March Madness Earns an A in EconomicsMarch 24, 2014
Chris Higginbotham is a Public Affairs Specialist in the International Trade Administration’s Office of Public Affairs.
If you’re anything like me, you spent the weekend locked in front of the television, watching the NCAA Tournament. Hearts were broken (including mine), underdogs were victorious, and former champions were sent packing.
Perhaps the best part of it all is that we were supporting the U.S. economy the entire time!
Maybe you didn’t realize it, but the NCAA Tournament, one of the pinnacle sporting and cultural events in the United States, is a tremendous supporter of several export industries.
One obvious industry the Tournament supports is education. The athletes competing in this event are students representing some of America’s great universities.
The education industry is a huge part of the American economy, supporting jobs and fostering research and innovation.
Education is also a major service export. The United States has some of the world’s best universities, hosting hundreds of thousands of foreign students. Those students pay tuition and living expenses, including room and board, transportation, books, and health insurance. Since most of those expenditures come from sources outside the United States, they are considered exports.
Commerce data show that international students contributed a record $24.7 billion to the U.S. economy, part of a record $682 billion in services exports.
The NAFSA Association of International Educators says that education exports support 313,000 jobs in the United States, a 6.2 percent increase from 2012 and a crucial contributor to our economic growth.
Here are some more key highlights about education exports from the Institute of International Education:
· A record 819,644 international students studied in the United States in 2012-2013;
· The top two fields of study for international students are business and engineering;
· The University of Southern California hosts the most foreign students, at 9,840.
Outside of the classroom, you’ll also see some international students competing on the basketball court.
The standout is Kansas University’s Andrew Wiggins, the Canadian player who was a top basketball recruit last year. There’s also NC State’s Jordan Vandenberg from Australia, UCLA’s Sooren Derboghosian from Iran, and Notre Dame’s Natalie Achonwa from Canada, among others.
As NAFSA points out, the benefits of international students studying in the United States last a lot longer than the road to the Final Four. Foreign students bring unique perspectives into American classrooms, broadening horizons for everyone involved. The relationships formed and cultural exchanges made help build bridges across borders.
So just remember the next time you watch a game, even if your team loses, you’re helping the U.S. economy win!
For more information about the education industry and how the International Trade Administration supports it, check out our updates on the ITA blog.