(Bloomberg) -- Public colleges and universities in the US saw the largest decrease in tuition revenue per student on record in 2023, as school-fee increases failed to keep up with inflation, according to data released on Wednesday.

Net revenue at public higher education institutions — the amount of fees minus state and financial aid — fell 3.3% in 2023, adjusted for inflation, according to a report by the State Higher Education Executive Officers Association. That’s the largest decline in data going back to 1980. 

Meanwhile, state and local education support increased for the 11th consecutive year.

Although tuition fees have soared in the US over the past four decades, the trend shifted in recent years. The latest data shed light on the pressures facing public universities, which have come to rely more heavily on state education appropriations amid falling enrollment and rising costs. 

Overall, total education revenue climbed by 0.8% to a record high of $18,301 per full-time student. Appropriations for public institutions rose by an inflation-adjusted 3.7% per student in 2023, bolstered in part by greater state commitments and federal stimulus funding.

“It’s encouraging to see that even as federal stimulus funds dwindle, states are investing in higher education and see the value it brings,” Robert Anderson, president of the State Higher Education Executive Officers Association, said in a statement.

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