Oakland University continues to be a powerful driver of economic growth in Michigan, generating a net new economic impact of $1.9 billion in fiscal year 2024, according to a new report released by Anderson Economic Group, an economic consulting firm based in East Lansing, Michigan. The study highlights the university’s vital role in boosting regional development and supporting jobs across Michigan.
 
In FY 2024, OU generated more than $1.9 billion in net new economic impact (more than doubling its economic impact over the past five years) and supported nearly 6,500 jobs in Michigan. This represents direct and indirect economic activity and employment that would not have occurred without OU's operations.
 
Direct impacts are driven by investments from the university, while indirect impacts reflect how that spending circulates through the economy. The other drivers of this economic impact are spending by OU students and incremental earnings by alumni.
 
"I’m delighted that AEG has independently quantified the enormous contributions that OU makes to our local economy,” said Dr. Ora Pescovitz, President of Oakland University. “More of our graduates stay in Michigan than graduates from other universities; they earn some of the highest starting salaries, and they contribute mightily to the quality of life of Michiganders."
 
“Another significant aspect of OU’s economic impact is the support of $316 million in tax revenues for the state. We have also made significant investments of $326 million into the local economy through university operations, construction projects, and employee wages,” added Stephen W. Mackey, CFO and Senior Vice President of Finance and Administration at Oakland University. 

“Oakland University contributes to the vitality of Oakland County’s residents and economy in so many ways, from being a major employer to contributing an astounding $1.9 billion to the economy of the region and state,” said Oakland County Executive David Coulter. “Personally, I also am incredibly grateful for OU’s partnership in our effort to achieve our ambitious Oakland80 goal of having 80 percent of our adult population earn a college degree or certified training by 2030.”
 
 
Topline findings from the report include:
 

• On average, the median alumni salary from a Michigan two- and four-year college 10 years after enrollment is $42,718 — $15,894 less than the median OU graduate. This indicates an OU earnings premium of 27%.
• In 2023, OU’s 80,618 working alumni earned a combined $5.9 billion, of this $1.1 billion in additional incremental income directly attributable to their OU education.
• In FY 2023, OU’s economic activity supported tax revenues for the State of Michigan of $316 million. While the main focus of universities is not to generate tax revenue, OU’s economic impact was nearly 27 times what the university received in state appropriation payments.
• 15,768 students were enrolled at OU in FY 2024. As a result, the university invested over $326 million in university operations and employed 5,511 faculty, staff, and students in Michigan.