NORFOLK, Va. (AP) – A University of Virginia report says every $1 the state spends on higher education results in $1.29 in new tax revenue.
The report was released on Thursday and details the economic impact of the state's public higher education system. It was commissioned by the Virginia Business Higher Educational Council, which also released its 2013 policy agenda.
The council formed a Grow By Degrees coalition in 2009 following several years of state budget cuts that reduced per-student higher education funding in Virginia by about 50 percent. Coalition leaders say the study shows spending on higher education is a good investment.
The report also says public higher education operations account for more than 131,000 Virginia jobs and $28.4 billion in gross domestic product.
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