The University of Arkansas–Pulaski Technical College released a study conducted by Lightcast, a global leader in labor market analytics, that estimates a $258 million economic impact on central Arkansas.
The college’s operations across all four of its locations, student spending, and alumni contributions collectively generated $257.9 million in added income for the UA-PTC Service Area (defined as Faulkner, Lonoke, Pulaski, and Saline counties) during the 2022-2023 fiscal year. This represents approximately 0.6% of the region’s total gross regional product (GRP).
“At UA–Pulaski Tech, we focus on meeting the educational needs of the community one student at a time, one day at a time,” said Chancellor Summer DeProw. “The sum of these individual interactions over time is immense, and this study demonstrates how student success translates to a measurable and significant return on investment for taxpayers and other stakeholders across the region.”
According to the study, the college’s economic impact is driven by several factors:
Operations Spending: UA-PTC’s day-to-day operations, including payroll, facilities, and supplies, contributed $25.5 million to the regional economy.
Student Spending: Students from outside the region who relocated to attend UA-PTC, as well as in-region students who would have left the area without the college, generated $8.7 million in added income.
Alumni Impact: UA-PTC alumni, now employed in the region, contribute $210.1 million to the economy through their higher earnings and increased productivity. This is equivalent to supporting 3,088 jobs.
The study also evaluated UA-PTC as an investment from the perspectives of students, taxpayers, and society. Key findings include:
Student Returns: For every dollar invested in UA-PTC, students receive a $5.40 return in higher future earnings.
Taxpayer Benefits: For every dollar of public money invested in UA-PTC, taxpayers receive a $2.60 return in added tax revenue and public sector savings.
Societal Impact: UA-PTC generates $517.7 million in benefits for society, including increased economic prosperity and social savings related to health, justice, and income assistance.
The report also reviewed the college’s jobs impact on the region. The $244.3 million impact supported 3,819 regional jobs, using the jobs-to-sales ratios specific to each industry in the region. In addition, the jobs stemmed from different industry sectors. For instance, among non-education industry sectors, the spending of UA-PTC and its students and the activities of its alumni in the Health Care & Social Assistance industry sector supported 519 jobs in FY 2022- 23. If the college did not exist, these impacts would not have been generated in the UA-PTC Service Area.
The complete study, the executive summary, and highlighted data can be viewed here.
“UA-Pulaski Tech is dedicated to being an active partner in growing the Central Arkansas economy through student success, workforce training, industry partnerships and campus innovation,” said Chris Thomason, Vice President for Planning and Development for the University of Arkansas System. “Consistent with the mission of all UA System campuses, it is our individual and collective goal to move Arkansas and her citizens and communities forward in every impactful way today and in the future. UA-Pulaski Tech, through its talented faculty and staff, is helping drive the central Arkansas economy in ways that can be seen and felt by all that call the region home.”
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Publish date : 2024-10-12 15:51:00
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