Wayne State University’s Office of Economic Development today announced its 2022 – 2027 economic impact strategy which follows the January 2022 release of the university’s strategic plan, “Our Moment in Time.” The economic impact strategy will guide the university’s $2.4 billion annual economic impact over the next five years.

“Wayne State is already a vehicle for economic opportunity and social mobility for so many in our city and state, and this strategy encompasses the many ways that the university is furthering a vision for a vibrant Detroit and Michigan with equitable access to opportunity and lasting prosperity for all,” said Ned Staebler, vice president for economic development at Wayne State and president and CEO of TechTown Detroit.

The strategy is inclusive of work happening across schools, colleges and divisions at Wayne State and is organized around five high-level goals. The Office of Economic Development will lead university efforts to make, monitor and communicate progress toward the goals which include:

Preparing a diverse student body for and connecting them to good, household-supporting jobs

• Ensuring all Wayne State jobs are household-supporting jobs and accessible to a diverse workforce
• Leveraging Wayne State’s purchasing power, research enterprise and entrepreneurship programs to create more household-supporting jobs and wealth building opportunities, especially for Detroiters and people of color
• Retaining and attracting talent through investments and programs that improve quality of life in our neighborhood, city and region
• Being a thought leader on and active partner in equitable economic development

The economic impact strategy responds directly to “Our Moment in Time” as well as national and university best practices and local needs, including those articulated in the Detroit Future City (DFC) report, “The State of Economic Equity in Detroit.” Wayne State now becomes one of the first institutions to respond directly to this report with concrete actions. 

“The State of Economic Equity was developed as a baseline and a guide for our city and region to take action to improve outcomes,” said Detroit Future City President and CEO Anika Goss. “Wayne State University is an important economic driver in our community, providing access to education, jobs, research and business development.  We are thrilled the university brought DFC to the table and used our report as their benchmark for decision making and planning.”

Through this strategy work, Wayne State aims to move the needle on external metrics like the percentage of individuals with a post-secondary credential or degree in Detroit and Michigan, labor force participation rates, and the percentage of individuals earning above United Way ALICE and DFC median wages. They also seek to decrease racial and geographic gaps, including those between Black and white Detroiters and Detroit and the region.

Wayne State established the Office of Economic Development in 2011 to lead economic development strategy and became one of the first universities in the nation to be recognized as an Innovation and Economic Prosperity (IEP) University in 2014 by the Association of Public and Land-Grant Universities (APLU) — a designation honoring higher education institutions that have demonstrated a commitment to economic engagement. Today, Wayne State is a powerful economic driver. In addition to educating Michigan’s workforce, the university is one of the largest employers in the city of Detroit and continues to make big investments in its Midtown neighborhood and Detroit.

“Wayne State continues to demonstrate its commitment to the economic vitality of the Detroit region,” said Bernard Burrola, vice president for international, community and economic engagement at the APLU. “APLU congratulates Wayne State on its new five-year economic impact strategy and continued leadership in equitably creating talent, spurring innovation and improving the quality of life for the Detroit community.”

The Office of Economic Development’s full economic impact strategy can be found online at https://economicdevelopment.wayne.edu/what-we-do.