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Study: State Spending On Higher Education Yields 220% Return

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By ADAM EMERSON | The Tampa Tribune

Published: October 22, 2008

A noted economics group, partnering with education advocates based at the University of South Florida, says that by investing $1 billion more in higher education, Florida lawmakers will see a 220 percent return on investment.

The report from the Washington Economics Group states the money could result in 24,272 permanent jobs for Florida residents and yield $862 million in income.

That job creation and income "reaches deeply into all sectors of the Florida economy," the report's authors state. "This analysis demonstrates that for every dollar spent by the state to support higher education, an aggregate total of $2.2 billion in economic output is created."

The Washington Economics Group has consulted with the state university system's Board of Governors and prepared the report for ENLACE Florida, a group headquartered at USF that promotes college readiness among minorities.

ENLACE has warned that continued budget cuts to Florida's 11 public universities will erode the quality of a higher education offered statewide.

Universities have adapted to these multimillion-dollar cuts by capping freshmen enrollments. ENLANCE leaders have cautioned that these caps only halt the state's push to increase bachelor's degree production.

Members of the Washington Economics Group will speak to reporters later today about their findings along with state Education Commissioner Eric Smith and state Representatives Anitere Flores and Dan Gelber.

Reporter Adam Emerson can be reached at (813) 259-8285.

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