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Economic Impact of Higher Education in Oklahoma: A REMI Analysis

This analysis predicts the total economic impacts of Oklahoma's higher education system, focusing on graduate earnings, student expenditures, and employment effects, using REMI modeling. Explore how higher education boosts economic growth, productivity, and employment in the state.

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Economic Impact of Higher Education in Oklahoma: A REMI Analysis

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  1. Oklahoma Higher Education By: Josh Brownstein Associate Economist Regional Economic Models, Inc.

  2. Overview • Predict the total economic impacts of the higher educational system of the state of Oklahoma • Major impacts on graduate earnings, student expenditures, employment effects on the Oklahoma economy

  3. OSRHE • Oklahoma State Regents for Higher Education provided the necessary inputs for the policy variables being analyzed • Examples of variables: capital assets, land, construction, furniture, fixture, equipment, machinery, library materials, and infrastructure • Analysis used for total operating expenses

  4. REMI analysis • Using Policy Insight, REMI looked at the direct impact on • Institutional employment and spending • Student and visitor spending • Graduate earnings • Productivity

  5. Simulations • Run a simulation from 2008 to 2050 to analyze the results • Look at the economic impact between non-college educated students and college graduates • 94 occupational matrix ->used for analysis within occupations and specific industries

  6. Economic Growth • Benefits for the state of Oklahoma • Creation of new jobs including teachers, maintenance workers, and other faculty opportunities • More competitive industries with higher education • More investment and consumption

  7. Productivity Results • As each year colleges and universities graduate a class of seniors who will be more productive than non-college educated individuals over their entire working lives

  8. Baseline vs. Higher Education Gross State Product (Bil Nom$)

  9. Total Employment and Labor Force Growth

  10. Employment • Employment (Thousands), Graduate Earnings • Graduate earnings’ initial effect on disposable personal income increased consumption, which in turn increased employment

  11. Student Expenditures • Students tend to spend money on tuition, textbooks, room and board, and other miscellaneous consumption Consumption (Bil Nom$)

  12. Employment Effect Output (Bil Nom$)

  13. Productivity Gains by Degree Type

  14. Higher Education Scenario

  15. Higher Education Results

  16. Graduate Earnings • Disposable Personal Income (Bil Nom$)

  17. Analyzing Results • In 2008, there will be an increase of $331 ($284) million in disposable income • Annual contribution of disposable income will increase by $8.825 billion from 2008-2048 • Long run->increase disposable income, will increase economic activity leading to more economic growth for the region

  18. Conclusion Thank You!

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