FOR IMMEDIATE RELEASE: Thursday, March 6, 2025
CONTACT: Florida TaxWatch: Christina Johnson, christina@on3pr.com, 850.339.5773
St. Thomas University: Dr. Daniel Axelrod, daxelrod@stu.edu, 305.474.2418
Tallahassee, Fla. – Today, Florida TaxWatch unveiled its report, An Independent Assessment of the Economic Impact of South Florida’s St. Thomas University on Florida’s Economy at a press conference on St. Thomas University’s Miami campus. In this independent research report, Florida TaxWatch estimates the economic impact on the state to be $1.5 billion.
Florida TaxWatch President and CEO Dominic M. Calabro said, “Amid workforce shortages, an aging workforce, and ever-advancing technology, postsecondary learning institutions are critical to train talent to satisfy the demands of a knowledge-based global economy. By opening its doors to all students, St. Thomas University not only provides an important venue for economic mobility, but it also develops the economic wellbeing of the community and entire state – to the tune of $1.5 billion.”
Florida TaxWatch Executive Vice President and General Counsel Jeff Kottkamp said, “The need for quality higher education has never been greater, and Florida TaxWatch continues to encourage the advancement of specialized workforces necessary to meet the demands of our borderless knowledge-based economy now and in the future. This report demonstrates how St. Thomas University, which is a valued asset to our state, is helping to meet that demand.”
David A. Armstrong, J.D., President, St. Thomas University stated, “Over the past six years, we have worked hand in hand with industry leaders and business partners across our state to ensure the workforce readiness of our graduates. In fact, we have implemented an experiential learning requirement for graduation, ensuring that all STU graduates not only possess the necessary skills and knowledge but also the practical experience to make an immediate positive impact.”
John J. Dooner, Jr., Chairman of the St. Thomas University Board of Trustees stated, “This TaxWatch report highlights how St. Thomas University students, particularly undergraduates, contribute to the economic advancement of our communities. As noted in the report, the undergraduates’ average annual earnings of over $73,000 make a measurable impact on their lives. St. Thomas University has earned its place as an institution that elevates our students and, in turn, the state of Florida.”
To calculate a complete return on investment (ROI) for STU, Florida TaxWatch looked at the total output created by the college’s operations and alumni spending after graduation. For the value of investment made by the students and grants, Florida TaxWatch uses the amount found in the STU’s financial statement of 2023, amounting to $68.16 million.
The St. Thomas University ROI results were evident and grouped in three main categories:
- STU Operations: STU operations create more than 1,000 jobs and $56.4 million in new personal income in Florida. Based on student spending, spending of personal income of staff, and the impact of spending on other sectors of the economy, STU operations adds $93.5 million to Florida’s Gross Domestic Product.
- Alumni Spending: Representing the dollars spent by one cohort (2023 graduates), alumni spending after graduation, creates 7,519 jobs and $419.6 million in additional personal income for Florida’s economy. When considering the ripple effect of alumni spending, alumni spending contributes an additional $787.9 million to Florida’s economy.
- Tax Revenue: The state government will receive $80 million in tax dollars over the work-life of STU’s 2023 graduating cohort, as a result of their graduates staying in Florida and utilizing their increased personal income. Similar revenue is expected from each graduating cohort.
STU creates more than 8,500 jobs and has an impact of $476 million on personal income through one year of operation and from one graduating cohort choosing to stay and work in Florida. The total economic output of STU’s operations and alumni is valued at $1.5 billion.
Earnings from a 33-year working life after graduation amount to $1,347,621. Comparing the additional income to the foregone earnings and total opportunity cost to attend STU ($322,780), a graduate from STU can expect to earn $4.18 in additional personal income for every dollar, spent pursuing a four-year degree.
To learn more and access previous reports, please click here.
About Florida TaxWatch
As an independent, nonpartisan, nonprofit government watchdog and taxpayer research institute, and the trusted “eyes and ears” of Florida taxpayers for more than 45 years, Florida TaxWatch (FTW) works to improve the productivity and accountability of Florida government. Its research recommends productivity enhancements and explains the statewide impact of fiscal and economic policies and practices on taxpayers and businesses. FTW is supported by its membership via voluntary, tax-deductible donations and private grants. Donations provide a solid, lasting foundation that has enabled FTW to bring about a more effective, responsive government that is more accountable to, and productive for, the taxpayers it has served since 1979. For more information, please visit www.floridataxwatch.org.
About St. Thomas University
St. Thomas University (STU) is one of the South’s premier Catholic universities. It is a private, nonprofit institution committed to fostering students’ academic and professional success and helping them become ethical leaders in the global community. Rich with cultural and international diversity, STU is a Miami Archdiocesan university, the only archdiocesan university in Florida, and one of just 11 nationwide. Since President David A. Armstrong, J.D., took office in 2018, the university has set enrollment records annually, growing to 6,500 undergraduate, graduate, and dual enrollment students. The university’s new College of Nursing, College of Health Sciences & Technology, Benjamin L. Crump College of Law, Gus Machado College of Business, and Biscayne College for Liberal Arts and Social Sciences offer 61 undergraduate, graduate, and post-graduate degree programs online and on the university’s beautiful Miami Gardens campus. STU is currently leading a multi-year effort to make $123 million in improvements, its biggest expansion since its 1961 founding, including adding 400,000 square feet of new facilities, from a residence hall to athletic fields, a new business school, and other projects.
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