Direct and indirect contributions of nine Arkansas universities to the economic well-being of the state, as well as the expected rate of return from support of higher education, were assessed. In-state expenditures by the universities and local expenditures by university staff and students were measured. A major impact was the value of business property, real estate, and inventory in Arkansas attributable to the presence of the universities. Another impact was the expansion of banks' credit base due to deposits from the universities, university staff, and students. Business volume attributable to selected Arkansas universities was estimated to be over $940 million in fiscal year 1983, or 3 percent of the state's total business volume. Local business property and inventory committed to university-related business amounted to over $175 million, or 9 percent of the total property and inventory in the state. Money deposited by Arkansas universities and their staffs and students expanded bank credit in the state by over $85 million. Almost $21 million of local business volume was generated by campuses enterprises (e.g., bookstores and food services). The universities also created tax revenues for the state, 36,000 jobs, and $400 million in personal income. (SW)