Towson University creates $2.1 billion in economic impact in FY 2022
TU’s Regional Economic Studies Institute conducted an analysis of the university’s impact on the economy
November 4, 2022
Towson University continues to serve Greater Baltimore and the Mid-Atlantic region as an anchor institution, supporting more than $2.1 billion in economic activity in the 2022 fiscal year.
An economic impact study (PDF) by the Regional Economic Studies Institute (RESI), which is housed at TU, indicated the university’s total economic activity supported 7,544 jobs during the fiscal year. TU was responsible for $746 million in employee compensation, as well as an estimated $55 million in county taxes and $80.3 million in state taxes.
“Towson University's remarkable impact on the local and state economy is a direct reflection of our growing momentum,” says TU President Kim Schatzel. “As a workforce and talent pipeline provider, an accelerator of business engagement and entrepreneurship, TU is a proven anchor institution for Greater Baltimore and the State of Maryland. We are tremendously proud to be an asset in strengthening our community and economy.”
The overall economic activity of $2.1 billion is an increase over the $1.8 billion in economic activity TU supported in its last impact report, published in 2018.
TU student spending at off-campus businesses supported $246.8 million in total output, as well as supporting 1,599 jobs and $46.4 million in employee compensation during the fiscal year, the RESI report concluded.
In 2021, TU released its 2020–30 strategic plan—Leadership for the Public Good—and in spring 2022 published its campus master plan—two strategic, guiding tools that lay forth an aggressive, but attainable path for the university’s continued growth. TU is investing in its campus through these plans, to the tune of more than $1 billion in projects aimed to improve student success, bolster TU’s rigorous academic programming and lift up its growing research enterprise.
RESI provides a vast range of economic and policy analysis solutions to the public, private and non-profit sectors. Its core solutions include forecasting, economic and fiscal impact analysis, and technical writing. Learn more about RESI.