UMF's $22 Million Annual Impact
In the fall of 2002, the University commissioned Campus Economic Impact Services to make a comprehensive study of the economic impact the University of Maine at Farmington has on the local economy.
In the study, economist Roy Van Til concludes that the total economic impact of UMF upon Farmington and Franklin County is an estimated $22.16 million per year.
Below is a summary of UMF’s annual economic impact, broken down by type.
Economic Impact of UMF Employees |
|
|---|---|
| Spending by UMF faculty and staff | $7.5 million/year |
| Pro bono services to community | $500,000/year |
| Volunteer services provided by UMF faculty and staff | $230,000/year |
| Net property taxes paid by UMF faculty and staff | $200,000/year |
| Total | $ 8.43 million/year |
Economic Impact of UMF Students |
| Spending by UMF students who live in rented apartments | $3.75 million/year |
| Spending by UMF students who live on campus | $900,000/year |
| Volunteer services provided by UMF students | $400,000/year |
| Spending by those enrolled in UMF summer academic programs | $350,000/year |
| Total | $5.4 million/year |
Economic Impact of UMF as an Institution |
| Value of UMF Health & Fitness Center to community | $1.57 million/year |
| Grants generated by UMF activities | $1.20 million/year |
| Spending by UMF for utilities and services | $1.09 million/year |
| Spending generated by visitors to UMF | $1.04 million/year |
| Spending by on-campus research institutes | $800,000/year |
| Value of student teaching and practica | $400,000/year |
| UMF spending with local suppliers | $270,000/year |
| Value of UMF service-learning | $254,000/year |
| Spending by UMF campus organizations | $200,000/year |
| Increased value of local real estate due to University demand | $200,000/year |
| Value of UMF educated teachers to local schools | $200,000/career |
| Value of free or subsidized services and facilities | $200,000/year |
| Value of UMF internships to local businesses | $180,000/year |
| UMF payments for purchased property | $150,000/year |
| Value of sub-market labor to local employers | $150,000/year |
| Local spending from UMF construction/renovation projects | $120,000/year |
| Value of UMF-sponsored community health campaigns | $120,000/year |
| Attraction of supporting commercial establishments | $100,000/year |
| Value of UMF-sponsored cultural and educational events to community | $60,000/year |
| Value of sporting events to community | $25,000/year |
| Total | $8.33 million/year |
Total Economic Impact |
$22.16 million/year |
A copy of the full report, The Economic Impact of UMF Upon Farmington and Franklin County, is available at UMF's Mantor Library. The public is welcome to study it. For more information about this summary or the full report, contact: Bill Geller, UMF Vice President for Administration, geller@maine.edu or tel: 207-778-7280.