Guam Business Magazine’s lead feature in the July-August issue unveils the University of Guam’s economic impact report authored by Ma. Claret M. Ruane, professor of economics at UOG’s School of Business and Public Administration.
Other coverage includes a feature on UOG’s Research Corp. and comments from the business community.
Ruane found that:
In fiscal 2019, UOG spent $86,197,243 and …contributed $1 of every $17 in Guam’s economy
UOG boosted Guam’s economy, measured by nominal Gross Domestic Product, by $349 million.
UOG created a total of 4,194 fulltime jobs.
The report can be found at www.guambusinessmagazine.com.
Thomas W. Krise, president of the University of Guam
“I often say that there isn’t an investment you can make that returns more to society than education. Given the isolation of this region, the University of Guam is an even more integral part of its community than most universities — it touches every industry of our islands and every aspect of life here. With this report, Dr. Ruane has pulled the data to quantify just how integral this university is — not only in the education of our professional workforce but in its equally impactful roles as an employer and as a consumer of local products and services.”
Anita Borja Enriquez, senior vice president and provost
“This is part of our strategic intent to help advance students and graduates socially and economically. When we give them access to professions that provide higher salaries, it benefits the whole island and region. In this report, Dr. Ruane calculates that there are approximately 12,000 UOG alumni currently in Guam’s workforce, who with their degrees are cumulatively earning $156 million more than before earning their degrees. That is a substantial increase in residents’ income overall that gets circulated back into our economy annually through increased spending and also through tax revenues.”
Maureen N. Maratita, publisher, Guam Business Magazine
“Aside from the dollar value of UOG, Ruane’s report gives a sense of what a robust place it is, how well it generates growth, and how that growth spills into the island. If you are not doing business with UOG or supporting it, the report may give you some reasons and ideas on how to do so.” mbj