Economic impacts of the Virginia-Maryland Regional College of Veterinary Medicine on the Commonwealth of Virginia

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1994-01-15
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Virginia Tech
Abstract

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.

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