The Economic Impact of America’s International Students
For decades, the U.S. has been the top destination for students looking to study abroad.
It’s easy to see why. Not only does the country provide access to world-class economic hubs like Silicon Valley, but the U.S. is also home to 14 of the top 20 universities in the world, many of which are famed for their research and alumni networks.
Yet, there is cause for concern.
International enrollments in the U.S. have slowed, while other countries are attracting a larger share of the global talent pool. To help us understand what’s at stake if enrollments continue to decline, today’s infographic shows the impact of international students on the U.S. economy.
Driving American Innovation and Growth
International students and scholars are a vital economic asset, and America’s ability to attract them puts the country in an enviable position.
First, there are the direct economic benefits which result from tuition fees and living expenses. Throughout the 2018/2019 school year, these benefits totaled $41 billion, a comparable value to many other American exports:
Even after graduation, however, international students and scholars continue to make significant contributions to the U.S. economy.
For example, attracting the world’s brightest minds helps to grow the knowledge economy in the United States, and 40% of American Nobel Prizes won in chemistry, medicine, and physics since 2000 have been awarded to immigrants. Furthermore, students who return home often do so with a network of connections and an appreciation for American culture, thus promoting U.S. international leadership.
Finally, these individuals can also go on to become successful entrepreneurs and business leaders in the U.S. economy. The list is long, but here are two noteworthy examples:
- Elon Musk, known for founding Paypal, Tesla, and SpaceX, was born in South Africa. He received two Bachelor’s degrees from the University of Pennsylvania before founding his first business.
- Satya Nadella, CEO of Microsoft, was an international student from India. He received an M.S. from the University of Wisconsin and an MBA from the University of Chicago before helping Microsoft develop its cloud computing capabilities.
Cause for Concern
In recent years, however, the number of new international students enrolling at U.S. institutions has been on the decline:
|School Year||New International Student Enrollments in the U.S.||Percent Change|
With so many opportunities and success stories, why have international enrollments slowed? A survey of 509 higher education institutions in the U.S. revealed the top reasons for declining international enrollments:
|Cited Reason for Decline in Enrollment||% of Institutions|
|% of Institutions|
|% of Institutions
|Visa Application Process (delays/denials)||34%||68%||83%|
|Social and Political Environment||15%||57%||60%|
|Enroll in Another Country’s Institutions||19%||54%||59%|
|Cost of Tuition||51%||55%||57%|
|Securing a Job||-||41%||44%|
Critically, the two most common reasons for declining enrollment—visa applications and the social and political environment—suggest that the quality of an American education is not the issue. Rather, it would appear that students are being discouraged from coming to the United States.
When we discourage or turn away international students, we lose much more than the students themselves… We lose their inventions and innovation, their collaborative input and their contributions to our communities.
– Dr. Martha E. Pollack, President, Cornell University
At the same time, other countries are taking proactive measures to attract global talent.
Australia allows its international students to work for up to 18 months after graduation. This limit can increase to 4 years for graduates of high-demand occupations. In 2018, the country saw a 15% increase in international enrollments.
Canada, a country distinguished for its multiculturalism, is quickly becoming an attractive destination for international students. The country offers expedited visa processing for qualified individuals, as well as a 3-year work visa for graduates. In 2017, international enrollments in Canada grew by an impressive 20%.
The world’s brightest minds are an important asset for continued innovation and growth, and today, there is a mass of countries welcoming them with open arms.
While the U.S. is still the preferred destination for international students and scholars, the country’s leadership in this space is at risk. In fact, since 2001, the share of international students in America has fallen from 28% to 21%.
Will the U.S be able to maintain global competitiveness if the number of new international students enrolling continues to fall? Can the country work to cultivate a more welcoming and barrier-free route to higher education?
These are potent questions that will need to be answered, especially with a sizable economic impact on the line.
Charting Grand Theft Auto: GTA’s Budget and Revenues
Dive into the GTA budget through the years, with GTA VI set to be the most expensive video game of all time.
Charting Grand Theft Auto: GTA’s Budget and Revenues
Over 10 years since the launch of Grand Theft Auto V (GTA V), the second most-sold video game in history, Rockstar Games has announced its sequel GTA VI will be “coming 2025.”
As the anticipation only grows for this next big entry in the franchise, we take a look at the GTA budget through the years. How much have the last two games cost to make, how much have they earned, and how do they compare with the latest entry?
How Much Has GTA VI Cost to Make?
The GTA franchise has grown enormously in scale from humble beginnings as a top-down, 2D video game in 1997. Fifteen installments later, the upcoming release, GTA VI, is estimated to be the most expensive video game to be made yet.
Here’s a look at how much GTA VI and the last two major releases cost, and how much revenue they’ve earned as of August 2023.
|Year||Title||Production Costs ($)||Revenue ($)||Copies Sold|
|2025 (est.)||GTA VI||$2B (rumored)||N/A||N/A|
In 2008, GTA IV cost around $100 million—already a budget that rivalled big Hollywood releases. However with 25 million copies sold, the game earned nearly $2 billion—a five-fold return on its production cost.
Five years later, GTA V (2013) cost more than $200 million to make—twice GTA IV’s budget. A decade after its release, GTA V has generated close to $8 billion, with hundreds of millions in annual revenue from subscriptions and in-game purchases—a model that its successor is sure to follow.
In fact, subscription fees and in-game purchases represented 78% of Take-Two Interactive’s (parent of GTA developer Rockstar Games) revenues in 2023.
Analysts estimate the to-be-released GTA VI’s costs at $2 billion, including marketing and other expenses. A massive open-world (set in the Miami-inspired “Vice City”), cutting edge graphics, and a reportedly brand-new game engine are all reasons for the game’s outsized budget.
For comparison, the current most expensive games to have been made include Red Dead Redemption 2 (also by Rockstar) and Star Citizen, both reportedly with a $500 million budget.
Meanwhile, Take-Two Interactive shares are up more than 50% for the year.
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