A study released last week by the State Chamber Research Foundation shows Northwestern Oklahoma State University has a significant impact on local, regional and state economies.
The study showed Northwestern supported approximately $58.1 million in total economic output for FY2016, including direct expenditures of $43.8 million in spending by faculty, staff and students.
Included in direct expenditures are $6.8 million in spending from non-Oklahoma students.
The study concluded that Oklahoma’s system of higher education plays a large and increasingly important role in Oklahoma’s ongoing economic development efforts through developing an increasingly skilled and competitive state labor force.
“This important study validates the message that we have delivered to policymakers and the public that Oklahoma’s public universities and colleges drive economic development, but more importantly drive economic success,” Dr. Janet Cunningham, university president, said. “It is important that Oklahoma views public funding of higher education as an investment in future success, not just a line-item expenditure.”
Cunningham’s point was supported by the study’s findings that for every dollar in state appropriations provided to Northwestern, the school generated $6.50 in economic output.
“Oklahoma’s public colleges and universities serve as an anchor in their cities, towns and regions as they contribute to the stability of their communities,” said State Chamber Research Foundation Executive Director Dr. Jennifer Lepard. “The study shows what we’ve known to be true for a while—increased higher education is an underlying source of economic growth, both in the U.S. and internationally.”
Despite the benefits of a strong public higher education system, state funding for higher education in Oklahoma has been cut by $274.3 million or 26 percent since FY2008.
A recent study by Illinois State University showed Oklahoma led the nation in percentage cuts to higher education from FY2012 to FY2017.
“By next year nearly 40 percent of all new jobs created in Oklahoma will require a college degree,” Cunningham said. “It is imperative that Oklahoma have a qualified workforce ready to support new industry and encourage entrepreneurship. Only higher education can accomplish this task.”
For more information on the State Chamber Research Foundation Report, visit okresearchfoundation.org.
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