COLUMBUS, Ohio — A new study commissioned by the Inter-University Council of Ohio shows how Ohio’s public universities contribute to the economy.
The Inter-University Council of Ohio is an association of 14 public universities. The 200-page independent study conveys the return on investment in Ohio.
what you need to know
- The independent study is 200 pages long and conveys the return on investment in Ohio
- Several Ohio public university presidents gathered at the Statehouse to share the results of the study
- Lightcast, an independent consulting firm, conducted the study
Ohio public universities wanted to find out how public higher education contributes to the state’s economy. Several Ohio public university presidents gathered at the Statehouse to present the results.
The study was conducted by Lightcast, an independent consulting firm, and the published data shows that Ohio’s 14 public universities contributed $68.9 billion to Ohio’s economy between 2021 and 2022. Impact accounts for 8.8% of Ohio’s total revenue. Miami University President Gregory Crawford told Spectrum News the study was conducted to determine the performance of Ohio’s public universities.
“That’s an amazing number considering how well we’re doing collectively as a group of 14 Ohio state universities and moving closer to our goal of really making that talent available to a lot of companies and whatnot that’s operating on the stage.” ‘ Crawford said.
The study also found that university activities support over 866,000 jobs. Crawford told Spectrum News it shows the importance of getting a degree in Ohio.
“When you see the graduates and see them working out there in the great companies,” Crawford said. “You see the leadership that they’re showing at the top of some of these companies and you see all the entrepreneurs who delivered to the state and many are staying here now instead of going to the right and left coasts.”
Laura Bloomberg, the president of Cleveland State University, says it’s important that Ohio lawmakers look at this study when deciding on the higher education budget.
“The data we got from this study makes a compelling case for investing in higher education because the return is extreme,” Bloomberg said. “It’s great that a dollar invested in higher education in the state of Ohio will yield an exponential, but exponentially large return.”
Bloomberg says based on the study they hope lawmakers can fund public universities to continue issuing degrees and give students bright futures.
The Ohio House passed its version of the operating budget. They reduced the amount of money the state would give to Ohio College Opportunity Grants compared to the amount proposed by Ohio Gov. Mike DeWine. The Ohio Senate is currently working on a draft and has until the end of June to make changes.
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