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Study Outlines Positive Impacts of Centers and Institutes In Florida

March 28, 2003
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A recent study by the Council for Education Policy, Research and Improvement finds that State University System Centers and Institutes (C&Is) in Florida are cost-effective and creative settings for scientific discovery, technological innovation, policy development, teaching and instruction and public outreach activities. Public Postsecondary Centers and Institutes, a 175-page comprehensive review of C&Is in the state of Florida, also finds that the economic benefits of C&Is extend broadly throughout Florida affecting job creation, gross regional product, personal income, state taxes, and other direct financial benefits. According to the report, approximately 50 percent of all time spent by C&Is in FY 2000-01 was spent on research activities, 30 percent on instructional activities and 20 percent was devoted to service to the community and professional organizations.

By utilizing expenditure data and transforming this information into an input-output table, the council uses the REMI model to conduct an economic impact analysis of C&Is in the state of Florida. The REMI model is a dynamic, integrated input-output and econometric model used to perform economic impact studies. Specific areas of impact concern were gross regional or state product, number of jobs created, and personal income.

The results of the economic analysis indicate that C&Is contribute extensively to the economy of Florida. Some of the major findings concerning the economic impact are:

  • The benefits of C&Is are substantially greater than the state of Florida investment cost.
  • The external funds generated by these C&Is leverage an additional 6,955 jobs.
  • For every dollar of state support spent on C&Is, Gross Regional Product increases by $2.17.
  • For every dollar of state support spent on C&Is, income increases by $1.96.
  • Given the FY 2000-01 state investment, C&Is expenditures result in additional $18 million in tax revenues.
  • For every $17,829 spent by the state of Florida on C&Is, one job is created.
  • The return on investment as calculated by the REMI model for the C&Is is 217 percent. And,
  • The benefit/cost ratio for C&Is is 2.17.

The full report, Public Postsecondary Centers and Institutes, can be downloaded at: http://www.cepri.state.fl.us/pdf/CI%20studyrevised.pdf

Florida