The eight universities that make up the University of Louisiana System have an annual economic impact of $3.4 billion and an $8 return for every dollar of state investment, according to a new study released today.
The study by Applied Technology Research Corporation found that faculty, staff, student, retiree and visitor spending as well as university operations, health insurance and campus construction expenditures at the eight institutions yield a $3.4 billion annual impact of spending. UL System spending also creates 34,800 non-university jobs throughout Louisiana. These are jobs that support expenditures such as construction, health care, transportation, retail sales, and other service industries.
Graduates from UL System schools make up a large proportion of Louisiana’s workforce. Combined, the eight institutions awarded over 455,000 degrees in the last 50 years. Additionally, the UL System leads the state in the production of bachelor’s degrees, particularly in areas such as computer science, engineering and engineering technology, health care, business, and education. The added value of UL System graduates to Louisiana’s economy in terms of increased taxable earnings over the past 10 years is $6.5 billion. It’s estimated that 65% of UL System graduates remain in the state to work.
“The University of Louisiana System is a tremendous investment as our universities drive our regional and state economies. We produce graduates critical to Louisiana’s workforce, fuel economic growth through research and service programs, and enhance the lives of Louisiana’s citizens by providing important programs that enrich our core teaching mission,” said UL System President Randy Moffett. “We are often asked what we do and why we matter. In this age of accountability these are important questions that need to be answered.”
The study also captured data on 188 research centers and service programs supported by the eight universities. These include 28 in economic development, 23 in engineering and technology, 24 in environment and life sciences, 27 in cultural development, and 86 in education, health and human services. Minimal impact of these activities shows the creation or sustainment of 26,300 jobs, $3 billion in business revenue generated or saved, $132 million investment dollars stimulated, and $108 million in direct cost savings of services.
Taking the UL System’s annual impact calculation and applying it to Louisiana’s investment of state funding reveals an $8 return on every $1 Louisiana invests in the UL System. Those are dollars going back into Louisiana’s economy through university-related expenditures. To see the full Economic and Community Impact Study, click here.
