Keep an important economic engine fueled up

Youngstown State University is certainly an educational and cultural center for the region, but a new study by the Inter-University Council of Ohio makes clear that the university is an economic engine as well. Gov. Bob Taft should keep that in mind as he proposes a biennium budget that gives short shrift to higher education.
Youngstown State alone provides an annual push to the Valley's economy of some $255 million -- considering salaries, expenditures for operations and capital spending.
But as large as it is, the day-to-day generation of dollars isn't YSU's largest contribution. That comes in the students who are educated and the research that's conducted by the university.
Development tool: Ohio's business leaders have complained mightily that there are too few well-educated Ohioans prepared to take the jobs industry now demands. And it is those professions that pay the most and have the greatest potential to generate revenue for the state. With college graduates, on average, earning almost twice as much as a high school graduate, it doesn't take an advanced degree in mathematics to recognize that states which provide the greatest opportunities for the education of their residents are the states whose incomes are likely to grow the fastest. So maintaining adequate state support of public higher education is an essential element of economic development.
Further, the research undertaken at the state's universities -- in technology, teaching methods and medicine, just to name a few -- help the growth of other sectors of Ohio's economy.
The millions of dollars that Youngstown State attracts in federal and private foundation research grants is indicative of the kind of academic work being done locally and the national regard in which it is held.
Intangibles: The university also provides the expertise of its faculty members to improve private and public sector endeavors. Such efforts may not be readily quantifiable, but they are intangibles of great value.
It is critically important that YSU's contribution to the economic well-being of this region not be underestimated -- nor the contribution of all of Ohio's public colleges and universities: $3 billion for operating expenses, $2.7 billion in student spending, nearly $800 million in grants, contracts and gifts; $822 million in purchases from Ohio companies, all money spent in Ohio communities to keep other Ohioans employed.
In response to the study's findings, YSU President Dr. David Sweet said, "We must recognize that economic health for regions like ours depends on our ability to train and keep technically proficient workers and nurture innovative ideas and cutting-edge industry."
Sweet may be preaching to the choir in the Mahoning Valley, but his sermon should be heard in Columbus.