News Summary
Oakland University has announced a significant net economic impact of $1.9 billion for the current fiscal year, which supports over 6,400 jobs in Michigan. The impact is attributed to investments from the university, student spending, and the success of alumni. OU’s President highlights the university’s commitment to resource stewardship while contributing to the state’s economy. Additionally, OU engages in programs aimed at enhancing educational outcomes, including the Detroit Drives Degrees initiative. The full economic assessment showcases OU’s crucial role in regional prosperity and the future success of its graduates.
Rochester Hills, Michigan – Oakland University (OU) has reported an impressive net economic impact of $1.9 billion for the fiscal year 2024. This substantial figure represents a significant contribution to the local economy, supporting a total of 6,417 jobs within Michigan, which includes both direct and indirect employment opportunities. The economic activity generated by OU is a result of various factors including direct investments from the university itself, spending by students, and increased earnings from alumni now active in the workforce.
Dr. Ora Pescovitz, President of Oakland University and co-chair of the Chamber’s Detroit Drives Degrees program, underscored the importance of OU’s role in boosting Michigan’s economy. The university’s alumni tend to remain in the state more than those from other institutions and frequently secure some of the highest starting salaries across the region.
Steve Mackey, Vice President for Finance and Administration, emphasized OU’s dedication to responsible stewardship of resources, highlighting the way the university’s investments drive regional prosperity.
The comprehensive assessment of OU’s economic impact was conducted by Anderson Economic Group (AEG), an organization familiar with analyzing the economic contributions of universities nationwide for nearly two decades. According to Patrick Anderson, CEO of AEG, OU significantly boosts regional economic activity, helping to increase alumni contributions and overall income throughout Michigan.
Alongside its economic contributions, Oakland University actively participates in the Detroit Drives Degrees program, designed to enhance educational outcomes and student progress within the Detroit Region. A key initiative within this program is the launch of the Data Collaborative, which aims to provide valuable insights into student performance across 13 participating colleges and universities. The collaborative will leverage the Postsecondary Data Partnership (PDP) to improve access to data regarding students’ academic journeys and outcomes.
This initiative is expected to spotlight trends and gaps in student success, allowing for better allocation of resources toward enhancing educational initiatives. Furthermore, applications for the second cohort of the Detroit Regional Postsecondary Student Advisory Fellowship (PSAF) have opened, which aims to amplify student perspectives in discussions on education and workforce development.
In a related note, Schoolcraft College recently celebrated the successes of its engagement in the Detroit Drives Degrees Community College Collaborative, showcasing partnerships that strive to improve student outcomes and career pathways.
The full report by Anderson Economic Group detailing Oakland University’s extensive economic contributions to the state is available for public access online. This comprehensive analysis not only demonstrates OU’s financial impact but also highlights its commitment to fostering an environment that prepares graduates for success in a competitive labor market, ultimately benefiting Michigan’s economy as a whole.
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Additional Resources
- Detroit Chamber: Oakland University Drives Nearly $2B Economic Impact
- Wikipedia: Economic Impact
- Detroit Chamber: Chamber Launches New Data Collaborative
- Google Search: Data Collaborative
- Detroit Chamber: Detroit Drives Degrees Fellowship, Second Cohort
- Google Scholar: Educational Outcomes
- Detroit Chamber: Driving Innovation and Student Success at Schoolcraft College
- Encyclopedia Britannica: Student Success
- Detroit Chamber: Driving Talent Forward
- Google News: Detroit Career Development Talent Summit
