At a recent press conference, University of Arkansas leaders revealed that the institution has a staggering billion annual economic impact on the state of Arkansas, a significant jump from the previous estimate of .2 billion. This substantial growth is attributed to various factors, including workforce development, applied research and innovation, student expenditures, visitor spending, and construction and operations. The comprehensive report highlights the university’s far-reaching influence, with operational impacts reaching .5 billion and one-time construction impacts accounting for 2.4 million. One notable aspect of the report is the significant contribution of student spending, which totals to 9.4 million and generates million in state and local taxes. Furthermore, visitors to campus and athletic events bring an economic impact of 2.2 million. These figures show just how integral the university has become to the state’s economy. Mike Malone, vice chancellor for economic development, emphasized that the university’s billion economic impact supports about 19,000 Arkansas jobs, including direct employment in university operations. These jobs yield .1 billion in wages and contribute over 6 million in state and local taxes. Additionally, research expenditures rose by 20.3% to reach a record 1.5 million in 2023, demonstrating the institution’s commitment to fostering innovation. The report also underscores the enduring influence of university alumni on the state’s economy. More than 87,000 alumni in Arkansas collectively earned .4 billion in wages in 2023, or about 7.4% of the state’s total wages. Their combined tax payments amounted to 2.2 million. Moreover, new businesses started by graduates since 2019 now support over 300 jobs and generate an ongoing economic impact of .1 million and tax collections of .4 million. This expanded economic impact is also evident in the growth of exports. Businesses supported by the UA’s World Trade Center have increased or generated new exports worth 1.5 million, resulting in an economic impact of 0 million and supporting over 5,000 jobs. The economic momentum is expected to continue, with the university having invested over 6 million in applied research facilities since 2021. The report highlights the fruitful return on investment for the state, with every dollar invested yielding an economic impact of .69. This substantial multiplier effect demonstrates the university’s essential role in driving economic growth and development in Arkansas. With its economic impact reaching every corner of the state, the University of Arkansas is poised to continue its vital contribution to Arkansas’ prosperity, demonstrating its commitment to talent development, innovative research, and community engagement.
News Arkansas Should Know
