Collegiate Times

Study shows economic boost from higher education

A new study conducted by the Weldon Cooper Center for Public Service at the University of Virginia shows that for every dollar the state spends on higher education, a total of $13.31 of economic activity and $1.39 in tax revenue is given back to Virginia.

The study shows that Virginia's public higher education system is responsible for $9.5 billion annually in purchases of goods and services within the state, $2.5 billion in annual tax revenues created for Virginia and $24 billion in annual contribution to the state's gross domestic product, which comprises 6.2 percent of its total.

It also explains that 144,550 jobs are created by Virginia's higher education facilities.

The study also calculates the potential effect of the proposed Virginia Business Higher Education Council campaign, Grow By Degrees, to award 70,000 collective additional degrees in Virginia by 2020.

The findings measure the impact of higher education expenses and the economic benefits that result from investing in human capital.

The study demonstrates the first all-inclusive analysis of the impact of Virginia's public higher education system.

The study was released Oct. 1, at the Virginia Summit on Economic Competitiveness and Higher Education, which is sponsored by VBHEC.

The study is based on economic data from 2007 and all figures are representative of 2007 dollars.

by allison sanders

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