In 2006, the University of Central Florida (UCF) College of Medicine was a dream fighting for approval. At this time, an economic impact analysis predicted that, if approved, that new College could eventually create nearly 26,000 jobs and have an economic impact of $6.4 billion over 10 years. Some thought it to be overly ambitious at the time. But now -- just two years in and still waiting to open the doors to its first class of students -- UCF President John Hitt has announced that 80 percent of the impact projection has already been achieved.
And the outlook is even brighter. An updated economic impact study now projects a nearly 20 percent increase in jobs and overall economic impact compared to the 2006 study, despite an overall economic slowdown. This translates into more than 30,000 local jobs and an economic impact of $7.6 billion within 10 years. The new figures are based on current and future commitments to the medical school and the life-sciences cluster developing at Lake Nona.
Like everything that UCF touches, these great results are the product of great partnerships. Since UCF announced its College of Medicine on land donated by the Tavistock Group at Lake Nona, other premier institutions have joined the life-sciences cluster. They include California-based Burnham Institute for Medical Research, a Veteran's Administration hospital, Nemours Children's Hospital and M.D. Anderson Cancer Research Institute. These partners are creating a unique collaboration that promises to make Orlando a world-known destination for medical care and research and add billions of dollars to the Central Florida economy.
Additional study findings predict that the College of Medicine and life-sciences cluster could:
- Help Florida earn more than $13 for every dollar it invests in the College of Medicine and medical city, a 25 percent increase from the 2006 projection.
- Generate $459.9 million in additional tax revenues for the state by year 10, a more than 25 percent increase.
- Create up to $2.8 billion in wages by year 10, a more than 20 percent increase.
"In a time of declining economic activity around the globe, Central Florida has a proven economic engine in the UCF College of Medicine and medical city at Lake Nona," Hitt said. "Few things, if any, are as important to our Central Florida economy as the continued support of the medical school."
Helping ensure full and continued state legislative support for the UCF College of Medicine is a main legislative priority for the Metro Orlando EDC for the 2009 Legislative Session.
