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What does REMI say? sm Oklahoma Higher Education By: Josh Brownstein Associate Economist Regional Economic Models, Inc.

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Presentation on theme: "What does REMI say? sm Oklahoma Higher Education By: Josh Brownstein Associate Economist Regional Economic Models, Inc."— Presentation transcript:

1 what does REMI say? sm Oklahoma Higher Education By: Josh Brownstein Associate Economist Regional Economic Models, Inc.

2 what does REMI say? sm Overview Predict the total economic impacts of the higher educational system of the state of Oklahoma Major impacts on graduate earnings, student expenditures, employment effects on the Oklahoma economy

3 what does REMI say? sm OSRHE Oklahoma State Regents for Higher Education provided the necessary inputs for the policy variables being analyzed – Examples of variables: capital assets, land, construction, furniture, fixture, equipment, machinery, library materials, and infrastructure – Analysis used for total operating expenses

4 what does REMI say? sm REMI analysis Using Policy Insight, REMI looked at the direct impact on – Institutional employment and spending – Student and visitor spending – Graduate earnings – Productivity

5 what does REMI say? sm Simulations Run a simulation from 2008 to 2050 to analyze the results Look at the economic impact between non- college educated students and college graduates 94 occupational matrix ->used for analysis within occupations and specific industries

6 what does REMI say? sm Economic Growth Benefits for the state of Oklahoma – Creation of new jobs including teachers, maintenance workers, and other faculty opportunities – More competitive industries with higher education – More investment and consumption

7 what does REMI say? sm Productivity Results As each year colleges and universities graduate a class of seniors who will be more productive than non-college educated individuals over their entire working lives

8 what does REMI say? sm Baseline vs. Higher Education Gross State Product (Bil Nom$)

9 what does REMI say? sm Total Employment and Labor Force Growth

10 what does REMI say? sm Employment Employment (Thousands), Graduate Earnings – Graduate earnings initial effect on disposable personal income increased consumption, which in turn increased employment

11 what does REMI say? sm Student Expenditures Students tend to spend money on tuition, textbooks, room and board, and other miscellaneous consumption Consumption (Bil Nom$)

12 what does REMI say? sm Employment Effect Output (Bil Nom$)

13 what does REMI say? sm Productivity Gains by Degree Type Consumption (Bil Nom$) Average PRODUCTIVITY Associate's $0.01$0.24$0.64$1.31$2.43$0.93 Bachelor's $0.06$1.08$2.85$5.81$10.79$4.12 Graduate/Professional $0.03$0.57$1.50$3.07$5.70$2.17 Aggregate $0.10$1.89$5.00$10.20$18.97$7.23

14 what does REMI say? sm Higher Education Scenario

15 what does REMI say? sm Higher Education Results

16 what does REMI say? sm Graduate Earnings Disposable Personal Income (Bil Nom$)

17 what does REMI say? sm Analyzing Results In 2008, there will be an increase of $331 ($284) million in disposable income Annual contribution of disposable income will increase by $8.825 billion from Long run->increase disposable income, will increase economic activity leading to more economic growth for the region

18 what does REMI say? sm Conclusion Thank You!


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