Our chapter has begun commissioning a series of working papers on the state of Miami. The first, on Miami University Economic and Financial Trends, is by economics professor James Brock. The trends are worth noting.
As a comparison, bear in mind that the Consumer Price Index rose by 48% in the last ten years. Meanwhile, at Miami:
- Total costs in the President’s, CAS Dean’s, and FSB Dean’s offices were rising much faster: 100%, 367%, and 300% respectively.
- Total faculty numbers increased by 10% over 10 years, but administrative employees grew by 68%.
- Over the same period, tenure-track faculty as a percentage of total faculty declined by 10%.
- Intercollegiate Athletics spending went up by 73%.
- Miami is paying 600% more interest on its debts than it was ten years ago.
How can Miami stay stable and sustainable if these trends continue? There’s much more at the link.
Many thanks to Professor Brock for gathering the data.
*Note: The original version of this post said that “salary costs” in several upper administrative offices were rising much faster than the Consumer Price Index. We have corrected the error at the request of Professor Brock.