This study of the economic and social benefits of state investment in Alabama’s 14 public universities was commissioned by the Higher Education Partnership of Alabama, and conducted between December 2014 and April 2015. Our research team included EPC Senior Fellows David S. Murphy (Lynchburg College, VA), Vincent A. Lacey (Southern Illinois University), Mark E. Fincher (Mississippi State University), Matt DeMonBrun (University of Michigan), Mark M. D’Amico (University of North Carolina Charlotte); our colleagues here at Alabama, EPC Fellows Nathaniel J. Bray (Associate Professor) and Arleene P. Breaux (Executive Ed.D. Director); and EPC Research Associates Lucas Adair, Michael S. Malley, Louis E. Shedd, and EPC Research Coordinator Jonathan P. Koh.