Towson University Contributed $2.1 Billion In Economic Impact In Fiscal Year 2022
TOWSON - Towson University's Regional Economic Studies wrapped up their analysis of the school's impact on the regional economy during the fiscal year (FY) 2022 (July 2021-July 2022).
The economic impact study indicated the university supported 7,544 jobs in FY 2022 and paid $764 million in employee compensation. The university also paid an estimated $55 million in county taxes and $80.3 million in state taxes.
Towson University President, Kim Schatzel, is proud of the school's contribution to the local economy.
"Towson University's remarkable impact on the local and state economy is a direct reflection of our growing momentum," Schatzel said. "As a workforce and talent pipeline provider, an accelerator of business engagement and entrepreneurship, TU is a proven anchor institution for Greater Baltimore and the State of Maryland. We are tremendously proud to be an asset in strengthening our community and economy."
Towson's student and faculty population also spend money at local businesses, further aiding the local economy. The university reports that it supported $246.8 million in total off-campus business output, supporting an estimated 1,599 jobs in the Towson economy, equating to $46.4 million in salary for local employees.
In 2021, Towson University released its 2020-2030 strategic plan, which details two programs for an "aggressive but attainable" path for its continued growth.
The two plans, "Leadership for the Public Good" and the "Campus Master Plan," are set to receive more than $1 billion in investment from the university "to improve student success, bolster TU's rigorous academic programming and lift up its growing research enterprise."
Towson increased its total economic output from $1.8 billion in 2018 to $2.1 billion in 2022. Continuing on its current trajectory, Towson is set to continue its role as a key anchor institution in the Mid-Atlantic region for the foreseeable future.