New Report Shows Growing UW Economic Impact on Wyoming

The University of Wyoming's contribution to the state's economy has increased significantly over the past decade, supporting nearly 14,700 jobs and adding more than $720 million in value annually, according to a new report from UW.

The study found that UW's contribution to the gross state product (GSP) grew from 0.3 percent in the 2013-14 fiscal year to 1.8 percent in the 2022-23 fiscal year.

When considering the additional impact of UW alumni living and working in Wyoming -- their estimated total earnings are about $394 million annually, with a value-added impact of $640 million to the state's economy, bringing the total contribution to $1.36 billion -- the university's contribution to the GSP rises to 2.3 percent.

The report, titled "Economic Footprint of the University of Wyoming," 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.

"As Wyoming's land-grant and flagship university, UW is a powerful engine supporting the state's growth, as it attracts and spends money that otherwise would not flow to Wyoming," UW President Ed Seidel says. "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."

The study, conducted by UW's Center for Business and Economic Analysis, was led by economist Anne Alexander, who conducted the 2014 study as well. The full 2024 report is available at www.uwyo.edu/cbea/_files/documents/uwimpactreport.pdf.

Among the findings:

-- 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 the 2022-23 fiscal year. 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 that 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 also notes UW's presence around Wyoming, including: providing courses and degrees for those who can't come to Laramie; research that 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 states. "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."