New report analyzes combined economic contribution of Maine colleges and universities
A new study from UMaine’s Margaret Chase Smith Policy Center and School of Economics examines the economic contribution of colleges and universities to the state of Maine. The report shows that Maine’s 38 colleges and universities generate a total annual economic contribution — including the spending of students and visitors, and multiplier effects — of an estimated $4.5 billion in output, 31,267 full- and part-time jobs, and $1.7 billion in labor income.
The report, “Economic Contribution of Colleges and Universities in Maine,” was produced by research associate Megan Bailey, assistant professor Andrew Crawley and professor Todd Gabe. In it, the researchers analyze the collective statewide economic contribution of the public and private colleges and universities in Maine that educate 72,605 students, employ a combined 14,621 non-student workers and generate about $2.2 billion in annual revenue.
Maine’s colleges and universities support at least 10 jobs in 125 Maine sectors, and there are statewide employment impacts of 20 jobs or more in 108 industries, the authors note in their summary. In addition to the impacts documented in this report, Maine’s colleges and universities contribute to the state’s economy through new company startups, research and technology transfers, business assistance, arts and culture, and considerable other ways.
“The most important impacts of Maine’s colleges and universities are the students who graduate each year and go on to have successful careers in Maine and beyond,” the authors write. “The high earnings premium associated with a post-secondary degree shows that graduates who stay in Maine generate substantial economic impacts — not captured in this report — over the rest of their lives.”
For more information contact Megan Bailey.