2021 Economic Impact Study

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Memorandum To:

Wayne Swann, Director of Office of Technology Transfer, Morgan State University

From: Econsult Solutions, Inc. Date:

January 21, 2021

RE:

Morgan State University – FY 2021 Economic Impact Update

1

Introduction

Morgan State University is a premier public teaching and research institution located in Baltimore, Maryland. It is well regarded for its academic rigor, cutting edge research and public service efforts. As a Historically Black College and University (HBCU), Morgan has a well-documented history of providing opportunities for African-American students to excel, particularly in the engineering and science fields. It also seeks to serve a diverse student body from all backgrounds, while producing high quality graduates that are successfully prepared to serve in a global society. In May 2018, Econsult Solutions, Inc. (ESI) completed an economic impact study for Morgan State University, which largely covered data from FY 2018. Morgan seeks updated economic impact figures, using more recent financial data (inclusive of FY 2021). Economic impacts were estimated for three distinct geographies: Baltimore, the Baltimore Metropolitan Area (MSA)1, and Maryland. Tax revenue impacts were estimated for both the City of Baltimore and State of Maryland governments. Note that temporary COVID-related economic impacts observed in the first half of 2020 are unknown and not included in this analysis. Overall, Morgan is a significant driver of economic impact for Baltimore, the region, and the state of Maryland (see Figure 1): • • • • •

1

Morgan produces a $1.1 billion economic impact and directly or indirectly supports 6,900 jobs statewide each year. Morgan generates over $53 million in state tax revenues every year. Morgan has undertaken $261 million in capital investments over the past 6 years. Morgan students inject an additional $93 million a year in spending into the state. Alumni living and working in Maryland earn about an additional $535 million a year due to the education and credential they received from Morgan.

The Baltimore MSA includes Anne Arundel, Baltimore, Carroll, Queen Anne’s, Harford, and Howard counties.


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