It all adds Up
New analysis details USF’s growing economic impact
By Kiley Mallard // Advancement
Students who attended USF added $341.2 million to Tampa Bay’s regional economy in 2023-24.
That year, the nearly 300,000 alumni who remained in Florida after graduating generated $7.3 billion for the state, including $3.9 billion for Tampa Bay. Those numbers reflect the higher wages they earned due to their degrees and the many ways employers profited from their skills.
USF itself spent more than $2.42 billion on daily operations alone, from pay and benefits for more than 25,000 employees to goods and services like toilet paper and pest control.
All told, the university contributed $9.8 billion to Florida’s economy that year, including $6.6 billion to Tampa Bay.
Such highlights from a recent economic analysis demonstrate the financial impact USF generates for students, businesses and communities. And those numbers will only grow. Two major projects are poised to generate substantial long-term returns: USF Tampa’s 35,000-seat on-campus stadium, scheduled to open next year, and the Fletcher District, a 27-acre mixed-use community to be built on the northern edge of the Tampa campus.
Another major driver will be USF’s membership in the Association of American Universities, representing the top 3% of North American research universities. USF was invited to join this prestigious association in 2023 based on our record of excellence in academics and research. Member universities receive most of the competitively awarded federal research funding — 64% in 2023 — so USF’s AAU membership is expected to boost our already robust research expenditures.
“The University of South Florida is one of the most impactful universities in the nation,” says Alan Levine, Florida Board of Governors chair. “So, it is no surprise that the impact of USF economically has grown to the billions, while their impact on the quality of life in Tampa Bay, Florida and the nation makes them a heavyweight among America’s universities.”
As USF marks its 70th anniversary, the new analysis shows just how far we’ve come as a major economic engine. The study, conducted by USF and labor analytics company Lightcast, relied on information from multiple sources, including USF academic and financial reports; data from the U.S. Bureau of Labor Statistics and Census Bureau; and other published materials.
Here’s a closer look at some of the forces driving USF’s economic impact.
Students
USF’s mission, first and foremost, is preparing students to lead and succeed in our global marketplace. Over 80% of USF’s enrollment comes from Florida and 52% of students live in the Tampa Bay area. The money spent by students who move to Tampa Bay, or remain in the area to attend USF, added approximately $341.2 million to the local economy.
In return for their investment, USF students’ income will grow throughout their working lives. The average USF bachelor’s degree graduate from FY 2023-24 will see annual earnings that are $27,900 higher than a person with a high school diploma or equivalent working in Florida.
Founding College of Nursing Dean Gwendoline MacDonald (right) speaks with students from the doorway of one of the five portable classrooms that housed the program in its early years.
Saunders strolls with a few of the 34,000 employees she oversaw as president and CEO of Wellstar.
Alumni
By equipping students with in-demand skills, USF enhances workforce readiness and production. As a result of their education, graduates receive higher earnings and increase the productivity of the businesses that employ them. In 2023-24, USF alumni generated $7.3 billion in added income for the state economy, which includes $3.9 billion in annual added income regionally.
Research
Through industry-sponsored and defense-related partnerships, USF attracts investment that supports high-skill jobs, advanced infrastructure and innovation-driven growth. The university drives research from the lab to the marketplace by collaborating with federal agencies, private industry, startups and community organizations.
USF’s Global and National Security Institute partners with major military commands, including U.S. Central Command and Special Operations Command at Tampa’s MacDill Air Force Base. In 2025, USF secured a five-year research contract valued at up to $85 million — part of a record-breaking $750 million in research funding that year — with the U.S. Army Combat Capabilities Development Command Army Research Laboratory.
During 2023-24, USF received $738 million in research funding, up 35% since FY 2021-22.
For the 12th consecutive year, USF is one of the nation’s top 20 public research universities for producing new U.S. utility patents, according to the National Academy of Inventors.
USF Health
USF Health, in partnership with Tampa General Hospital, made comprehensive care and advanced treatments available to more patients while continuing to provide new hope for people with debilitating illnesses and injuries.
In July 2020, USF Health and Tampa General formalized their longstanding affiliation and agreed to become a jointly governed organization. The partnership integrates patient care, education and research, aligns administrative and clinical operations, and enhances the delivery of comprehensive care throughout the Tampa Bay area. It also supports academic medicine, advanced treatment options and health-care workforce development.
USF Health is the largest multispecialty physician group on Florida’s West Coast, with more than 750 physicians and providers from the Morsani College of Medicine. The college has earned a Tier 1 designation — one of only 16 in the nation — for medical research from U.S. News & World Report and now exceeds $380 million in annual research funding.
When the full impact of Tampa General is attributed to USF, the total contribution reaches $13.4 billion in added income to the Florida economy and $9.8 billion in added income to the Tampa Bay regional economy.
For more report highlights, visit usf.to/EconomicReport.
“We were really laying track for the College of Nursing at USF.”
– Candice Saunders
Alumni
By equipping students with in-demand skills, USF enhances workforce readiness and production. As a result of their education, graduates receive higher earnings and increase the productivity of the businesses that employ them. In 2023-24, USF alumni generated $7.3 billion in added income for the state economy, which includes $3.9 billion in annual added income regionally.
Research
Through industry-sponsored and defense-related partnerships, USF attracts investment that supports high-skill jobs, advanced infrastructure and innovation-driven growth. The university drives research from the lab to the marketplace by collaborating with federal agencies, private industry, startups and community organizations.
USF’s Global and National Security Institute partners with major military commands, including U.S. Central Command and Special Operations Command at Tampa’s MacDill Air Force Base. In 2025, USF secured a five-year research contract valued at up to $85 million — part of a record-breaking $750 million in research funding that year — with the U.S. Army Combat Capabilities Development Command Army Research Laboratory.
During 2023-24, USF received $738 million in research funding, up 35% since FY 2021-22.
For the 12th consecutive year, USF is one of the nation’s top 20 public research universities for producing new U.S. utility patents, according to the National Academy of Inventors.
USF Health
USF Health, in partnership with Tampa General Hospital, made comprehensive care and advanced treatments available to more patients while continuing to provide new hope for people with debilitating illnesses and injuries.
Saunders (back row, ninth from left) was one of 49 students in the nursing program’s charter class.
In July 2020, USF Health and Tampa General formalized their longstanding affiliation and agreed to become a jointly governed organization. The partnership integrates patient care, education and research, aligns administrative and clinical operations, and enhances the delivery of comprehensive care throughout the Tampa Bay area. It also supports academic medicine, advanced treatment options and health-care workforce development.
USF Health is the largest multispecialty physician group on Florida’s West Coast, with more than 750 physicians and providers from the Morsani College of Medicine. The college has earned a Tier 1 designation — one of only 16 in the nation — for medical research from U.S. News & World Report and now exceeds $380 million in annual research funding.
When the full impact of Tampa General is attributed to USF, the total contribution reaches $13.4 billion in added income to the Florida economy and $9.8 billion in added income to the Tampa Bay regional economy.
For more report highlights, visit usf.to/EconomicReport.