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Economic impacts of the Virginia-Maryland Regional College of Veterinary Medicine on the Commonwealth of Virginia
This thesis estimates the economic impacts of the Virginia-Maryland Regional
College of Veterinary Medicine on the Commonwealth of Virginia. Two types of
economic impacts were measured. First, the short term impacts were assessed, using
the input-output model for the Commonwealth of Virginia. Operating expenditures
of the college were entered into the model as a change in final demand and the
multiplier effects of these expenditures were measured. Second, long run benefits
of the College's research and extension program were estimated using the economic
surplus approach. A sample of the college's research and extension projects was
selected, and aggregate benefits for the college were evaluated. The study found
substantial impacts of the college on the Commonwealth. The total impacts of the
college on total output, income, Gross Domestic Product and employment on an annual are $44 million, $26 million, $28 million and 707 respectively. The sample
of research projects evaluated, generated net benefits of $12 million. The aggregate
benefits of the college are estimated at $48 million. The benefit-cost ratio for the
college's research is 3.1.