Economic Impact Analysis for Small Colleges and Universities: A Best Practice Application

The Ohio Foundation of Independent Colleges (OFIC) represents 33 member institutions enrolling over 80,000 students across Ohio. This study estimates the aggregate economic impact of these institutions to the State of Ohio for Fiscal Year 2019 using IMPLAN regional input-output modeling. By capturing direct, indirect, and induced effects across three core areas: operations, construction, and out-of-state student spending, the analysis adheres to established best practices in higher education economic impact methodology. The study finds OFIC member institutions generated over $1.04 billion in direct economic spending and an aggregate economic output of nearly $2 billion. OFIC member institutions support 18,544 jobs state-wide. The findings demonstrate the substantial role independent higher education plays in driving regional employment, income generation, and economic output across Ohio.