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USF, a $3.2-billion area impact

At a 50-year celebration, the school says the estimate understates its effect on the community.

By KEVIN GRAHAM
Published January 18, 2006

TAMPA - University of South Florida president Judy Genshaft stood next to an automated marquee Tuesday, poised to reveal the school's annual economic impact on the Tampa Bay area.

She said the $3.2-billion that appeared doesn't just "trickle" through the region, "it floods."

"I would say that the Legislature and the people of Tampa made a very savvy investment 50 years ago," Genshaft said.

The announcement of USF's economic heft came before a luncheon kicking off a yearlong 50th anniversary celebration for the school. More than 43,000 students are now enrolled on its campuses in Tampa, St. Petersburg, Lakeland and Sarasota, making USF the second largest public university in the Southeast.

In attendance Tuesday were former Rep. Sam Gibbons, called the "father of USF," and former USF presidents Cecil Mackey, Francis T. Borkowski and Betty Castor. Grace Allen, widow of founding USF president John Allen, also was there.

The economic impact study was put together by IMPLAN Group Inc., a Minnesota company that conducted similar studies for the University of Florida and Florida State University.

The Minnesota group used USF's 2004 annual financial statements to come up with its $3.2-billion estimate.

"You could easily make it a higher number," said Carl Carlucci, USF's executive vice president and chief financial officer.

The study analyzed money flow in the areas of construction, faculty and staff payroll, research dollars, student spending, university operations, state dollars and financial aid. Carlucci called those standard categories. Not included were the impact of students who graduated and stayed in the area, parents who came to visit and alumni who relocated their businesses to the Tampa Bay area.

People at the university are always surprised at how much money the university spends on its four campuses, Carlucci said.

"We have visitors who come here all the time, and they say USF is a well-kept secret," he said.

Dick Beard, chairman of the USF board of trustees, said the university has $270-million in planned building projects. They include a student union in Tampa, a Tampa General Hospital clinic, a residence hall on the St. Petersburg campus and a Lakeland campus. Construction already is under way on renovations to the Sarasota campus.

USF has "exceeded my wildest expectation," said Gibbons, whose idea it was to create the university. "I'm proudest of what it has done to educate the people of this state and around the world."

USF was founded in 1956 with an investment of $50,000. The school opened its doors to its charter class in 1960. Back then, the university sat off a dirt road on Fowler Avenue with sand dunes surrounding its three original buildings. Today, it has 370 buildings on its four campuses.

Tampa Mayor Pam Iorio earned a master's degree in history from USF. She spoke Tuesday about rolling around as a child in the school's sand dunes when her dad became an English professor at USF.

She personally thanked Grace Allen for the tone she and her husband, John, set for USF to be a "university family."

Genshaft's announcement took place inside a $42.9-million facility completed in 2005 as part of USF's expanded research park. The building will house 18 companies, eight of them started by USF professors. The companies include a cancer research group, an Army biodefense facility and a business development center.

USF is the fourth largest employer in the region. And the National Science Foundation named it one of the two fastest growing research universities in the United States.

Carlucci said he sat next to someone during the 50th anniversary kickoff luncheon who said the story of USF is largely a reflection of the story of Florida.

"It's been about growth and the demand for services," he said. "Clearly, Florida is still growing, and the public still wants more and more, in this case, education."

Kevin Graham can be reached at 813 226-3433 or kgraham@sptimes.com

[Last modified January 18, 2006, 01:09:07]