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New York City
February2002

The Business of Education

Total spending on education and training in the United States is estimated at about $800 billion, making it the second largest sector of the nationís economy next to healthcare. According to the U.S. Department of Education, total elementary and secondary education spending is projected to have constituted about $406 billion of that total in the 2000-2001 school year, an increase of about 4 percent over the previous year. It is estimated that about $30 million (7 percent) of these resources are for private schools, while the remaining $375 billion (93 percent) is for public schools.

Education technology spending has been fueled in recent years by the nationís overall education investment, led by several years of record-level federal increases but also by state and local spending made possible by the strong economy. However, the scale and scope of the state technology funding in the 2001-2002 and 2002-2003 school years will depend largely on the economic and fiscal climate within each state.

The National Conference of State Legislatures reported in November, 2001 that revenue shortfalls and/or expenditures exceeding budgeted amounts has caused at least 36 states to implement or consider mid-year budget cuts or holdbacks to address fiscal problems in FY2002. On the positive side, many such states have either exempted or are considering exempting K-12 education either in whole or in part.

Excerpted from 2002 Education Market Report: K-12

 

Education Update, Inc., P.O. Box 20005, New York, NY 10001. Tel: (212) 481-5519. Fax: (212) 481-3919. Email: ednews1@aol.com.
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