By: Caitlyn Freeman, Editor in Chief
Towson University created an economic impact of over $2.1 billion in the fiscal year 2022, the university’s Regional Economic Studies Institute announced Friday.
The economic impact study by the institute showed that the $2.1 billion supported 7,544 jobs and included $746 million in employee compensation, a press release states. The university’s fiscal impact in FY 21 was $1.8 billion.
Economic activity measures labor, capital expenditures and other aspects of a business that lead to the production of goods, according to an article by Eurostat.
“Towson University’s remarkable impact on the local and state economy is a direct reflection of our growing momentum,” TU President Kim Schatzel said in a statement.
The institute reports that in FY 2022, Towson students spent $246.8 million at off-campus businesses.
This story may be updated.