Investment in Education
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"The University of Washington is a catalyst for the high technology industry in Washington state. A high percentage of the employees in this industry come from the UW. Many of the technologies our industry is based upon were pioneered and refined at the UW. Simply having the University in our community is attractive to the companies and individuals who fuel the growth of high technology in our state." --Jeremy Jaech, CEO, VISIO Corporation
By far the most important contribution the University of Washington makes to the economy of the state is its graduates. Each year, the UW confers approximately 6,800 bachelor's degrees, 2,000 master's, 500 Ph.D.s, and 375 professional degrees (in medicine, dentistry, pharmacy, and law). These include about 1,000 degrees in engineering and nearly 1,000 in business. The large majority of these 9,500 individuals remain in the state and become productive members of the workforce.
Approximately 170,000 UW graduates currently reside in the state. Many of them hold positions of leadership. Five of the nine State Supreme Court Justices graduated from the UW School of Law. UW graduates head 45 of the state's 150 largest privately held companies.
Once in the workforce, professionals in many fields rely on the University for continuing education. From medicine and nursing to law, business, and education, UW programs keep practicing professionals current in their fields and enable them to fulfill licensure requirements. In such fields as engineering, biotechnology, and computer science, continuing education helps Washington companies stay up with the latest advances in technology and remain competitive in rapidly evolving sectors of the economy.
A highly educated workforce is not only good for business, it also results in more high-wage jobs, which result in more state tax revenue. A Census Bureau report on lifetime earnings of college graduates found that individuals with bachelor's degrees were likely to earn 70 percent more in a lifetime than high school graduates, and those with professional degrees more than double the earnings of those with bachelor's degrees.
