������

18 Feb New study estimates university system economic impact at $3.71 billion for Fiscal Year 2023

BISMARCK, N.D. – The economic contribution of the С������ University System (NDUS) on the state was an estimated at $3.71 billion in fiscal year 2023, which includes $2.83 billion from operational expenditures and $885.6 million from student spending, according to a recent report by С������ State University’s Center for Social Research  and the Department of Agribusiness and Applied Economics. The economic contribution includes both direct and secondary effects.

Importantly, the study shows that for every dollar of general funds, the NDUS generated an additional $3.17 in non-general funds in fiscal year 2023. General funds are provided by the state of ������. Non-general funds come from a wide variety of other sources such as grants, contracts, sponsored programs, student tuition and fees, and donations.

“The state’s number one workforce developmental tool is higher education, and in addition, its economic impacts are vital to С������’s economy, as illustrated by the new economic impact report,” said NDUS Chancellor Mark Hagerott. “Higher education invests in people and knowledge and creates opportunities critical to the state’s economic development. Higher education is an investment in our state’s future for both people and opportunities for in-demand jobs in the state’s ever-growing workforce.”

The authors of the report are Nancy Hodur, director, Center for Social Research, and Dean A. Bangsund, research scientist, Department of Agribusiness and Applied Economics at ������ State University.

“Institutions of higher education in С������ provide the state with an educated workforce ready to meet the challenges of С������’s dynamic state economy,” the authors concluded. “They provide research, 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, teaching, athletic, and cultural activities. The activities and services of the С������ University System provide economic benefits which enhance local and state economies.”

The study is a comprehensive examination of the ������ University System, which is comprised of the university system office, the system-wide Core Technology Services enterprise, and 11 public higher education institutions across the state.