Colleges are an important engine of economic growth. They produce graduates who innovate, create and generate countless products, companies, and jobs. But colleges also do so much more for their economies. They are research hubs, startup incubators, and homes for the advancement of all sorts of beneficial things. When you start thinking about colleges as the centers that make their areas much more prosperous, you have to wonder which ones do this the best. This article is going to highlight to you the colleges responsible for the largest effects on America's prosperity.
Some perceive colleges to be inefficient places filled with professors who are unable to work in the "real world." But this couldn't be further from the truth. Colleges generate billions and trillions of dollars a year, directly and indirectly, for their cities, states, and countries. And many professors are still active in their industries and help them thrive. So which colleges are doing this the best?
Before now, there had not been a definitive ranking of the colleges with the largest economic impacts. But this information is incredibly useful. So we've done the extensive research and made something that will show you clearly which colleges are great at improving the financial health of the areas around them.
Any one of the 30 colleges listed below is a great choice, whatever your field of study! Prospective students looking to enter a range of subjects can use this article to help with refining their college options. Knowing the colleges that are contributing the most to their economies should be a major deciding factor in your college choice. Even if there isn't a college here that's right for you, you can still use the information in this article to inform your ultimate college destination. We've included summaries of how each college is impacting its economy. We've done this so that you can take that information and compare it to your college choices. Hopefully, this article will aid you in attending a college that is contributing hugely to the world around it!
MethodologyFinding the colleges with the largest economic impacts has involved extensive research. Many colleges report their economic output. However, their reporting is sporadic, and some colleges have reports that are over 10 years out of date.
What information is available has been studied and updated. Realistic estimates of the economic impacts can be made through assessing new projects, yearly budgets and other growth statistics published by colleges since these economic reports. For instance, one of the most comprehensive studies of the economic effects of colleges comes from a 2006 paper published by Vanderbilt University. Obviously, much has changed since 2006. So the colleges in our list that were found in the 2006 paper have been researched to see how their economic impacts have evolved over the last decade.
Our overall rankings come from looking into the top American colleges as agreed upon by a range of lists and then looking into statements of impacts upon their economies.
Our full sources are as follows:
Department of Economics, Vanderbilt University, The Economic Impact of Colleges and Universities: https://www.accessecon.com/pubs/VUECON/vu06-w12.pdfCitylab, The Economic Impact of College Graduates on Local Economies: https://www.citylab.com/life/2016/02/the-economic-impact-of-college-graduates-on-local-economies/435414/Association of American Universities, Economic Impact: https://www.aau.edu/education-service/service/economic-impact
QS/Top Universities, Top Universities in the US 2019: https://www.topuniversities.com/university-rankings-articles/world-university-rankings/top-universities-us-2019US News, National University Rankings: https://www.usnews.com/best-colleges/rankings/national-universitiesWhat has factored into the rankings of the colleges below are the following criteria: gross economic impact the college produces, most value that graduates have added to their college's local economy, number of jobs created by the college and alumni, number of businesses helped by the college and other examples of innovative economic boosting from the college.
Our results, from 30 to one, are below:
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By BVS Staff
July 2020
