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More than 93 percent of the 2023 graduating class had jobs, continued their education, volunteered or entered military service as indicated by a post-graduation survey.
Expanding economic opportunity across Arkansas is part of the land-grant mission of the University of Arkansas.
This year, the U of A’s economic impact grew to $3 billion, reaching every corner of the state. The university fuels Arkansas’ economy through workforce development, applied research and innovation, student expenditures, visitor spending, construction and operations.
“The U of A prepares its graduates to join the Arkansas workforce, makes life-improving discoveries, and supports industry and small businesses alike,” said Chancellor Charles Robinson. “I am excited to share the profound economic impact that the university has on the Natural State through efforts like these.”
The Center for Business and Economic Research in the Sam M. Walton College of Business analyzed the university’s economic impact in 2009, 2014 and 2018. Its newest summary, released today, provides an updated view of the positive effects the university has on the state through its unique land-grant mission of teaching, research and service to Arkansas.
“The U of A is advancing economic prosperity for the state and its citizens,” said Mike Malone, vice chancellor for economic development. “We’re committed to developing the Arkansas workforce, deploying our innovative technologies and enhancing economic opportunity in every community in our state.”
RETURN ON INVESTMENT
The state and federal funding that supports the university produces a tremendous return on investment. For example, The Economic Impact Report shows that in 2023, the $220.3 million in state appropriations to the U of A, including the Division of Agriculture Experimental Station and the Arkansas Archaeological Survey, were leveraged 13.69 times — for each dollar of state funding, the university pumps $13.69 back into the state economy.
University operations and associated economic activities contributed more than $126.2 million in state and local taxes through income taxes, business taxes, property taxes, sales taxes and other related taxes. Additionally, student spending contributed $569.4 million to the economy.
The U of A has more than 87,000 alumni in Arkansas, earning $3.4 billion in wages. Those alumni paid $192.2 million in taxes in the State of Arkansas. More than 93 percent of the 2023 graduating class had jobs, continued their education, volunteered or entered military service as indicated by a post-graduation survey. Their average starting salary was $60,457.
The U of A’s research expenditures, entrepreneurial and technology transfer programs also grew, improving lives through discovery and creating new jobs through business growth and commercialization of new products. The U of A had a record for research expenditures at $221.5 million, disclosed 93 inventions, filed 47 new patent applications and were granted 18 patents.
The university helped generate an additional $733.8 million economic impact and $25.9 million in tax collections through business creation and expansion.
Learn more about the U of A’s economic impact to Arkansas at uark.edu/economic-impact.
About the University of Arkansas: As Arkansas’ flagship institution, the U of A provides an internationally competitive education in more than 200 academic programs. Founded in 1871, the U of A contributes more than $3 billion to Arkansas’ economy through the teaching of new knowledge and skills, entrepreneurship and job development, discovery through research and creative activity while also providing training for professional disciplines. The Carnegie Foundation classifies the U of A among the few U.S. colleges and universities with the highest level of research activity. U.S. News & World Report ranks the U of A among the top public universities in the nation. See how the U of A works to build a better world at Arkansas Research and Economic Development News.
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Publish date : 2024-09-10 06:38:00
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