Years 2022-23, notes the report.

This creates nearly $90 million in labor outcome, adds over $127 million to the GSP and contributes over $230 million in economic impact.

UW received about $570,000 in licensing and dividend income from startup and spinoff businesses in the 2022-23 fiscal year, as UW’s technology transfer office facilitated 40 invention disclosures, 33 patent applications and the granting of 17 patents. 

The university has incubated nine active startups and spinoffs, including several which have been acquired.

Nonresident student tuition, fees and expenditures generate more than $23 million annually in state economic activity and create nearly 200 jobs.

UW graduates working in Wyoming see their financial investment in a university education pay off between 1.63 and 2.5 years.

The report further notes, “UW’s presence around Wyoming includes providing courses and degrees for those who can’t come to Laramie; research which advances fundamental understanding and practical solutions for business, industry and government challenges; academic programming, workshops and seminars and access to legal services, health services and library databases.”

“UW’s staff, students and faculty view themselves as partners with and contributing members of our communities across Wyoming,” the report continues. “What UW does, in collaboration with our stakeholders around Wyoming, provides jobs, creates economic value, increases human capital and citizenship and enhances the viability of communities for the long term.”

The report also notes UW’s presence outside of Laramie plays an important role in the reach of its economic impact.

Melissa Anderson is the editor of the Wyoming Livestock Roundup. Send comments on this article to roundup@wylr.net.