The University of Arkansas’ economic impact grew to $2.2 billion in 2018, which is more than three times the $725 million impact it had in 2009.
The university feeds the state’s economy through operations, construction, development and transfer of new technology to the marketplace, alumni employment as well as through student and visitor commerce, according to a news release.
The Center for Business & Economic Research in the UA’s Sam M. Walton College of Business analyzed the university’s economic impact in 2009 and in 2014. It released its newest report Wednesday.
The report says that, in 2018, $166.8 million in state appropriations to the UA were leveraged 13.56 times — for each dollar of state funding, the university pumps $13.56 back into the state economy.
University operations and associated economic activities contributed more than $89.5 million in state and local taxes through income taxes, business taxes, property taxes and other related taxes, the report says.
Student spending contributed another $453.5 million to the economy.
The UA said it has 77,183 alumni in Arkansas earning $2.7 billion in wages. They paid $130 million in state income taxes, $65 million in state sales taxes and $12 million in county sales taxes.
The university said that more than 82 percent its 2018 graduating class had jobs or were accepted to graduate school and their average starting salary was $51,997.
The UA’s research expenditures, entrepreneurial and technology transfer programs grew as well, according to the report.
Sign up for Daily E-news
