How do educational institutions boost economic development in their neighborhoods and communities?
Typically, the direct community economic impact of a college is about five times its expenditures. Colleges and universities develop educational programs to meet employer needs and prepare students for gainful employment. The community then becomes more competitive for new industry, businesses employ more qualified workers and individuals gain new earning and purchasing power. Educational programs and employees often provide professional support to community businesses and agencies. Such professional assistance or research enables community groups to enhance their products and operations. This often improves services, expands employment and ultimately increases the funds circulated throughout the community.
