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by Deborah Petrine and Mark Pace
Graduation season is upon us as carloads of family and friends made their way on Interstate 81 to Blacksburg and Radford to cheer on a new generation. They’re celebrating a milestone as thousands of Virginia students prepare to step into the workforce full of potential to shape their communities.
Because they are products of Virginia’s higher education system, their chances of success are greater than their counterparts in other states.
Routinely ranked among the nation’s best, our colleges punch far above their weight. Virginia invests far less per student than North Carolina or Tennessee. Nonetheless, our schools routinely lead the country on key measures such as graduation rates and return on investment (ROI) for graduates.
Awarding Virginia the “Top State for Business” honors last year, CNBC declared, “Virginia’s biggest competitive strength is its education system, ranked #1 in the CNBC study.” That was just the latest confirmation of something we observe every day in the Roanoke Valley and across the commonwealth: What drives Virginia’s economy — attracting business investment, creating jobs, paying for essential services, and providing the opportunity for uplift — is Virginia’s talent development system.
The future of that system is our focus as members of the Virginia Business Higher Education Council (VBHEC), a nonprofit, nonpartisan partnership of business executives and college presidents who are working together to maximize the positive economic impact of our higher education system.
Two years ago, we sponsored a comprehensive study to determine the ROI produced by our public higher education system. It found that the system annually generates $52 billion in gross state product, 188,000 jobs, and $3.9 billion in state revenue.
The total economic impact of Radford and Virginia Tech exceeds $1.5 billion, creating more than 20,000 jobs. More impressively, Virginia’s public investment in higher education more than pays for itself, producing nearly $2 in state revenue for every dollar invested.
That impressive ROI, in turn, has produced overwhelming public support. Recently, our Council released the results of a public opinion survey on higher education in Virginia. The survey was conducted by two nationally respected polling firms: one Democrat, one Republican. Its dramatic findings should cause every candidate and voter to take notice.
Virginians not only are the beneficiaries of a truly exceptional higher education system, but they know it and are proud of it.
Unlike in states where opinions on colleges split along party lines, 82% of Virginians express strong confidence in our higher education system.
More than 85% in each party say our schools are “well-run” and a “sound place to invest public dollars.”
The poll also showed — and it is not surprising — that voters in our region view higher education more favorably than in any other part of our state.
Voters understand the connection between Virginia’s colleges and economy. More than 90% say it is important to invest in our higher education system to maintain the competitive edge that earned Virginia CNBC’s “top state for business” ranking.
Large majorities (89% of Republicans, 91% of Independents, and 98% of Democrats) agree that ensuring every Virginian can access the degree or credential that best suits their aspirations is “the most important investment our state can make.”
Voters also express strong support for paid internships and affordable talent pathways that help young people move efficiently from learning to earning — ideally into a good job based here in Virginia.
More than 90% of Virginians support investing in paid internships and similar work-based learning opportunities, in part because those experiences keep many of our young people from moving away. When a student connects with a Virginia employer during the college years, that student is more likely to stay here, closer to family and friends, after graduation.
In a time of division and uncertainty on many issues, our poll shows Virginians are united on this: that talent drives our future, and that degrees and industry-recognized credentials from our top-ranked higher education system are what set up our talented young people for lifelong success.
In this election year, candidates who support investments to strengthen our colleges will be responding to a deeply felt public priority.
Our elected officials’ strong commitment to our higher education system makes a big difference. We’re grateful to those in our region who continue to champion it.
Debbie Petrine is a former Rector of Virginia Tech’s Board of Visitors and Chair/CEO of healthcare company CCR Inc. Mark Pace is a former vice rector of Radford University’s Board of Visitors and president of construction company EC Pace Co. Both are board members of the VBHEC and based in the Roanoke Valley. The study and survey referenced above can be found at https://growth4va.com/resources.