SOCHE, the Southwestern Ohio Council for High Education, has recently released its Economic Impact report for the 2011 fiscal year. SOCHE reports that the 19 member institutions studied—including Wright State—made an impact of $3.28 billion on the economy in the greater Dayton area, including their own spending and that of vendors, visitors, students, and staff. SOCHE’s member institutions also contribute to the economic state in terms of research and consultation, business support, entrepreneurship, job creation, and education. SOCHE members’ total economic impact also includes more than $1 billion in income for over 36,000 workers.
The Council was founded 45 years ago as a way to assist colleges and universities in the area in transforming their economies and communities. The transformative efforts focus on employment, education, and the engagement of students. SOCHE’s member institutions consist of 20 community colleges, colleges, and universities with 120,000 students and 21,600 employees. Member institutions do more than spend money: they also draw donations, research grants, and other external incomes. Altogether these sources contribute 47.7%–over $1.5 billion—of SOCHE’s economic impact. Colleges and universities like Wright State also provide graduates as highly skilled workers for area businesses while academic research leads to commercial applications.
As Sean Creighton, SOCHE’s Executive Director, put it, “The collective economic impact of SOCHE’s members is not only measured in jobs, wages, and economic activity. Higher education institutions[…]are building the single greatest resource for our economy: human capital—talented, trained, engaged individuals.”
SOCHE’s report shows that student enrollment has grown a remarkable 24% in the past five years, bringing new revenue to the area in alumni giving, research dollars, and student tuition. By increasing the number of students earning certificates or college degrees, the economic impact of colleges and universities is increased as well. In addition, industry and business turn to regions with many resources for higher education for research and as a supply of possible employees. Most colleges and universities also strive to create lasting connections with and contribute to the wellbeing of the broader community of the region.
To learn more about SOCHE, visit http://www.soche.org/.
