Memorandum
To: Wayne Swann, Director of Office of Technology Transfer, Morgan State University
From: Econsult Solutions, Inc.
Date: December 16, 2025
RE: Economic Impact of Morgan State University's 2025 Homecoming
Executive Summary
Morgan State University’s 2025 Homecoming Week, held October 6-12, 2025, under the theme "Celebrating Our Legacy Together, in Unity and Joy," marked a historic success for the institution and generated substantial economic activity throughout the Baltimore region. As Maryland's preeminent public urban research university and a Carnegie "High Research" institution, Morgan State has long been a cornerstone of Baltimore's educational, cultural, and economic landscape. This year's Homecoming celebration attracted thousands of alumni, families, students, and visitors who converged on the City of Baltimore for a week of festivities including a decisive 44-6 Bears victory over Virginia University. With tens of thousands participating throughout the week, the event generated significant spending across hospitality, dining, retail, transportation, and entertainment sectors. The economic ripple effects extended well beyond Baltimore City limits, flowing through the Baltimore Metropolitan Statistical Area and contributing meaningfully to Maryland's broader economy, demonstrating once again that Morgan State University serves not only as an educational treasure but as a powerful economic engine for the region.
Overall, Morgan State Homecoming is a significant driver of economic impact for Baltimore, the Baltimore region, and the State of Maryland (Figures ES1 and ES2):
• Morgan State Homecoming 2025 produced almost $19 million in economic impact in Baltimore, supporting nearly 100 jobs with almost $7 million in employee compensation.
• In the Baltimore MSA, Homecoming produced more than $22 million in economic impact, supporting an estimated 113 jobs with almost $8 million in employee compensation.
• In the State of Maryland, Homecoming produced almost $23 million in economic impact, supporting an estimated 115 jobs with almost $8 million in employee compensation.
• Morgan State Homecoming generates more than $34,000 for the City of Baltimore; and almost $620,000 in state tax revenues every year.
RE: Economic Impact of Morgan State University's 2025 Homecoming Date: December 16, 2025
Figure ES1: Economic Impact from Morgan State Homecoming 2025 Attendees
Source: IMPLAN (2024); Econsult Solutions, Inc. (2025); Morgan State University (2025)
Figure ES2: Tax Revenue Impact from Morgan State Homecoming 2025 Attendees
Source: IMPLAN (2024); Econsult Solutions, Inc. (2025); Morgan State University (2025)
RE: Economic Impact of Morgan State University's 2025 Homecoming Date: December 16, 2025
1 Homecoming Events and Attendance
Every year, Morgan State’s Homecoming events draw tens of thousands of alumni to campus and the surrounding Baltimore region. The week is more than just a series of events it creates meaningful experiences that honor the traditions and legacy of the University With over 30 events that take place throughout the week, alumni from near and far gather to connect with old friends and support the community. Figure 1 details an inventory of the events and their subsequent attendance
Source: Morgan State University (2025); Econsult Solutions, Inc. (2025)
RE: Economic Impact of Morgan State University's 2025 Homecoming
Date: December 16, 2025
Spending estimates by type of visitor were developed using participation data from Morgan State University to capture the total visitor spend within the regional economy. The estimated attendance was generated from actual Ticketmaster® sales, University ticket sales, receipts, registrations, venue capacities reached and overflow attendee numbers. These data were combined with per-visitor spending profiles segmented by expenditure category, such as lodging, food and beverage, transportation, retail, and entertainment. Attendees arriving from less than 30 miles away are classified as local; those arriving from 30-100 miles away are labeled as day trip attendees; and those arriving from more than 100 miles away are considered overnight guests. Additionally, Morgan State data identified those attendees who stayed for 2 evenings over the weekend. Figure 2 demonstrates the breakdown of visitors for Homecoming, while Figure 3 displays the individual and aggregate spending for each visitor type.
The analysis reveals that Morgan State University’s Homecoming weekend attracts almost 35,000 visitors who spend over $15 million in the local economy.
