Office of the President

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Transformative Innovation

Virginia Commonwealth University (VCU) is a broad access, Carnegie 1, public research university that has significant, wide-reaching economic and social impacts on the City of Richmond, the region and the Commonwealth of Virginia. As an urban institution committed to transformative innovation, VCU is in a unique position to influence the long term economic, social, and physical health and well-being of the communities it serves. This 2022 report summarizes those impacts.

VCU Economic Impact

Virginia Commonwealth University generates nearly $9.5 billion in economic activity and supports 58,000 jobs in Virginia, according to a new report examining VCU’s economic and cultural impact.

Impact on Virginia

$9.5 billion total economic impact

58,000 jobs

Impact on Richmond Region

$6.3 billion total economic impact

44,000 jobs

Impact on the city of Richmond

$3.9 billion total economic impact

33,000 jobs

There’s more to this story than numbers

In this climate of social and economic change, we need to measure what we value, ensure that we are meeting the goals we’ve set for ourselves, and that those goals align with the needs and priorities of our city, state, and region. To this end, we’ve developed the following framework for assessing that impact, and building a clearer narrative on how the work of an urban university shapes regional opportunities. To this end, we've developed the following framework for assessing that impact and building a clearer narrative on how the work of an urban university shapes opportunities:

  • People at the Center (Talent): The Foundation of Healthy, Prosperous and Equitable Communities
  • Vibrant, Healthy Places (Place)
  • Building an Inclusive Future (Innovation): From Research to Thriving Communities
Economic Impact Graph - thumbnail image
View larger version of equity diagram

Contributing Offices

Past reports