University of Alaska has more than $1 billion direct and indirect economic impact in Alaska annually
by Michelle Saport |
The annual economic impact of the university includes $714 million in direct effects and $402 million in indirect and induced effects according to a McDowell Group study, titled "The Economic Impact of the University of Alaska 2012."
"It showcases the extent to which the university, by bringing high quality learning and workforce development to Alaska, is contributing to the state's well-being and keeping Alaska competitive in the 21st century knowledge economy," said University of Alaska President Patrick Gamble.
Direct effects are those tied straight to university purchases, household purchases by employees and student spending. Indirect effects result from industries doing business with the university. Induced effects are changes in state economic activity resulting from the effect of spending university-related payroll dollars in the Alaska economy. In terms of employment, university spending translates to 8,247 direct jobs and 7,435 indirect and induced jobs. The university ranks as Alaska's fourth largest employer.
According to the McDowell Group study, for each dollar the State of Alaska invested in UA in FY11, the university generated $3.25 in total economic activity within the state. And, for each dollar of state investment in university research, UA generated $5.60 in additional research revenue. It is clear that as a major driver of economic activity in Alaska, the university provides a significant return on investment of public dollars.
UA is a principal source of human capital in Alaska. Spending generated in support of core UA mission accomplishments, and with the broad civic engagement of its students, faculty and staff, generates an irreplaceable contribution to Alaska's human capital. The McDowell analysis concluded that the higher-educated and workforce-trained pool of UA graduates accounts for nearly 10 percent of Alaska's labor force and almost $2 billion in annual state payroll. Says Gamble, "The total value added to Alaska by our UA graduates? Priceless!"
For more information contact Kate Wattum at (907) 450-8102 or firstname.lastname@example.org. A copy of the report can be downloaded here.