The University of Maryland at Baltimore released a study yesterday showing that the academic institution in the heart of the city pumped $767 million into the Maryland economy last year and was one of the city's largest employers.
The report, commissioned by UMAB, is being released at a time when the institution faces budget cuts while it is seeking millions for new construction and would like to increase its research.
UMAB includes the university's schools of medicine, nursing, pharmacy, dentistry, social work and law. It does not include the University of Maryland Medical System.
For every dollar the state spends at UMAB, the report said, it receives $6 back in economic impact. "So it is a pretty good investment for Maryland," said UMAB President Errol Reese.
Those figures include the ripple effect in the local economy of, for example, a visitor who stops by UMAB and then decides to buy a hot dog or visit the Inner Harbor. Direct spending was $444.1 million, including $23 million in construction.
Michael A. Conte, director of the regional economic studies program at the University of Baltimore, said the study is credible, although he believes $767 million may be a slight overstatement of the impact.
The study, done by Hammer, Siler, George and Associates of Silver Spring, said UMAB employs 4,898 people. Along with the Medical System it is the state's fifth largest employer, behind Giant Food, Westinghouse and the Johns Hopkins University.