RICHMOND, Va. (WRIC) — A new report by Virginia Commonwealth University’s Office of Institutional Equity, Effectiveness and Success shows the school’s impact on the economy of Virginia.

According to the report, VCU and VCU Health generate $9.5 billion in economic activity and create or support 58,000 jobs in Virginia.

“We are truly the commonwealth’s university. We are helping to educate people to reach their fullest potential, solve problems and improve the human experience in ways that matter to the public, create healthy communities and provide jobs and job training that contribute to a thriving economy. Our work advances transformative innovation and enhances the social and economic well-being of this region and its people. This report identifies ways we can do even more, and we`re already enthusiastically moving forward to continue this important work.”

VCU President Michael Rao

In the greater Richmond region, VCU has an impact of $6.3 billion and 44,000 jobs. Within the limits of the city of Richmond, VCU has an impact of 3.9 billion and 44,000 jobs.

“The creativity, culture and well-being of the city and the university are inextricably linked,” said Richmond Mayor Levar Stoney. “Our continued progress and upward trajectory are not simply driven by economics, but by a shared commitment as engaged community partners, focused on lifting up the residents and students who call our great city home.”

The report also includes ways in which the university is dedicated to improve, including increasing minority representation in undergraduate and graduate programs and increasing the number of female and minority vendors that contract with VCU.

The full report can be found here.