Figure 2: Morgan State Homecoming Attendees by Visitor Profile
attendees: 2-night stay
Source: Morgan State University (2025); Econsult Solutions, Inc. (2025)
3: Morgan State Homecoming Attendees Per Person and Aggregate Spending by Visitor Profile
attendees: 1-night stay
Overnight attendees: 2-night stay
Source: Morgan State University (2025); Econsult Solutions, Inc. (2025)
In economic impact terms, retail leakage represents dollars that "leak out" of the local economy, reducing the multiplier effect and overall economic benefit to the area. Retail leakage occurs when visitor spending initially captured by local Baltimore businesses subsequently flows out of the regional economy as those businesses purchase inventory and supplies from non-local or online vendors, thereby reducing the economic multiplier effect. After accounting for retail leakage, approximately $13.8 million
RE: Economic Impact of Morgan State University's 2025 Homecoming Date: December 16, 2025
in ancillary spending is circulated throughout the region’s economy by Morgan State visitors during Homecoming week (Figure 4).
Figure 4: Morgan State Homecoming Attendee Expenditures, Accounting for Leakage ($M)
Source: IMPLAN (2024); Econsult Solutions, Inc. (2025)
The almost $14 million in direct operating expenditures circulating throughout the region’s economy due to Morgan State’s FY2025 Homecoming events result in (Figure 5):
• Almost $19 million in economic impact in Baltimore, supporting nearly 100 jobs with almost $7 million in employee compensation.
• More than $22 million in economic impact in the Baltimore MSA, supporting an estimated 113 jobs with almost $8 million in employee compensation.
• Almost $23 million in economic impact in the State of Maryland, supporting an estimated 115 jobs with almost $8 million in employee compensation.
Figure 5: Annual Economic Impact from Morgan State Homecoming 2025 Attendees
Source: IMPLAN (2024); Econsult Solutions, Inc. (2025); Morgan State University (2025)
Although Morgan State is a tax-exempt institution, the economic impact of its Homecoming 2025 attendees generates significant tax revenues for the City of Baltimore and State of Maryland governments annually. The City of Baltimore does not levy sales and business taxes, so Morgan’s impact was analyzed only for income tax at the City-level. Annually, Morgan generates during Homecoming (Figure 6):
• More than $34,000 in total income tax revenue for the City of Baltimore; and
• Almost $620,000 in tax revenue for the State of Maryland
RE: Economic Impact of Morgan State University's 2025 Homecoming
Date: December 16, 2025
Figure 6: Annual Tax Revenue Impact from Morgan 2025 Homecoming Attendees Tax Type City of Baltimore State of Maryland
Tax
$34,257 $81,165
Source: IMPLAN (2024); Econsult Solutions, Inc. (2025); Morgan State University (2025)
2 Morgan State Homecoming: “More Than Just Parties”
As Lead Promoter Isaiah "Zeke" Davis emphasizes, Morgan State University's Homecoming represents far more than a series of social gatherings it is a strategic platform for community building, professional development, and multigenerational engagement. With over two decades of experience curating events that serve diverse alumni demographics, Davis has developed a week-long series designed to foster meaningful connections while honoring the institution's rich traditions. From the Annual Alumni Workout Class promoting community health to networking sessions facilitating professional connections, each event serves a deliberate purpose beyond entertainment. The "Campus to Careers" mentorship initiative, which partnered with the on-campus organization SMOOTH to connect recent Morgan alumni with industry leaders, exemplifies this mission directly supporting recent graduates’ transition from campus to professional life and reinforcing the University's commitment to empowering the next generation of leaders.
The economic philosophy underlying these events extends beyond immediate revenue generation to long-term community investment and talent retention. Davis notes that Homecoming serves as a "recruitment and re-engagement mechanism," inviting alumni from high-cost markets like New York, Atlanta, and Washington, DC to reconsider Baltimore as an affordable, culturally rich city with strong legacy ties. When alumni witness Morgan's upgraded infrastructure and Baltimore's revitalization firsthand, they begin to view the city not merely as their alma mater's location but as a viable place to live, work, invest, and raise families. This strategic positioning transforms Homecoming from a celebratory weekend into a talent recruitment tool that addresses Baltimore's workforce development needs while reversing the outmigration of educated professionals who left the city after graduation.