The University of South Florida now generates nearly $10B a year in economic impact across Florida, including about $7B in Tampa Bay, according to a new report released Monday.
The analysis based on fiscal year 2023-24 data estimates that USF generated $9.8B in added income statewide and $6.6B in the Tampa Bay region.
The report frames the impact as resulting from workforce development research, alumni earnings and health care delivery operating at scale.
READ: Rhea Law’s lifetime bet on the University of South Florida
Released as USF marks its 70th anniversary in 2026, the findings reflect how the university has evolved into a central piece of Tampa Bay’s economic infrastructure rather than simply a large employer.
“The numbers in the report are undeniably impressive, but as has been the case with every other major accomplishment at USF in recent years, this is really about our people,” said USF Board of Trustees Chair Will Weatherford. “Our students, faculty, staff, alumni, community partners and friends have long known what the rest of the country is quickly learning: There is no stopping Bulls Nation when we work together, and the Tampa Bay region, the state of Florida, and our nation are better for it.”
Talent and earnings
The report highlights graduate outcomes as a major contributor to economic impact.
USF said more than 80% of its graduates remain in Florida, contributing $7.3B in added income to the state economy and $3.9B in annual added income in Tampa Bay.
READ: USF eyes 2027 launch for new real estate master’s program
USF also reported that its bachelor’s degree graduates earn an average of $27,900 more per year than Floridians with a high school diploma or equivalent.
The university said those earnings gains strengthen the regional workforce and help meet employer demand across health care technology and professional services.
Research and innovation
Research activity continues to expand. USF reported $738M in research funding in FY 2023-24, up nearly 7% from the prior year and up 35% since FY 2021-22.
The university also reported a record $750M in research funding in 2025.
The report notes that USF’s research enterprise attracts external investment and supports high-skill jobs.
For the 12th consecutive year, USF ranks among the nation’s top 20 public universities for producing U.S. utility patents according to the National Academy of Inventors.
READ: USF NEWS
“The University of South Florida plays a vital role as an economic engine by preparing students for successful careers, driving innovation, supporting jobs and enhancing the overall quality of life for our communities,” USF President Rhea Law said. “USF’s impact extends far beyond the boundaries of our campuses, reflecting our commitment to fostering growth and opportunity across the Tampa Bay region and the state of Florida.”
Health care footprint
Health care delivery also plays a significant role in the university’s economic reach.
USF Health reports more than 750 physicians and providers through the Morsani College of Medicine and more than 1 million patient encounters each year.
USF cited recent investments, including the Bellini College of Artificial Intelligence, Cybersecurity and Computing, and the Global and National Security Institute.
The university also pointed to its USF Health–Tampa General Hospital partnership as an effort aligned with workforce demand and innovation.
Regional perspective
Local and statewide leaders said the findings reinforce USF’s role in Tampa Bay’s growth.
“USF is one of the county’s largest and most important economic engines with a truly remarkable upward trajectory and Hillsborough County is proud to have a long-standing partnership with the university,” said Hillsborough County Commission Chair Ken Hagan.
“USF is one of the most important economic engines in Florida and a key driver of high-skill, high-wage industry growth in the Tampa Bay region,” said Craig J. Richard, president and CEO of the Tampa Bay Economic Development Council.
What comes next
The report does not include two projects expected to expand USF’s economic footprint in the coming years.
Construction is underway on a 35,000-seat on-campus stadium scheduled to open in fall 2027.
Phase one of the Fletcher District a 27-acre mixed-use development north of Fletcher Avenue is expected to begin construction in 2026.
The study was developed in partnership with Lightcast, according to USF.
