{"id":73795,"date":"2024-08-14T00:08:55","date_gmt":"2024-08-14T04:08:55","guid":{"rendered":"https:\/\/world.edu\/?p=73795"},"modified":"2024-08-14T00:08:55","modified_gmt":"2024-08-14T04:08:55","slug":"international-students-will-offer-a-big-boost-to-the-us-economy-this-back-to-school-season","status":"publish","type":"post","link":"https:\/\/world.edu\/international-students-will-offer-a-big-boost-to-the-us-economy-this-back-to-school-season\/","title":{"rendered":"International students will offer a big boost to the US economy this back-to-school season"},"content":{"rendered":"

\"\"<\/p>\n

Of the millions of young adults heading off to college this fall, many will be international students. If trends continue,\u00a0about 1 million students<\/a>\u00a0from around the world will come to the U.S. to pursue higher education this year.<\/p>\n

These young scholars make a big economic impact. Altogether, they pump more than\u00a0US$40 billion<\/a>\u00a0into the U.S. economy\u00a0and support over 368,000 jobs<\/a>. That\u2019s not just paying professors and buying textbooks \u2013 it includes everything from renting apartments to late-night DoorDash and Grubhub deliveries. And it\u2019s near a record high.<\/p>\n

In fact, higher education is the\u00a010th-leading export of the United States<\/a>, according to the U.S. Bureau of Economic Analysis \u2013 except the export is really an import, of students from around the world.<\/p>\n

Think of it this way: If you went to Paris to see the Olympics this year, the Olympics was the export that brought you \u2013 the tourist, or, in economic terms, the import \u2013 to France. In the complex world of\u00a0economic balance of trade accounting<\/a>, international students are the tourists visiting U.S. campuses.<\/p>\n

Only economists could think that studying and taking exams is somehow a vacation.<\/p>\n

\"\"<\/p>\n

While\u00a0China, India and South Korea<\/a>\u00a0send the most students to the U.S., young people come from around the globe to pursue degrees here. Last year, they represented some\u00a0221 nations and territories<\/a>, including three students from the independent island nation of Tuvalu.<\/p>\n

A boon to local economies<\/strong><\/h4>\n

In any of the 50 largest American cities, you\u2019ll find at least one college or university with international students on campus. For these communities, global learners offer a most welcome financial aid package.<\/p>\n

Consider Boston. With its pantheon of venerable institutions \u2013 including Boston University,\u00a0where I teach multinational finance and trade<\/a>\u00a0\u2013 the region boasts over 50 colleges and universities. Boston\u2019s economic gains from the more than 60,000 international students at these schools are huge: some\u00a0$2.7 billion.<\/a><\/p>\n

Or look at Greater Philadelphia. The region\u2019s higher education institutions rank\u00a0fifth nationwide<\/a>\u00a0in attracting students from around the world. From the perennially top-drawing University of Pennsylvania \u2014 itself ranked in the top 25 for international students \u2014 or the more specialized\u00a0Curtis Institute of Music<\/a>, together they can expect to host nearly 17,000 international students in fall 2024.<\/p>\n

Prestigious private schools are a draw, but hands down the biggest pull for international students are state universities and colleges. Of the nation\u2019s top schools enrolling these students last year, 32 were state colleges and universities, attracting over 240,000 students in total.<\/p>\n

In the top three of those public institutions alone \u2014 Arizona State University, the University of Illinois Urbana-Champaign and the University of California, Berkeley \u2014 international students contributed nearly $1.6 billion, supporting close to 16,900 jobs. Expand that to the top 10 \u2014 the University of California system takes four of those spots \u2014 and the numbers pop up to $4.5 billion and 47,900 jobs.<\/p>\n

Bringing the world to Mankato<\/strong><\/h4>\n

But it\u2019s not just the geographically sprawling University of California and other large state systems. Mankato, Minnesota, hosts a Minnesota State University campus; in the 2022 academic year, some 1,700 international students called this small city, 80 miles from Minneapolis, their home away from home.<\/p>\n

Those students brought an infusion of $44.9 million into that community, supporting around 190 jobs. There are dozens of similar campuses in cities and towns like Mankato across the country. It adds up quickly.<\/p>\n

In addition to private and public universities,\u00a0community colleges<\/a>\u00a0also attract thousands of international students. Although their international enrollment has fallen off in recent years, community colleges still attracted just shy of\u00a053,600 international students<\/a>\u00a0in 2023, with\u00a0China, Vietnam and Japan<\/a>\u00a0leading the list.<\/p>\n

Generating some\u00a0$1.5 billion and supporting 6,620 jobs<\/a>, they have a major economic impact \u2013 particularly in Texas, California and Florida, where the majority of these students come to learn.<\/p>\n

One thing\u2019s for sure: Whether they\u2019re attending small-town community colleges or Ivies in big cities, international students have a \u201chigh degree<\/a>\u201d of economic impact.<\/p>\n

Author Bio:<\/strong> Barnet Sherman is Professor, Multinational Finance and Trade at Boston University<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Of the millions of young adults heading off to college this fall, many will be international students. If trends continue,\u00a0about 1 million students\u00a0from around the world will come to the U.S. to pursue higher education this year. These young scholars make a big economic impact. Altogether, they pump more than\u00a0US$40 billion\u00a0into the U.S. economy\u00a0and support […]\n… learn more→<\/a><\/p>","protected":false},"author":33,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[575],"coauthors":[11733],"class_list":["post-73795","post","type-post","status-publish","format-standard","hentry","category-higher-education","tag-international-students"],"acf":[],"yoast_head":"\nInternational students will offer a big boost to the US economy this back-to-school season - World leading higher education information and services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/world.edu\/international-students-will-offer-a-big-boost-to-the-us-economy-this-back-to-school-season\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_US\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"International students will offer a big boost to the US economy this back-to-school season - World leading higher education information and services\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Of the millions of young adults heading off to college this fall, many will be international students. 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