ULM's value: Reaches past the tip of the iceberg
Originally published May 17, 2009 in The (Monroe, La.) News-Star
A few weeks ago, the University of Louisiana System rolled out the results of an eight-month study describing the economic impact of the eight universities that comprise the ULS. The numbers are impressive to say the least.
The collective annual impact of the ULS on the state is more than $3.5 billion and nearly 35,000 jobs. The University of Louisiana at Monroe, alone, is directly and indirectly responsible for more than $350 million of annual economic activity and more than more than 4,500 full-time jobs. During the past 10 years, ULM has awarded a total of 14,304 degrees, an impact of $784 million to Louisiana's economy.
There is no question that the results of the study are impressive and reveal the system's considerable importance as an economic engine to the state and its constituent regions. The numbers, though, are like the proverbial tip of the iceberg. They reveal only a small part of the whole story.
Total all of the state's support of the institution and all of the student transactions, add in retiree income, expenditures by visitors to the university, research and service grants, relevant ticket sales to cultural and athletic events and transactions from affiliated organizations, and you get most of what we identify and quantify as the economic impact, the $350 million tip of the iceberg. The unseen part of the impact is much larger and much more compelling.
It is important to note the principal reason for the existence of ULM, and that is to produce one singularly important and valuable product — higher education. At the iceberg's tip, the production of higher education at ULM encourages potential students to move to Monroe and local students to remain in Monroe. All of these students arrive with tuition dollars and living expenses that are eventually transacted and disbursed in the local economy.
The invisible part of the iceberg, however, the unseen impact, is so much larger than what we can observe. To understand the invisible part of the impact, consider how much of the intellectual capital that drives our locally based businesses is locally trained here at ULM.
More importantly, stop for a moment and think about the industries that locate here, remain here or expand here. They do so because the intellectual capital that drives their businesses and boosts their productivity is available here. Also think of the many teachers and health-care providers (more intellectual capital) who are trained locally and eventually staff schools, clinics and hospitals in northeastern Louisiana and the state.
Consider as well the many services that are part of the university complex, that fly well below the radar and provide considerable community outreach. These services include the dental hygiene clinic, speech and hearing clinic, career services, summer camps, tutorial services, adult continuing education and incumbent worker training, small business development and incubator, business and economic research, museums, social science research and the counseling clinics.
Reflect for a moment on the volunteer hours of ULM faculty, staff and students: 255,000 hours last year alone. Think about plays, musical events, speakers and lecture series at ULM that you attend. Finally, think about the availability of public radio and the many profit and non-profit organizations that benefit from a university environment. Think of all these things and it's easy to recognize that ULM's value to the community is much larger than the tip of the iceberg.
Yesterday, we awarded 645 degrees to 639 students. Concurrent to this graduation season, the Louisiana Legislature is deliberating numerous economic concerns, including the future financial status of our state's colleges and universities.
There is no better time for this discussion to be taking place. We will be well advised to keep a vigilant eye towards the invisible part of the higher education iceberg, the considerably larger part of our economic story, and make sure all of the decision makers are aware of ULM's contributions.