The Oklahoma state system of higher education, comprised of 25 public colleges and universities, contributed $14.61 billion to the state’s economy in FY24, directly and indirectly supported over 111,000 jobs, and generated $461.8 million in tax revenue for state, county, and local governments, according to a recent economic impact study. Every dollar of state appropriations invested in our state system colleges and universities yields $17.48 in economic output, demonstrating a substantial return on investment for Oklahoma taxpayers.
The Oklahoma State Regents for Higher Education contracted with the University of Cincinnati Economics Center to analyze the economic contribution of higher education in Oklahoma. The comprehensive report evaluates educational attainment levels across Oklahoma; quantifies the economic and fiscal impact of public institutions; examines postsecondary employment outcomes of graduates; assesses the community benefits generated by students, faculty and staff; and quantifies the impact of the Oklahoma’s Promise scholarship program.
“The State Regents and our public colleges and universities remain focused on producing successful graduates that fulfill Oklahoma’s evolving workforce needs,” said State Regents’ chair Dennis Casey. “The $14.61 billion total economic impact of our state system clearly shows that public higher education is integral to Oklahoma’s continued economic growth.”
The number of Oklahomans age 25 and older with an associate degree or higher increased from 31.0% to 36.1% over the last 10 years. The study showed that median annual earnings increase as degree level advances. Five years after completing a degree, median wages for individuals with associate degrees were $53,503; bachelor’s degrees, $57,336; master’s degrees, $67,270; doctorates, $77,834; and first professional degrees, $118,977.
The study also found that 93.7% of resident undergraduates were employed in Oklahoma one year after graduation, and notably, that 61.3% of non-resident graduates stayed and entered the Oklahoma workforce. Our public colleges and universities are not only engaging and preparing local talent, but also helping to attract and retain talent from outside the state.
“Oklahoma’s public institutions play a crucial role in shaping the workforce, driving innovation, and advancing economic development,” said Chancellor Sean Burrage. “Our Blueprint 2030 strategic plan prioritizes aligning academic programs to meet employment needs, with the goal to produce more educators, engineers, computer scientists, and nurses.”
Beyond the classroom, students dedicated 3.78 million hours across all educational activities, reinforcing their key role in experiential learning, internships, clinical services, and service-based programs. Students, staff, and faculty volunteered a total of 355,112 hours during the 2023-24 academic year. The total economic value of these volunteer efforts is estimated at $10.88 million.
The study also found that every dollar invested in the Oklahoma’s Promise scholarship program generates $5.88 in economic output. Employment outcomes data show the vast majority of Oklahoma’s Promise recipients remain and work in the state after graduation. More than 94% of Oklahoma’s Promise graduates were employed in Oklahoma one year after graduation, and 86% were still employed here five years after graduation.
Recognized by many as one of the top promise scholarship programs in the nation, Oklahoma’s Promise is considered a national model that emphasizes both academic preparation and financial support for college. More than 115,000 students have earned college tuition scholarships through Oklahoma’s Promise since the program’s inception. For more information about Oklahoma’s Promise or to apply online, visit www.okpromise.org.
The full analysis, The Economic and Fiscal Impact of the Oklahoma State System for Higher Education, is available online at https://okhighered.org/econ-dev/.