FAYETTEVILLE, Ark. — On Tuesday, the University of Arkansas released new numbers detailing the university’s impact on the Natural State.
According to a 2024 Economic Impact Overview report, the University of Arkansas has a $3 billion annual economic impact in the state. That number is up from $2.2 billion when a study was last conducted in 2018.
In a press conference on Tuesday at Bud Walton Arena, U of A Chancellor Charles Robinson touted the land grant university’s successes.
“What do you do with success? You celebrate, but not too much,” Robinson said. “You can also see the opportunity to do more to support the state of Arkansas, and we are committed to this state in every way as part of our mission as a land grant institution.”
The study was conducted by the university’s Center for Business and Economic Research in the Sam M. Walton College of Business. Previous studies were conducted in 2009, 2014, and 2018.
The numbers do not just reflect the surround area of the university, but the state as a whole.
“We employ thousands of people, you have taxpayer dollars that then have an indirect impact on employing 1000s more,” Robinson said. “Having a thriving community, but not just in Northwest Arkansas. I think it's important to underscore that we represent and support the entire state of Arkansas.”
According to the report, for every dollar of federal funding the U of A receives, $13.69 is pumped back into the economy. It added that student spending contributed to $569.4 million and visitors to campus and athletic events provided an economic impact of $262.3 million.
In addition, the report said the more than 87,000 alumni who live and work in the state earned 7.4% of the states total wages at a number of $3.4 billion.
While the numbers are up from previous years, university leaders said there is more work to be done.
“We have outreach organizations and resources such as the Small Business Development Center, the Arkansas World Trade Center,” U of A Vice Chancellor for Economic Development Mike Malone said. “We run off-site facilities in different locations, including Executive Ed Center in downtown Little Rock, so the university is constantly looking for ways to place it's already very significant impact on the economy of our state.”
These numbers come as the university continues to grow. For the fourth year in a row, the university set a record with more than 33,600 students enrolled.
According to the university, there are more Arkansans’ attending the university now than ever.
And the university added it will continue the work of accommodating more students.
“The growth alone in our student body will be part of the way that the economic impact will grow,” Robinson said. “We're proud of this moment, but it's just a snapshot. There's so much more to do, and we have every intention to roll up our sleeves and get to work.”
Watch 5NEWS on YouTube.
Download the 5NEWS app on your smartphone:
Stream 5NEWS 24/7 on the 5+ app: How to watch the 5+ app on your streaming device
To report a typo or grammatical error, please email KFSMDigitalTeam@tegna.com and detail which story you're referring to.