Dec. 6, 2024
Report: NU drives $6.4 billion in annual economic impact
Contact: Cara Pesek carapesek@nebraska.edu 402-570-1585 (mobile)
LINCOLN, Neb. – The University of Nebraska System continues to be a vital driver of the state’s economy, with its annual economic impact reaching $6.4 billion – a $600 million increase over the past three years – according to a new economic development report shared with the University of Nebraska Board of Regents on Friday.
Paul Umbach, founder and president of the firm Tripp Umbach, shared preliminary findings of the report during the Regents’ December meeting in Varner Hall, 3835 Holdrege St., in Lincoln. A full version of the report will be shared in early 2025.
During Friday’s meeting, Umbach shared details of the NU System’s expanding influence on job creation, research innovation, and workforce development across Nebraska. Among the contributions of the NU System to the Nebraska economy:
* For every $1 invested by the State of Nebraska in the NU System, $10 is returned to the state’s economy. *
* When NU’s impact is combined with that of Nebraska Medicine, the total economic impact rises to $11.9 billion – a $1.6 billion increase since 2021. *
* The NU System supports 52,335 jobs statewide, up from 47,342 in 2021. This equates to one in every 20 jobs in Nebraska being directly or indirectly tied to the university.
“The University of Nebraska is a powerhouse for our state’s economic growth and competitiveness,” said NU System President Jeffrey P. Gold, M.D. “The return on investment for Nebraskans is clear: The University of Nebraska creates opportunities, fuels innovation and creates ripples that positively impact communities and people all across the state.”
The NU System’s research enterprise is a significant contributor to its economic growth, with federal research awards increasing by 20% over the past two years, from $253.1 million to $304 million. Much of NU’s research addresses issues critical to Nebraska, such as national defense, medicine, advancements in agriculture and development of bioproducts. By 2030, impact of NU research is projected to exceed $1 billion.
The university’s impact is even greater when combined with that of Nebraska Medicine. Since 2021, the combined economic impact of the NU System and Nebraska Medicine has grown by 15.7%, nearly double the Nebraska economy’s overall growth rate of 8%.
Nicole Kent, a graduate of both the University of Nebraska at Kearney and the University of Nebraska Medical Center, is currently a first-year resident in the primary care residency program at UNMC. A Nebraska native, Dr. Kent told the board that she plans to stay in Nebraska to practice medicine upon completion of her residency.
Dr. Kent, who grew up in Benkelman, attended UNK after being accepted into the Kearney Health Opportunities Program, which guaranteed her a spot at UNMC. During her time at both institutions, she served as a student regent, presented research in Japan, and took advantage of other learning opportunities both inside and outside of the classroom.
“The University of Nebraska invested in me; you all invested in me,” Dr. Kent told the board. After completing her residency, she plans to stay in Nebraska to practice medicine.
Dr. Kent emphasized that her story isn’t unique – she is one of thousands of NU graduates each year that build their lives in Nebraska. Each of those graduates, Dr. Gold said, creates ripples of impact across the state.
“Dr. Kent is one of the very best examples of the ripples of this university when you think about all the patients she will care for and all the students she will mentor,” said Dr. Gold.
NU is one of about 50 organizations currently working with Tripp Umbach to quantify economic impact, Umbach said. While NU has seen broad and steady economic growth, many other institutions of higher education have flatlined or even contracted in their economic impact since 2020, he said.
“You’re in the best position of the university systems that we’ve worked with,” Umbach said.
Dr. Gold said he expects the university’s economic impact to continue to grow as the university develops and implements a new strategic plan. The plan, he said, is intended to take the university on an “odyssey to extraordinary,” in which Nebraska is regarded as one of the best public universities in the nation.
“We know where we are and where our greatest strengths lie,” said Dr. Gold. “We also have a pretty good idea of many of the challenges and opportunities that lie ahead. And so over the past few months, we have begun building a roadmap to get us to from the excellent institution we are today, to one that is truly extraordinary.”
During his comments to the board, Dr. Gold shared five pillars that will guide the planning process:
* Extraordinary Teaching and Learning: Advancing innovative, inclusive and impactful educational experiences for all students. * Extraordinary Research and Creative Activity: Fostering discovery and innovation that address critical challenges and unlock new opportunities. * Extraordinary Partnerships and Engagement: Creating impacts across our state, nation and world that result in positive rural and urban outcomes. * Extraordinary Culture and Environment: Cultivating a supportive, inclusive and dynamic community where every individual can thrive. * Extraordinary Stewardship and Effectiveness: Leveraging our resources wisely to achieve sustainable and far-reaching impact.
Dr. Gold said he had begun working with vice presidents and campus chancellors to begin identifying goals aligned with each of the pillars, and others from across the university system will have the opportunity to share their input and ideas.
“Every member of our university community — faculty, staff, students, alumni, stakeholders, philanthropists and of course, the members of the Board of Regents — has an essential role in helping to shape and build upon this foundation,” Dr. Gold said.
Dr. Gold plans to implement the new plan in mid-2025.
About the University of Nebraska The University of Nebraska is the state’s only public university system, made up of four campuses – UNL, UNO, UNK and UNMC – each with a distinct role and mission. Together the campuses enroll nearly 50,000 students and employ 16,000 faculty and staff who serve the state, nation and world through education, research and outreach. For more information and news from the University of Nebraska, visit www.nebraska.edu/newshttp://nebraska.edu/news.