By Althea Johnson, University Communications and Marketing
The University of South Florida today shared results from a new report that assesses
the impact of the university on the regional and state economy. According to the analysis,
USF generates an annual economic impact of nearly $10 billion across Florida, including
$7 billion in the Tampa Bay region. The results show that USF creates a positive net
impact, underscoring the university’s role as one of the most powerful economic engines
locally and throughout the state.
Based on fiscal year 2023-24 data, the report shows that USF delivers substantial
returns for students, taxpayers, employers and communities through several key areas,
including workforce development, research innovation, health care and alumni productivity.
The report comes as USF’s marks the 70th anniversary of its founding in 2026, highlighting how much the university’s impact has grown
over that time.
Among the key takeaways
Overall impact: USF generated $9.8 billion in added income to the state of Florida which includes $6.6 billion in added income specifically for the Tampa Bay Region.
Research Impact: USF received $738 million in research funding during FY 2023-24, up nearly 7% over the previous year, and an impressive increase of 35% since FY
2021-22. It is important to note that USF achieved a record-breaking $750 million
in research funding in 2025.
Student Impact: USF bachelor’s degree graduates will see annual earnings that are $27,900 higher than a person with a high school diploma or equivalent working in Florida.
Alumni Impact: USF enhances workforce readiness and productivity, contributing $7.3 billion in added income for the state economy which includes $3.9 billion in annual added income regionally. More than 80% of USF graduates remain in Florida,
fueling the state’s talent pipeline and helping meet the needs of employers.
Healthcare Impact: USF Health delivers comprehensive care through more than 750 physicians and providers
from the Morsani College of Medicine and reports over 1 million patient encounters annually.
“The numbers in the report are undeniably impressive, but as has been the case with
every other major accomplishment at USF in recent years, this is really about our
people,” said USF Board of Trustees Chairman Will Weatherford. “Our students, faculty,
staff, alumni, community partners and friends have long known what the rest of the
country is quickly learning, there is no stopping Bulls Nation when we work together,
and the Tampa Bay region, the state of Florida, and our nation are better for it.”
These outcomes are supported by USF’s continually evolving academic and research initiatives,
including recent investments and formations of the Bellini College of Artificial Intelligence,
Cybersecurity and Computing, the Global and National Security Institute and the USF
Health–Tampa General Hospital partnership, all designed to meet the demands of a rapidly
changing global workforce.
The analysis also highlights the strength of USF’s research enterprise, which attracts
significant external investment to the state of Florida and supports high-skill jobs
and innovation-driven growth. For the 12th consecutive year, USF ranks among the nation’s
top 20 public universities for producing U.S. utility patents, according to the National
Academy of Inventors.
“The University of South Florida plays a vital role as an economic engine by preparing
students for successful careers, driving innovation, supporting jobs and enhancing
the overall quality of life for our communities,” President Rhea Law said. “USF’s
impact extends far beyond the boundaries of our campuses, reflecting our commitment
to fostering growth and opportunity across the Tampa Bay region and the state of Florida.”
Rendering of on-campus stadium
Rendering of Fletcher District
The report does not account for two major projects that will significantly elevate
USF’s economic impact in the coming years. USF’s 35,000-seat on-campus stadium that will host football games and other events throughout the year is currently under
construction and scheduled to open in fall 2027. In addition, phase one of the Fletcher District, a vibrant, mixed-use community comprising residential, retail, dining, hospitality
and academic/research facilities located on 27 acres just north of Fletcher Avenue,
is expected to begin construction in 2026. Both projects are poised to generate long-term
economic benefits for the City of Tampa, Hillsborough County and the region.
More information about USF’s economic impact can be found on the accompanying interactive website.
What others are saying about USF’s impact
Ken Hagan, Hillsborough County Board of County Commissioners Chair: “USF is one of the county’s largest and most important economic engines, with a truly
remarkable upward trajectory, and Hillsborough County is proud to have a long-standing
partnership with the university. We are excited to see the continued growth through
transformative projects like the Fletcher District and the on-campus stadium that
are shaping the university and County’s future.”
Alan Levine, Florida Board of Governors Chair: “The University of South Florida is one of the most impactful universities in the
nation – among the fastest rising, and a member of the prestigious Association of
American Universities. So, it is no surprise that the impact of USF economically has
grown to the billions, while their impact on the quality of life in Tampa Bay, Florida,
and the nation makes them a heavyweight among America’s universities. We are proud
of their Board of Trustees and their leadership.”
Craig J. Richard, President and CEO of the Tampa Bay Economic Development Council: “USF is one of the most important economic engines in Florida and a key driver of
high-skill, high-wage industry growth in the Tampa Bay region,” said. “Top tier institutions
within USF such as the Morsani College of Medicine and the Bellini College of Artificial
Intelligence, Cybersecurity, and Computing are turning Tampa into a global destination
for innovators and companies that are shaping our future.”
Michael Simas, President & CEO of The Florida Council of 100: “The University of South Florida is a major force in Florida’s growth, generating
billions in economic impact while advancing innovation and preparing the talent our
employers need to compete and thrive. USF strengthens our workforce pipeline, supports
industry partnerships, and helps drive the kind of long-term economic momentum that
benefits Tampa Bay and communities across the state.”
Bemetra Simmons, President and CEO, Tampa Bay Partnership: “By aligning research, talent, and strategic partnerships, the University of South
Florida is shaping the future of our region; advancing innovation, supporting employers,
and creating billions in annual economic impact for Florida.”