Last year, the Tennessee General Assembly approved a record $165 million higher education investment to build a new chemistry building for the University of Tennessee, Knoxville. The project had long been considered one of UT’s most critical needs, as the chemical industry itself has invested more than $400 million in the state and created more than 2,000 jobs.
The Tennessee Higher Education Commission (THEC) has also recognized the importance of degrees in chemistry and other physical sciences by including them as a Workforce Investment Premium in the state’s Outcomes-Based Funding (OBF) formula, which rewards institutions for graduating more students in these fields.
What is the OBF
The OFB is designed to provide financial incentives to institutions based on how well they help students succeed. The Workforce Investment Premium is one component, alongside degrees, credentials earned, and other measures of success. For example, a college that graduates a higher percentage of students might receive more OFB funding than its peers.
Tennessee implemented the OBF in 2010, and this year, lawmakers approved $39 million for OBF growth…