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Economic Impact of Centers and Institutes in Florida’s Public Universities. Tim Lynch, Ph.D., Director Julie Harrington, Ph.D., Asst. Dir. Center for Economic Forecasting and Analysis Florida State University www.cefa.fsu.edu September 24, 2002. Old Economy. People. Capital.

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economic impact of centers and institutes in florida s public universities

Economic Impact of Centers and Institutes in Florida’s Public Universities

Tim Lynch, Ph.D., Director

Julie Harrington, Ph.D., Asst. Dir.

Center for Economic Forecasting and Analysis

Florida State University

www.cefa.fsu.edu

September 24, 2002

old economy
Old Economy

People

Capital

Entrepreneurs

Goods

Services

Productivity

Low cost production

Strong economy

Profits

slide3

People

Capital

Entrepreneurs

New Economy

Goods

Services

Higher productivity

Higher wages

Higher quality of life

More resilient economy

Higher efficiency

Higher wealth

Higher profits

overview of florida s centers and institutes c is
Overview of Florida’s Centers and Institutes (C/Is)
  • For fiscal year 2001, there were 512 C/Is located at 10 Universities in Florida (FSU, FAMU, UF, FIU, UCF, FGCU, FAU, UNF, USF and UWF). The C/Is are categorized by type center (1,2 or 3) based on their budgetary support and overall mission.
  • Our project’s objective is to respond to an overall legislative charge to evaluate the return on the state’s investment in centers and institutes in Florida’s public universities. The project, still in development, has conducted a comprehensive survey (52.2% response rate) as a means to quantify intangible benefits of C/Is, has completed statistical and economic analyses,and is conducting on-site interviews of C/Is. The economic analysis of C/Is was performed using REMI.
areas of principle concern addressed by c i activities
Areas of Principle Concern Addressed by C&I Activities
  • Maternal/Child Health and Child Development Issues
  • Economy/Business/Transportation
  • Elderly/Aging
  • Environmental/Ecology/Energy
  • Governance/Law/Race
  • Healthcare/Medicine
  • Schools/Education
  • Community/State/National/International Outreach
c i model framework basic assumptions
C/I Model Framework (Basic Assumptions)
  • As part of our modeling strategy, we examined two scenarios, the revenue and expenditure approach regarding the impact of C/Is on the Florida economy.
  • The base model assumed a constant rate of growth for the economy.
  • The revenue approach model used: data for fiscal year 2001 for type 1,2,3 Total; SUS state investment = $88.8 million; The state investment leverages an additional $212.71 million in contracts and grants, fees (auxillary) and private funding, yielding a total of $301.5 million. The expenditure approach provided a greater level of detail, where actual fiscal year 2001 C/I expenditures (by category; salaries, expenses, etc.) were entered into the model.
  • We assumed that, in the absence of SUS C/Is, the SUS investment ($88.8 million) will be reallocated to other higher educational activities.
  • REMI results will be expressed in terms of impacts on GRP, employment, personal (disposable) income and state tax revenues.
c i models for remi workshop
C/I Models For REMI Workshop
  • Revenue vs. Expenditure Models
  • Four Expenditure Scenarios
    • Using C/I Employment Numbers
    • Using C/I Salary Data
    • Using C/I Employment Numbers and Detailed Sector Data
    • Using C/I Employment Numbers and Final Sales
  • REMI Tax Results vs. CEFA Tax Results
slide10

Policy Variable Categories

Detail Selection

Output BlockDetailed Government SpendingState & Local

Higher Education

Output BlockIndustry DemandFinal and Intermediate Demand

Computer & Data Processing

Misc. Business Services

Electric Utilities

Misc. Professional Services

Computer & Office Equipment

Labor and Capital Demand Block Employment

Education

Medical

Misc. Business Services

Misc. Professional Services

REMI Inputs For Revenue and Expenditure Models

revenue and expenditure approach results
Revenue and Expenditure Approach Results

Revenue Approach

Expenditure Approach Using Broader Sector Categories

and Salary Data (Salary Model)

revenue and expenditure approach results continued
Revenue and Expenditure Approach Results, Continued

Expenditure Approach Using Broader Sector Categories

and Employment Numbers (Employment Model)

Expenditure Approach Using Detailed Sector Categories

(Employment and Detailed Model)

revenue and expenditure approach results continued1
Revenue and Expenditure Approach Results, Continued

Expenditure Approach Using Broader Sector Categories

and Employment Numbers (Final Sales Model)

slide15
Centers and Institutes Economic and Employment Results for Revenue and Expenditure (Salary Model) Approaches For FY 2001
comparison of tax results using expenditure salary model
Comparison of Tax Results Using Expenditure Salary Model
  • REMI Results
  • For 2001, tax revenues total $32 million
  • For Years 2001-2035, tax revenues total $320 million (2001 dollars)
  • CEFA Results
  • For 2001, tax revenues total $18 million (excluding property taxes, among others)
results of economic analysis for university centers and institutes for the state of florida
Results of Economic Analysis for University Centers and Institutes For The State of Florida
  • For the State of Florida, using the revenue approach, if all centers and institutes were removed from the university system, and the state investment ($88.8 million) was reallocated to higher education spending, there would be a net loss of $256 million in GRP, $184 million in personal income, and 5,832 jobs.
  • For the State of Florida, using the expenditure approach (salary model), if all centers and institutes were removed from the university system, and the state investment ($88.8 million) was reallocated to higher education, there would be a net loss of $269 million in GRP, $244 million in personal income, and 6,955 jobs.
  • The difference between the two models (comparing expenditure to revenue model) is $13 million GRP, $60 in personal income and 1,123 jobs.