Washington's higher education institutions benefit the state, regional, and local economies directly and indirectly:
- By providing an educated workforce.
- Through basic and applied research that leads to the formation of new businesses and job expansion.
- Through collaboration with business and government.
- By addressing the continually changing educational needs of a dynamic society.
For example, according to a 2010 report by the Washington Economic Development Commission the University of Washington has a $9.1 billion total annual impact on Washington's economy, is the state's third largest employer, provides $618 million in tax support for state and local governments, and returns $1.48 to the state for every $1 invested.
Economic Benefits of Higher Education
- Direct employment of professionals in family-wage and high-wage jobs.
- Adult Basic Education and Workforce Education.
- Customized training for business and industry.
- Cultural and sporting events, extension programs, and continuing education at all postsecondary levels.
- Enrollment and degree production in high-demand employment fields.
- Targeted efforts to prepare students to enter high-demand areas of study: Tech Prep, College in High School.
- Business education, entrepreneurial training.
- Basic & applied research spur the development of new products, services, businesses.
- Collaborative efforts with local/regional business and governments to spur regional economic development.