10 Jan New study estimates university system economic impact at $3.58 billion for Fiscal Year 2021
BISMARCK, N.D. – The economic contribution of the North Dakota University System (NDUS) on the state was an estimated at $3.58 billion in fiscal year 2021, which includes $2.68 billion from operational expenditures and $907 million from student spending, according to a recent report by North Dakota State University’s Center for Social Science and the Department of Agribusiness and Applied Economics. The economic contribution includes both direct and secondary effects.
“Higher education is the state’s number one workforce generator, and its economic impacts are vital to North Dakota’s economy, as illustrated by the new report,” said NDUS Chancellor Mark Hagerott. “Higher education invests in people and the overall growth of knowledge for young people and adult learners. Higher education directly influences these learners as well as the workplaces that hire these workers. Our goal is to always work toward the betterment of the entire state.”
Report authors are Nancy Hodur, director, Center for Social Research and Dean A. Bangsund, research scientist, Department of Agribusiness and Applied Economic at North Dakota State University. At the end of the report is an abbreviated economic contribution analysis for each of the 11 campuses in the state and the NDUS office.
“Institutions of higher education in North Dakota provide the state with an educated workforce ready to meet the challenges of an ever-changing work environment,” the authors concluded. “They provide outreach and continuing education programs for the state’s residents and businesses. In addition to providing education, the state’s universities and colleges create and support jobs and employment opportunities through research, extension, and teaching activities. The activities and services of the North Dakota University system provide economic benefits which enhance local and state economies.”
A key measure of the economic contribution study found that for every dollar of general funds, the North Dakota University System generated an additional $2.88 in non-general funds in FY2021.
The study is a comprehensive examination of the North Dakota University system which is comprised of the university system office and 11 higher education institutions across the state. The study also includes a contribution analysis for each of the 11 campuses in the state and the NDUS office. The entire report can be found here.