Economic Development and Higher Education

Background -

• One of the more interesting changes in the last two decades has been the intersection of economic development and higher education.

• Universities are becoming important players in 21st-century economic development. The Association of Public and Land-grant Universities (representing 238 members) and the University Economic Development Association have helped higher education define its role in economic development and engagement with their local constituencies.

• A framework was created to assist institutions and their partners in identifying economic development contributions and understanding how to connect to a larger vision.

• Higher education institutions are adding “economic development” leadership positions

• No longer primarily focused on areas of workforce development and innovation.

• Colleges and universities often have large real estate holdings.

• Even communities that do not have a local institution can partner with and benefit from regional entities.

These two organizations came up with a definition of economic development for higher ed that highlights three key areas:

• Talent – Cradle-to-Grave Human Capital and Talent Development

• Innovation – Research, Creative Works, Problem-Solving, and Entrepreneurship

• Place – Community-Connected Institutions and Stewardship for Vibrant Communities