What are the benefits of a good school system for a community’s economic development?

Good information from IEDC on the subject:

Public Schools and Economic Development: What the Research Shows (PDF)

This paper provides a literature review on the correlation between public schools and economic development, taking into account four key impacts: 1) national economic growth and competitiveness; 2) state and local economic growth and business attraction; 3) residential real estate values; and 4) the impact of public school facilities themselves. The author concludes that “By educating the future workforce, public schools help make states and localities more economically competitive. In addition, as a basic industry, schools are major employers that have a short-term stimulus impact on state and local economies. Evidence suggests that the quality of public schools can also influence business site selection and labor location decisions.”

The Economic Value of Improving Local Schools (PDF)

According to Eric Hanushek, the report’s author, “…there is substantial reason to believe that improvement in local schools will yield direct benefits to local economies. Local economies with a more educated labor force leads, by existing analysis, to higher local growth.” Hanushek concludes that the best way to improve local schools is not by simply spending more money but enacting policies that “improve hiring, retention, and pay of high quality teachers.”

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