Campus Talk: University Of Arkansas Economic Impact At $1.2 Billion

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UNIVERSITY OF ARKANSAS ECONOMIC IMPACT AT $1.2 BILLION

A new economic impact report from the UA Walton College of Business says the University of Arkansas has expanded its economic impact on the state by nearly $500 million during the past five years.

In 2009, a study found the state’s flagship university campus accounted for roughly $725 million in economic impact, while the latest study now shows that impact to be $1.2 billion in 2014.

“Perhaps the most impressive finding is the return-on-investment that Arkansas taxpayers get from the state’s investment,” said Kathy Deck, director of the Center for Business and Economic Research, and principal author of the study. “The state’s appropriation to the university in 2014 was $173.8 million. Arkansas is basically getting back almost $7 for every dollar the state legislature invests in the University of Arkansas.”

The economic impact study found:

• There are more than 68,622 University of Arkansas alumni living in Arkansas, up from 60,000 alumni living in the state in 2009;
• Arkansas alumni are contributing $54.9 million in sales and use taxes to state and county governments and an additional $114.8 million in state income taxes; and
• University alumni living in the state earn $2.3 billion in wages each year.

“This report gives us empirical data showing the University of Arkansas’ considerable economic impact on the state of Arkansas, showing that the institution is a force for improving the lives of our citizens,” said UA Chancellor David Gearhart. “The researchers have found a direct correlation between our growth and how that growth positively impacts Arkansas.”

Additionally, the report found:

• Visitors to Razorback athletic events, the UA admissions office and students contributed $35.8 million in spending in 2014;
• The economic impact generated by university-affiliated volunteers is $3.8 million; and
• The operations of tenants in the Arkansas Research and Technology Park add nearly $38 million to the regional economy.

“The University of Arkansas has been a key driver of Northwest Arkansas’ economic success these past two decades,” said Mike Malone, president and CEO of the Northwest Arkansas Council. “The U of A contributes to our economy in so many ways – as one of our largest employers, through direct investment and purchasing, by preparing our future workforce and conducting innovative, job-creating research – these are just a few examples.”

NEW REQUIREMENTS OUTLINED FOR EDUCATION COMMISSIONER
A new bill, SB 176, would modify the qualifications for a person to serve as the state commissioner of education. The bill, filed by Sens. Alan Clark and Jane English, removes the requirement for the top education post to have a masters degree and limits the secondary career requirement to a bachelor’s degree.

It also eliminates the requirement for the Education Commissioner to have 10 years’ direct or indirect experience as a teacher, 5 of which must be of an administrative or supervisory nature in the field of education. The new requirement requires 10 years direct or indirect experience in the field of education, including without limitation as a teacher, administrator, or policy maker.

STEM STUDENTS TO PRESENT RESEARCH AT STATE CAPITOL
86 students from 15 Arkansas colleges and universities will discuss their undergraduate research in science, technology, engineering and mathematics from 10 a.m. to noon on Wednesday, Feb. 11, in the state Capitol rotunda in Little Rock.

Their research topics range from improving asphalt fracture testing, which could extend the life of the state’s roads and sidewalks, to finding new ways to treat diseases, including cancer, to developing shortening and chocolates enriched with a special soy oil that could cut cholesterol and boost metabolism.

The event is sponsored by the University of Central Arkansas, the University of Central Arkansas Foundation, the Arkansas Science and Technology Authority, Henderson State University, the University of Arkansas, and Arkansas State University.

UTEACH ARKANSAS AWARDS SCHOLARSHIPS TO THREE HIGH SCHOOL SENIORS
UTeach Arkansas has selected the winners of its video contest for high school seniors. In September, UTeach Arkansas announced it would award $5,000 scholarship packages to three high school seniors who created a winning 15-second-or-less online video that demonstrates a STEM concept (science, technology, engineering or math).

The winners are Lauren Bradley of eStem School in Little Rock, Miriam Gonzales of Rogers High School in Rogers, and Erica Savage of Cabot High School in Cabot. In the winning videos, Bradley prepared dry ice ice cream, Gonzales demonstrated an iron oxide and aluminum reaction, and Savage showed an iodine clock reaction.

Each award package includes a $2,500 tuition credit at a participating Arkansas UTeach university – University of Arkansas-Fayetteville, University of Arkansas at Little Rock, or University of Central Arkansas. The package also includes a laptop (approximately $1,500 value), a graphing calculator (approximately $250 value), and a $750 book voucher.

UTeach Arkansas combines in-depth science or mathematics education with teacher preparation. Students can graduate in four years with both a bachelor’s degree in mathematics or science and a minor in education. Students completing the UTeach Arkansas program are recommended to the Arkansas Department of Education for their teaching certificate in science or math grades 7-12.