Every $1 that Virginia spends on higher education results in $1.29 in new tax revenue and more than $17 in increased economic activity, according to a University of Virginia report released Thursday.
The report by the Weldon Cooper Center for Public Service details the economic impact of the state’s public higher education system, which consists of 15 four-year institutions, one junior college and 23 community colleges.
The study was commissioned by the Virginia Business Higher Educational Council, which also released its 2013 policy agenda during a news conference at Old Dominion University.
The council formed a Grow By Degrees coalition in 2009 following several years of state budget cuts that reduced per-student higher education funding in Virginia by about 50 percent. Following the coalition of business, education and community leaders’ formation, the General Assembly passed legislation that helped slow down the rate of tuition increases and allowed 14,000 additional undergraduate students to enroll in 2009.