Iowa's Regent Universities Provide Outstanding Economic Impact
The University of Iowa, Iowa State University and the University of Northern Iowa combined to add $18 billion in income to the state of Iowa’s economy during fiscal year 2023-24, according to an economic impact study from Lightcast, a labor market analytics firm. That figure of $18 billion is equal to approximately 7.7% of the total gross state product of the state. The study also notes that the total of university activity supports more than 214,000 jobs, which is one out of 10 jobs in Iowa, and returns more than two dollars for every taxpayer dollar spent.
“The University of Iowa, Iowa State University, and the University of Northern Iowa are huge economic engines that continue to help drive Iowa’s economy forward,” said Robert Cramer, president of the Iowa Board of Regents. “With the cutting-edge activities that our universities undertake, including education, research and service, Iowa’s Regent universities continue to make a huge and lasting positive impact on the lives of everyone in our state.”
The impactful activities on Iowa’s Regent universities campuses include operations, construction and research spending, visitors, athletics, and alumni, and University of Iowa Health Care, among many others. Alumni from the three universities, for example, generated an impressive $8.7 billion in added income for the state economy during fiscal year 2023-24.
Education is the cornerstone for all three universities, and the educated workforce the universities provide has a massive impact on the state’s economy. Students who graduate from Iowa’s Regent universities earn significantly higher salaries over the course of their careers. For example, receiving a bachelor’s degree from one of the three Regent institutions earns students an average salary of $63,500, which is $26,000 more per year than those with a high school diploma. Students that earn master’s, doctorate and professional degrees from the Regent institutions earn even greater increases in average salary.