The University as a Contributor to the Local Economy: Key Thoughts for Local Planners

As we move into the twenty-first century, economic development officials are increasingly attempting to find new ways to jump start their local economies. Traditionally, this has involved, among others, finding appropriate land, ensuring there is adequate infrastructure, helping to train the local workforce, bringing financial institutions on board and assisting local entrepreneurs to bring their ideas to the market place. More recently, it has been also oriented toward ensuring that human capital is being invested into the community such that the local schools, recreation facilities, cultural attractions and public safety systems are all first rate. What has been too frequently undisplayed and understated in this mix is the role of universities, colleges and community colleges in the local economy. It can be extremely powerful and beneficial when combined with the activities noted above