The University of Virginia is proactively and enthusiastically engaged in amplifying our economic impact on the Commonwealth.
We work with public and private sector partners to bring positive and powerful change to Virginia, leveraging UVA's unique assets and capabilities.
Our role in economic development is to:
- Support regional and Commonwealth efforts to recruit and retain industry
- Develop a highly skilled workforce that can tackle societal and economic challenges
- Foster an entrepreneurial ecosystem, supporting startups and innovation
- Conduct research and facilitate technology transfer that will benefit society and fuel economic growth
- Serve as a convener, connector, collaborator, and idea generator
The University of Virginia advances economic prosperity through high-impact economic engagement. As we begin our third century, we reaffirm our commitment to service to the Commonwealth by setting a strategy for elevating economic impact through new initiatives and goals. Explore our strategy for amplifying economic impact across Virginia.
Economic development can take many forms. Traditional models place a heavy emphasis on real estate development, incentive packages, and marketing. In today's technology economy, these strategies are not sufficient to create high quality jobs and inclusive, thriving communities. Universities are becoming important players in 21st century economic development, where companies seek a skilled and educated talent pool, access to research and innovation to remain competitive, and a distinct sense of place that attracts and retains workers. UVA contributes in many ways to a robust economy.
Universities are significant generators of economic and employment activity. A recent study estimated that UVA's economic impact on the Commonwealth is $5.9 billion annually and its operation supports almost 52,000 jobs. In 2016, an independent research firm studied the University's effect on Virginia's economy, and the resulting full report confirms UVA's significant contributions to making Virginia one of the best places to live and work in the country.
Working with two advising bodies, the Office of Economic Development creates and implements a comprehensive economic development strategy. The pan-University Economic Development Council helps define UVA’s role in economic development, identifies and evaluates strategic opportunities, and specifies the scope and scale of University involvement and resources.
The Board of Visitors Committee on Engagement with the Commonwealth assists the University in maximizing opportunities to positively impact the Commonwealth and informs the Economic Development Council’s work.