DT #444 Economic Development and Higher Education

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