BALTIMORE--(BUSINESS WIRE)--Baltimore Collegetown Network (BCN), a consortium of 16 public and private schools in the region, today announced that area colleges and universities contribute $17.2 billion in economic activity to the regional and state economy. The figure is one of many enlightening details revealed today in a new report released by BCN based on data provided by 15 regional colleges and universities,* including two major teaching hospitals, Johns Hopkins Hospital and the University of Maryland Medical Center.As a business sector, the economic contribution of colleges and universities ranks sixth in the region, between the Port of Baltimore and tourism. The report is believed to be the first of its kind in the nation, an ambitious attempt to understand the role that Baltimore’s diverse colleges and universities play in the regional economic landscape. The institutions analyzed create more than 162,000 jobs and represent an important source of spending in the Baltimore Metropolitan Area and state economy.
“This report emphasizes the role of higher education as an industry and its importance to regional economic, workforce, social and cultural development,” said Kristen Campbell, Executive Director of Baltimore Collegetown Network. “Colleges and universities are major and significant drivers in the Baltimore economy and important partners in the future growth of the region.”
The study also highlights how higher education, business and government have successfully collaborated in other areas of the country and how Baltimore might use these models to capitalize on the region’s strength.
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