Local Economy Key Metrics to Measure

  1. Number of dollars that UVA spends within the local region. 

  1. Number of SWAM organizations doing business with UVA in the local area. 

  1. Amount of SWAM spend for businesses within the local area. 

Legend

2023 Stage Time Period
E Explore
I Implement
C Complete
Short 0 to 18 months
Medium 18 months to 3 years
Long 3 to 5 years

Other Local Economy Metrics

  1. Total discretionary spend in Calendar Year 20231 (through 01 Dec 2023):
    a.     Total spend: $752.1M
    b. Local2 discretionary spend: $39.2M (5.21% of total)
  2. Number of local SWaM-certified3 businesses working with the University of Virginia in Calendar Year 2023 (through 01 Dec 2023):
    a.     Number of local small businesses doing business with UVA: 31 (6.72%)
    b. Number of local micro businesses doing business with UVA: 30 (6.51%)
    c. Number of local women-owned businesses doing business with UVA: 27 (5.86%)
    d. Number of local minority-owned businesses doing business with UVA: 9 (1.95%)
  3. Amount of UVA spending with local SWaM-certified businesses in Calendar Year 2023 (through 01 Dec 2023):
    a.     Amount spent with local small businesses: $15.1M (38.58%)
    b. Amount spent with local micro businesses: $3.3M (8.52%)
    c. Amount spent with local women-owned businesses: $2.7M (6.98%)
    d. Amount spent with local minority-owned businesses: $970.8k (2.48%)

(1) Calculated using invoice payment date and payment amount.
(2) Local businesses are defined as non-individual supplier types with remit ZIP codes in the Blue Ridge Health District zone.
(3) Certified with https://www.virginia.gov/agencies/department-of-small-business-and-supplier-diversity/. Many suppliers have several certifications; to avoid “double-dipping” each supplier and associated spend is placed within one category only for reporting purposes. This number does not include businesses working as subcontractors for University-contracted firms.

Local Economy Metrics
Recommendation 2023 Stage Time Period
1. Double the percent of local businesses selling to UVA I Long
2. Double the percent of minority-owned businesses selling to UVA I  Long
3. Draft, finalize, and endorse the Procurement Strategic Plan E Medium
4. Increase spend with local minority and Black owned businesses I  Medium
5. Evaluate ways to engage uncertified SWaM-eligible businesses I  Short
6. Increase spend with currently engaged SWAM businesses I Short
7. Develop local supplier search tool E Medium
8. Feature local and local SWAM business in the impact analysis E Short
9. Simplify and shorten the vendor certification process, and track time E Short
10. Invest in a holistic (Academic and Medical) spend dashboard E Medium
11. Create supplier diversity council and track pan-UVA supplier inclusion E Medium