WASHINGTON--(BUSINESS WIRE)--Private sector colleges and universities account for nearly 250,000 jobs in the United States with a total economic impact of over $47 billion, according to an economic analysis prepared by John Dunham & Associates and released by the Association of Private Sector Colleges and Universities (APSCU).
With an enrollment of nearly four million students, private sector institutions provide students with access to in-demand skill training and ensure employers have access to job ready employees. As a result of their critical role in the education to employment pipeline, private sector institutions support a multi-billion dollar economy, employ tens of thousands of faculty and staff, and provide billions of dollars in tax revenue to local, state and federal government.
Key findings from the analysis include:
- Economy: The total economic impact by the sector on the country is over $47 billion.
-
Jobs: Private sector institutions support nearly 250,000 direct
jobs.
- Over 64,000 individuals are indirectly employed in jobs as suppliers to private sector institutions.
- Over 96,000 individuals are indirectly employed as a result of private sector institutions.
- Wages: Private sector institutions account for over $10 billion in wages.
- Taxes: Over $3.8 billion in federal taxes are generated through private sector institutions. At the state and local level, over $2 billion dollars in taxes are generated.
“Our sector invests in students and their communities. This is not just about access and opportunity to postsecondary education, but the contributions we make to local communities and local employers,” said APSCU President and CEO Steve Gunderson. “Our institutions serve every state and district in the country. We are proud of this presence and the educational services we provide.”
The economic impact study is broken down by state and congressional district level. Examples of key findings in states include:
- Colorado: Private sector institutions in Colorado have a $1.2 billion total economic impact on the state, produce $271 million in wages, and generate $50 million in state and local taxes.
- Maryland: Private sector institutions in Maryland have a $399 million total economic impact on the state, produce $94 million in wages, and generate $16 million in state and local taxes.
- New Jersey: Private sector institutions in New Jersey have a total economic impact of $827 million, produce $165 million in wages, and generate $37 million in state and local taxes.
- Oregon: Private sector institutions in Oregon have a $349 million total economic impact on the state, produce $58 million in wages, and generate $12 million in state and local taxes.
- Virginia: Private sector institutions in Virginia have a total economic impact of $1.2 billion, produce $334 million in wages, and generate $63 million in state and local taxes.
- Washington: Private sector institutions in Washington have a total economic impact of $486 million, produce $74 million in wages, and generate $14 million in state and local taxes.
To view the complete analysis and select a specific state or congressional district, visit apscu.org/impact.