Veritas, Vol. 41, No. 02, October 1998

              Veritas
October 1998
Volume 41 • Number 2
For the Faculty and Staff of the University of Miami
University makes enormous impact on local economy
The University of Miami
recently completed a new economic study showing that the institution had a $2.2 billion impact on Miami-Dade County for fiscal year 1997. The independent study, which was conducted by J. Antonio Villamil of The Washington Economics Group and Grace Ali, University budget director, demonstrates the significant role the University plays as one of the leading economic catalysts in South Florida.
“All universities, particularly research universities, are under-recognized for their roles as economic engines,” says David Lieberman, senior vice president for business and finance. “This study clearly illustrates that our economic influence is pervasive throughout the community.”
The study shows that in the fiscal year ending May 31,1997, the University made $397 million in non-construction purchases from more than 8,600 vendors. Including $31 million in construction expenditures, the amount of direct expenditures by the University last year totaled $ 1,036 million. In the City of Coral Gables alone, the report shows that University expenditures totaled $401 million, and the total economic impact was $469 million.
Villamil’s firm then multiplied the University’s expenditures using formulas specially designed for Miami-Dade County by the U.S. Department of Commerce Bureau of Economic Analysis to determine the total economic impact figure of $2.2 billion.
With 8,200 full- and part-time employees, 2,952 on the Coral Gables campus, the University is the second largest private employer in Miami-Dade. The study also showed that the University’s annual expenditures supported an additional 40,317 jobs in the county or the equivalent of one out of every 20 jobs.
“The University’s $2.2 billion annual impact is very significant to our local economy,” says Villamil, who served as U.S. Undersecretary of Commerce during the Bush Administration. “This is by far the largest economic impact of any institution of higher learning in our community.”
Last year, the University enrolled 1,358 international students from more than 120 countries around the world. Their spending generated $59 million in total economic impact in the county.
A research powerhouse, the University attracted $159 million in research grants last year—over 70 percent of which was targeted to the Uni-
versity’s medical programs. According to the National Science Foundation, the University ranked 16 out of all private research universities in the nation in the expenditures of federal funds for research and development.
“The University of Miami accounts for more economic impact in this community than the combined impact of all other independent colleges and universities on the entire state of Florida’s economy,” says Ali.
Unlike companies that may have significant, measurable economic impacts, the University provides much more. It supplies highly educated, well-prepared talent for industry, government, and the professions.
Just in film and entertainment, for example, one of the area’s key industries, 320 graduates of the School of Communication are employed in
David Lieberman addressed the Coral Gables Chamber of Commerce on the University’s economic impact on Miami-Dade County for the 1997fiscal year.
South Florida. Adding music, business, engineering, art, and law graduates, the University’s impact is even greater. University graduate Gloria Estefan and her husband Emilio helped create this industry in South Florida. And similar for health care and international business, two other critical industries, University physicians and financial and marketing professionals are at the heart of the critical intellectual capital in these industries.
Dauer family and First Union help Ryder Center become a reality
Alumnus Edward and
Joanne Dauer and Reva Dauer recently made a gift of $2 million to the University toward the construction of the Ryder Center, the University’s planned on-campus convocation center.
Construction of the Ryder Center is scheduled to begin in 1999. The facility will be located on the Coral Gables campus and is expected to open in late 2000. In recognition of the Dauer family gift, the main road leading to the new facility will be named Dauer Drive.
“This is a splendid commitment from the Dauers,” says President Edward T. Foote II. “It provides a significant boost of momentum at a critical time in our campaign to build the Ryder Center. All of us are delighted by the Dauers’ generosity.”
With this gift, the Dauer family becomes the largest alumni cash donors to the University. Edward Dauer is currently a University trustee, as was his father, Maxwell Dauer, the late husband of Reva. Edward Dauer received both his bachelor’s and medical degrees from the University and is presendy a clinical associate professor of radiology at the School of Medicine.
“The Ryder Center will have a
great impact on the future of the University of Miami. It is important to not only ensure the future success of the athletic program but will allow a place for the University community to join
million for the Ryder Center. The ten-year partnership allows First Union to become the official bank sponsor of the University athletic department, receiving signage at Hurricane athletic
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The Ryder Center, the University's planned facility for commencements, convocations, lectures, concerts, and basketball, will be located on the Coral Gables campus.
together,” says Edward Dauer, who will serve as the chairman of the major gifts portion of the Campaign for the Ryder Center.
First Union Corporation officially kicked off that campaign through a recent partnership with the University that includes a commitment of $ 1.2
venues, game sponsorships, and marketing and promotional opportunities.
“The University of Miami has enjoyed an ongoing relationship with First Union,” says Paul Dee, athletic director. “Their continued support makes it possible for Hurricane athletics to achieve and compete at the high-
est level, while helping to provide the resources necessary for our student-athletes to reach their full potential.”
“We at First Union are very happy to extend our involvement with the University of Miami’s nationally renowned athletic program for another ten years,” says Carlos Migoya, First Union Bank’s Dade/Monroe president. “We hope that this commitment to the University and our community will help further the achievements of many fine student-athletes who participate in UM athletics.”
Providing the University with a venue for commencements, convocations, lectures, seminars, and concerts, the center will have a seating capacity of 9,500. It will serve as home for the Hurricane men’s and women’s basketball teams. This will be the first time the men’s team will have an on-campus home.
Relying entirely on the support of alumni, friends, corporations, and foundations, the University has received $22 million worth of commitments to date for the estimated $34 million Ryder Center. The University is building on the $9 million lead gift from Ryder System, Inc. As a private institution, no state or local tax funds are involved in the project.