OFIC’s 32 Member Campuses Have a $2 Billion Annual Impact on Ohio’s Economy

According to an Economic Impact Study (EIS) Performed by the Ohio University Voinovich School of Leadership and Public Service

Ohio’s independent colleges and universities are annually affecting their surrounding regions in a $2 billion way. Already known for their liberal arts curriculums and commitment to lifelong learning, The Ohio Foundation of Independent Colleges’ 32 independent member campuses are reporting their economic impact on Ohio’s economy with an Economic Impact Study (EIS).

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**OFIC’s 32 State-Wide Member Campuses**

An Economic Impact Study (EIS) measures the change in jobs, income or overall economic output in general as a result of new activity or a possible change in the economy. This report gathered information from all 32-member campuses of OFIC specifically in the areas of operation expenses, construction expenses and student spending, and found these colleges and universities are collectively contributing $2 billion annually.

This study highlights the importance of OFIC and our contributions to many areas around the state. As a sector, independent campuses are strong in Ohio. Each and every one made it through the banking crisis in 2008 and in the 2020 pandemic, all remain open for business, some ahead in enrollment. Because of their size and the commitment to students, our campuses quickly adapted to online learning and safely returned to the classroom.

You may think of us as the one or two campuses that are either close by or perhaps you’re familiar with. But with that $2 billion annual economic impact, and over 80,000 combined students on our 32 campuses, we come to you today from a position of strength as the independent sector of Ohio’s higher education system.

Breaking Down the $2 Billion

There are three ways a campus impacts its region's economy; operating expenses, construction expenses and student spending. Operating expenses are estimated using annual institution expenses, which is available through the U.S. Department of Education’s Integrated Postsecondary Education Data System (IPEDS). Construction expenses were estimated by an institution’s “spending on new buildings” line, also available through IPEDS. Student spending is estimated using national averages of student spending patterns in the United States according to annual current expenditures surveys.

Why OFIC?

The Ohio Foundation of Independent Colleges believes every student who enrolls at a member campus deserves the opportunity to complete their college education. Every day we connect and partner with corporations and foundations to make this dream possible by helping to keep education affordable through scholarships, internships and career opportunities. We strive to empower donors to design scholarships that have a direct impact on Ohio scholars, their local community, and their future employees.

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