SOCHE Economic Impact Study Released

September 24, 2012 - Dayton, Ohio

$3.28 Billion Impact in FY 2011

SOCHE recently released its Economic Impact Study, which reveals how the greater Dayton region's economy has benefitted from area colleges and universities. The study assesses spending by SOCHE's member institutions on their respective operations and capital expansion, as well as through research funding, donations, and additional spending by outside visitors and students.

The economic impact of SOCHE's member institutions was $3.28 billion in fiscal year 2011. This number is up from $2.95 billion in 2006, adjusted for inflation, and represents growth exceeding 10% for the five-year period.

SOCHE is a regional consortium founded 45 years ago to help area colleges and universities transform their communities and economies through education, employment, and student engagement. There are over 20 member institutions in SOCHE's ten-county higher education cluster. The study covered all SOCHE members in the ten-county footprint. The Economic Impact Study was conducted for SOCHE by the University of Cincinnati's Economic Center.

"The collective economic impact of SOCHE's members is not only measured in jobs, wages, and economic activity," said Sean Creighton, Executive Director of SOCHE. "Higher education institutions also provide research and consultancy that support local, regional, and national businesses. Area colleges and universities impact the social and cultural environments of their respective communities and the region. Equally important, SOCHE's member institutions are building the single greatest resource for our economy: human capital-talented, trained, engaged individuals."

In fact, the SOCHE report indicates a 24% growth in student enrollment, totaling over 120,000 students studying and living in the region. Furthermore, student tuition, research dollars, and alumni giving bring over $1.5 billion in new revenue to the region.

"SOCHE's impact study reinforces the importance of higher education as a regional economic driver," explained Dan Curran, President of the University of Dayton and SOCHE Board of Trustees Chairman. "We want to build upon SOCHE's collaborative model of success and identify ways to more fully engage higher education in contributing to the success of other economic clusters in the region."

In recent years, higher education has become increasingly focused on high impact practices that support regional industry, promote student attainment, and engage students in the community. Increasing the number and retention of students who earn certificates or earn college degrees can have a significant impact upon many aspects of our local economy, thereby also increasing the economic impact of colleges and universities here. Among the ways that more students earning more degrees can impact the economy is that business and industry look to areas that are rich in higher education resources for their research, as a resource for potential employees, and to provide the infrastructure needed to succeed. Additionally, SOCHE colleges and universities are anchor institutions in the region, continually building deep partnerships with private and public sector communities and municipalities.

"Dayton Region colleges and universities support our globally competitive key industry clusters, including Aerospace and Defense, Human Sciences and Health Care, IT and Advanced Data Management, Water, and Advanced Materials and Manufacturing," said Jeff Hoagland, President & CEO of the Dayton Development Coalition. "Not only does SOCHE-higher education-support these clusters which are the foundation of our economy, but higher education is a vital regional cluster in its own right."