Monetary influx from foreign students sustains billions in American local economies. Impact if they remain abroad?
New and Improved Article:
Grab a seat, buddy! The recent move by the Trump administration has raised eyebrows - and concerns - among the international student community, as over 1,300 of 'em had their visas revoked and some even got detained. With more than 1.1 million students from abroad studying in U.S. universities, you can imagine the buzz around this hot topic.
But what's under the radar in all this hoopla, you ask? The tremendous impact international students have on small towns and cities across the USA!
Though the real numbers on enrollment won't become clear until the next academic year, interest in pursuing graduate studies in the U.S. plummeted when the Trump administration swung into action. Yikes!
Now, these scholarsродные учёbers aren't just amazing researchers. No, they're also major spenders. Each international student dump around $29k into their new digs that range from tuition to pizza. They're drop-dead serious about renting apartments, buying books, and ordering takeout to keep those all-nighters going. You can say that they're pumping a lot of cash into their local communities.
And when money flows, jobs follow! On average, a new job sparks for every three international students enrolled in a U.S. campus, which makes for around 378,175 jobs created in the 2023-24 academic year. That's just touching the surface, though. Direct jobs like retail and dining positions, sure, but don't forget about those jobs that are indirectly supported by international students, like employees at distribution centers. Now that's a whole lotta jobs and economic growth!
Cities from big-hitter university towns to small-time college cities are feeling those international student dollars heat up. Take Boston, for example. With more than 63,000 international students attending the city's 50+ universities, it's raking in approximately $3 billion annually. That's a hefty chunk of change, y'all!
It's not just the top-tier universities that international students are flocking to. State universities and colleges are pulling in over 251,300 international students. Arizona State University, the University of Illinois Urbana-Champaign, and the University of California, Berkeley are the big three, bringing in nearly $1.7 billion and supporting over 16,800 jobs. When you expand that to the top 10, we're talking about $4.68 billion and 47,136 jobs!
Even small towns like Mankato, Minnesota, with a student population of 1,716, are enjoying an infusion of over $45.9 million from international students, creating around 190 jobs. Wanna guess how many cities like Mankato we've got across the U.S.? A whole lot!
Community colleges are also attracting international students in droves. Although their numbers took a nosedive during the pandemic, they're back with over 59,315 international students in 2024. Now that's a hefty sum, especially in Texas, California, and Florida, the top three states where these students shed their hoodies and gimmick caps to get an education.
So, there you have it, straight from the horse's mouth! International students contribute major bucks to our local and national economies. Now, let's hope that these scholars stay enrolled, so our cash registers keep jingling!
Cheers,Barnet ShermanProfessor, Multinational Finance and Trade, Boston University.
- The Trump administration's move has sparked concerns among the international student community, with over 1,300 visas revoked and some detained.
- International students are more than just researchers; they are major spenders, injecting around $29k each into local communities.
- On average, a new job is created for every three international students enrolled in a U.S. campus, amounting to 378,175 jobs in the 2023-24 academic year.
- Cities like Boston, with over 63,000 international students, are reaping annual revenues of approximately $3 billion.
- State universities and colleges are attracting over 251,300 international students, with Arizona State University, the University of Illinois Urbana-Champaign, and the University of California, Berkeley being the top three revenue generators.
- Even small towns like Mankato, Minnesota, with a student population of 1,716, benefit from an influx of over $45.9 million and 190 jobs.
- Despite a drop during the pandemic, community colleges are back with over 59,315 international students in 2024, with Texas, California, and Florida being the top states in attracting these students.
- Professor Barnet Sherman of Boston University emphasizes the significant contributions of international students to the local and national economies.
- In the realm of education-and-self-development, politics, general-news, and finance, it's crucial to welcome international students to continue fueling economic growth, create jobs, and bolster the trade sector in 2023 and beyond.
