Economic Development
What's New?
The 2012 Partnership Recognition Program will be April 24 at Oklahoma State University-Oklahoma City. The deadline for submissions is Tuesday, Jan. 31, 2012. Instructions, forms and other helpful information are now available online.
Economic Impact of the Higher Education System of Oklahoma
An analysis conducted by Regional Economic Models Inc., indicated that for every $1 of state-appropriated funds spent on higher education in Oklahoma, an additional $5.15 is pumped into the state’s economy. The study showed that individual institutions are a vital economic engine, and the resources invested have a high rate of return and contribute to improved economic prosperity for the communities. Using a model of the state and data provided by the State Regents, REMI evaluated contributions of higher education, such as direct institutional employment and spending, student and visitor spending, and graduate earnings and productivity. Higher education indirectly and directly accounts for approximately 23 percent of the state’s economy. These are just a few of the benefits of higher education that are shared by all Oklahomans, regardless of whether they have a college degree.
Employment
The majority of students earning a bachelor’s degree (78 percent) during 2006-07 were employed in Oklahoma one year after graduation. Approximately 85 percent of certificate program recipients and 86 percent of associate degree recipients remained. Master’s, professional and doctoral degree recipients remained in Oklahoma at lower rates, 67 percent, 64 percent and 53 percent, respectively. (Source: Degrees Conferred Report 2007-08)
Five years after graduation, 62 percent of the 2002-03 bachelor’s degree recipients were employed in Oklahoma. More certificate (77 percent) and associate degree (75 percent) recipients remained in Oklahoma, while fewer master’s (53 percent), professional (56 percent) and doctoral (37 percent) graduates remained. (Source: Degrees Conferred Report 2007-08)
Oklahoma residents receiving degrees remained in the state at higher levels — approximately 85 percent of 2006-07 bachelor’s degree recipients after one year and 70 percent of 2002-03 graduates after five years. The rates for bachelor’s degree recipients who were not Oklahoma residents were 49 percent after one year and 24 percent after five years.
Economic Development Partners
In 2005, the State Regents’ Economic Development Council created the Partnership Recognition Program to foster opportunities for institutions to expand on existing partnerships or to create education and business partnerships to meet workforce needs. Since then, the State Regents have awarded $51,500 to 103 businesses and education partnerships, which has been matched by partnering colleges and universities to support tuition waivers, internships, externships and equipment.
Workforce and Economic Development
The Workforce and Economic Development (WED) division of the State Regents provides project assistance to the Business Location Division of the Oklahoma Department of Commerce, which is responsible for recruiting companies considering relocation or expanding to Oklahoma. WED worked nine projects in FY09 related to wind turbine manufacturing, solar panel
manufacturing, alternative fuel sources and advanced manufacturing in the bedding and HVAC fields. The projects worked totaled a potential of $1.63 million in investment and payroll. Potential job creation could lead to 10,004 new positions. This number is a significant increase over the FY08 potential of 5,815.
Regional Stewardship
Oklahoma’s higher education institutions are creating a variety of new and innovative connections with communities throughout Oklahoma. Public colleges and universities are using new ways to engage communities in ongoing dialog and work on mutual concerns. In reaching out to surrounding communities, institutions also are hosting conferences on issues of importance to Oklahomans and offering lectures on such topics as entrepreneurship, business management and globalization. Students and faculty are using service learning to support community-sponsored activities and economic development organizations.
Making Place Matter
Dedicated to making higher education a leader in economic and community development, the State Regents have implemented the Making Place Matter project statewide. A project of the American Association of State Colleges and Universities, Making Place Matter was designed to provide tools and practical insights for community and campus leaders as they seek to build partnerships and to create more vital and viable economies in their local and regional communities. Through the Making Place Matter project, Oklahoma will become a leader in promoting regional stewardship and in mobilizing the assets of a higher education system toward economic development, community service and outreach goals.
Capital Bonds
In March 2005 Gov. Brad Henry signed into law the largest higher education capital bond issue in the history of the state of Oklahoma. The $475 million for construction and $25 million bond bank will allow our colleges and universities to better meet the needs of more than 232,000 students. The funds will be used to expand and update labs, classrooms and basic campus infrastructure like heating, cooling and access. The bond issue includes 140 individual projects in 36 communities across Oklahoma. The projects encompass every public college and university and reflect only their highest priorities. They include new and renovated classrooms, infrastructure expansions and upgrades, new or substantially renovated science and research buildings, fine arts centers and library renovations. The bond issue also allows institutions to meet Americans with Disabilities Act requirements and other safety and access codes. Of the 140 capital bond projects, 55 project completion certificates were signed as of June 2009. The remaining 85 projects are under way.
