By Emma Murphy, Oklahoma Voice
OKLAHOMA CITY — Every dollar the Oklahoma Legislature invests in the state’s public higher education system produces over $17 in economic output, a new study found.
Oklahoma public higher education supported over 111,000 jobs either directly or indirectly and produced over $460 million in tax revenue at state, county and local levels, according to the study published by the Oklahoma State Regents for Higher Education. The regents contracted with the University of Cincinnati Economics Center to conduct the study.
“The state regents and our public colleges and universities remain focused on producing successful graduates that fulfill Oklahoma’s evolving workforce needs,” said Regent Dennis Casey in a statement. “The $14.61 billion total economic impact of our state system clearly shows that public higher education is integral to Oklahoma’s continued economic growth.”
Over the past decade, the number of Oklahomans over 25 with an associate degree or higher grew more than 5%.
Median annual earnings also increased with degree level earned. In 2023, people with less than a high school diploma had a median annual earning of $30,185. Those with a bachelor’s degree earned a median $57,336, while a graduate or professional degree earned $71,642.
Almost 94% of resident undergraduate students were employed in Oklahoma one year after graduation. Over 61% of non-resident graduates stayed in Oklahoma and entered the Oklahoma workforce.
“Oklahoma’s public institutions play a crucial role in shaping the workforce, driving innovation, and advancing economic development,” said Chancellor Sean Burrage. “Our Blueprint 2030 strategic plan prioritizes aligning academic programs to meet employment needs, with the goal to produce more educators, engineers, computer scientists, and nurses.”
Blueprint 2030 is the strategic plan by the regents to produce workforce-ready graduates, focus on student success and improve system efficiency and effectiveness.
Every dollar invested in the Oklahoma’s Promise scholarship program generates $5.88 in economic output, according to the study. Oklahoma’s Promise offers qualified Oklahoma students an opportunity to earn a scholarship for college tuition.
One year after graduation, over 94% of Oklahoma’s Promise graduates were employed in the state and after five years that number was 86%.
Graduates of Oklahoma’s Promise earned over $197 million in wages in 2023, compared to the $171 million in wages earned by graduates who didn’t go through the program.
The last economic impact study was released in 2019 using 2016 data. A spokesperson for the state regents said studies like this are generally conducted every five to 10 years because of the time required for data collection and analysis.
