Study finds UT has $3.3 billion impact on Toledo economy - News, Weather, Sports, Toledo, OH

Study finds UT has $3.3 billion impact on Toledo economy

(Source: WTOL) (Source: WTOL)
TOLEDO, OH (WTOL) -

The University of Toledo now has a dollar amount on how much it contributes to the community: $3.3 billion.

Of that, $1.35 billion is coming from the university while the other $1.98 billion comes from alumni and faculty's contribution to the community.

"People drive by it, they see it. It's beautiful," said Dr. Gbenga Ajilore, UT Associated Professor of Economics. "They go to football games, they go to homecoming, but now we are able to actually put almost kind of a dollar value to that impact to see, 'Okay I know University of Toledo means a lot to the region, but now I know how much it means.'"

Dr. Ajilore, along with Dr. Oleg Smirnov, were responsible for the study. They say the easiest way to think about these numbers is to think of what northwest Ohio would be like without the school.

"So if you think about West Gate, the Costco, the Fresh Market, the Whole Foods, all of the stores: none of those would be here. Instead we would probably have more strip malls, things like that," Dr. Ajilore said.

One statistic that sticks out to the professors is 33 percent of the alumni have remained in Toledo. Dr. Ajilore says this is comparable to a city like Detroit or New York.

"They love all of the things that the city of Toledo and the region has to offer and there is also kind of that bond that develops because the university has that relationship with the communities," Dr. Ajilore said.

"If you take out the university, and you take out all of those people and all of their families and their children and everything, you will lose a big chunk of the economy," Dr. Smirnov added.

Both professors say they hope the study puts into perspective the university's impact on northwest Ohio.

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