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Close up of legs running on a treadmill while people observe metrics on a computer

Economic
Impact Report

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Three students at their desk in class A UVA scientist working in a lab

UVA’s Economic Impact on the Commonwealth of Virginia

FY2024

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The University for Virginia

Over its 200-year history, the University of Virginia has grown into one of the nation’s preeminent public universities. It has never lost sight of its mission to serve the people of Virginia, to lead the advancement of human knowledge and to benefit the region and the world. Today, the University continues that tradition of service as a major economic engine for the commonwealth.

In 2025, the University engaged the Weldon Cooper Center for Public Service to conduct a study of its effect on Virginia’s economy in Fiscal Year 2024 (FY2024). The findings confirm that the University of Virginia contributes substantially to making the commonwealth one of the nation’s best places to live, work and visit. 

Statewide Impact

By the numbers

Using IMPLAN, an accepted methodology for quantifying economic impact, the University’s total impact on the commonwealth in Fiscal Year 2024 is: 

  • Economic impact

    $11.9B

  • Employment impact

    67,109 Jobs

  • Government revenue impact

    $455M

  • Return on investment

    $35 In economic impact for every $1 of state funding

By Division

Impact from all angles

UVA Academic Division

  • Economic impact

    $3.4B

  • Government revenue impact

    $163.4M

  • Jobs

    25,745
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Impact in action

Backed by a $20 million federal contract, UVA launched the pan-University National Security Data and Policy Institute in 2024, uniting expertise in data science, artificial intelligence, research computing and public policy to tackle emerging national security and policy challenges that face the nation.

The institute will combine the strengths of academia, government and the private sector to develop next-generation AI-driven tools that enhance intelligence analysis and threat detection. This initiative underscores UVA’s growing role as a hub for innovation, defense research and public service, strengthening both national security and the regional economy.

UVA Health

  • Economic impact

    $8.5B

  • Government revenue impact

    $285.7M

  • Jobs

    40,334
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Impact in action

The UVA Comprehensive Cancer Center—the first in Virginia and one of only 57 nationally designated by the National Cancer Institute—brings together more than 250 researchers across 39 departments to advance cancer prevention, detection and treatment.

With $82 million in annual funding, the center drives research from basic science to clinical and population health, supports 3.2 million people, builds regional outreach partnerships and trains future cancer researchers and clinicians.

UVA Wise

  • Economic impact

    $94.4M

  • Government revenue impact

    $5.4M

  • Jobs

    1,029
UVA Wise nursing students seated during class

Impact in action

The new $16.6 million high-tech nursing education center at UVA Wise is greatly expanding opportunities for health care students and supporting efforts to address Virginia’s nursing shortage by attracting more students to nursing careers.

Additionally, the College’s new hospitality and tourism management major, developed with state and regional economic development organizations, creates unique educational opportunities to help grow the region’s hospitality and tourism industry.

Examples

Making our presence felt

  • Talent

    UVA graduates are in high demand by knowledge-based companies. Academic programs align with Virginia’s target industries, particularly in occupations related to STEM, business and health care.

    A UVA degree generates an earnings premium, with graduates earning 41% and 53% salary premiums over state and national averages, respectively, 10 years after graduation.

    53% Salary premium over state and national averages 10 years after graduation

  • Jobs

    The University of Virginia accounts for 67,109 jobs across the commonwealth.

    One in every 85 jobs within the commonwealth is either held directly by a UVA employee or is supported as a result of UVA’s presence.

    1 in 85 Jobs in Virginia are either held by a UVA employee or supported by UVA

  • Research and Innovation

    As a leading Research 1 university, UVA drives discoveries that improve lives and fuel economic growth. The research enterprise generates $1 billion in annual economic impact and supports more than 10,700 related jobs.

    Over a 10-year period, the University launched 55 startups, filed 2,184 patents and helped launch ventures that generated 2,257 jobs across Virginia. New philanthropic investments are expanding research capacity in pioneering fields and creating jobs in new economies.

    $1B Annual economic impact generated by UVA research

  • Health Care Access and Quality

    UVA Health is a statewide academic health system that integrates clinical care, education and research through the UVA Health University Medical Center in Charlottesville, UVA Schools of Medicine and Nursing and a network of hospitals and clinics across Virginia.

    The system supports 40,334 jobs and 1,800 students. UVA Health has over 3 million patient encounters annually and generates $8.5 billion in annual economic impact.

    $8.5B Annual economic impact generated by UVA Health

  • Students and Visitors

    UVA draws thousands of students to Central and Southwest Virginia who generate significant economic activity through spending on housing, food and other local goods and services.

    Beyond academics, UVA serves as a year-round destination for visitors across the commonwealth and beyond. Athletic events, alumni gatherings, performances at the John Paul Jones Arena, the Virginia Film Festival and programs at the David J. Prior Convocation Center at UVA Wise collectively attract over 1 million visitors each year. UVA Health also serves thousands of patients and their families from outside the region.

    Students and visitors generate $739.2 million in total economic impact annually.

    $739.2M Annual economic impact generated by students and visitors

  • Tax Revenue

    Through local spending and its direct and indirect support of employment, the University strengthens the local and statewide tax base, generating nearly $191 million in local government tax revenue and more than $264 million in state government tax revenue annually—for a total of $455 million total in government revenue impact.

    $455M Total government revenue impact

Defining Impact

Defining impact

Economic impact is classified into three types:

  • Direct impact

    Accounts for operational spending on goods and services within the region—including employee compensation, employee spending and spending by patients and visitors to the region.

    $6.6B of direct impact in FY2024

  • Indirect impact

    This impact is generated through spending on goods and services by the companies and people who do business with the University. Payments to suppliers lead to payments to other suppliers who pay other suppliers, and so on, creating a ripple effect.

    $2.6B of indirect impact in FY2024

  • Induced impact

    The University’s economic contributions do not end when it pays employees or its suppliers. That money is filtered back into the economy by household and vendor spending and greatly increases the contribution of the University.

    $2.7B of induced impact in FY2024

Looking Forward

Powering Virginia’s economic future

UVA leverages its unique assets and capabilities to advance economic prosperity in Virginia, shaping academic-industry-government opportunities and strengthening knowledge-based industry clusters.

Case Study

Building momentum in the life sciences

  • Leading the way in biotech research

    The Paul and Diane Manning Institute of Biotechnology, supported by a $100 million philanthropic gift along with another $250 million in state and university investments, will position UVA at the frontier of biotechnology research and translational medicine.

  • Driving collaboration between research and industry

    Located in the heart of Central Virginia’s growing innovation district, North Fork, a UVA Discovery Park, provides state-of-the-art facilities for research and business collaboration in the life sciences and beyond.

  • Launching promising biotech ventures

    CvilleBioHub, in partnership with UVA, recently established the Commonwealth BioAccelerator at North Fork. Access to capital, wet lab space and industry experts provide a launchpad for Virginia’s most promising biotech ventures.

Read the report

Visit the Weldon Cooper Center to read the full economic impact report.

Read report