The University of Massachusetts’ new satellite campus in Springfield is on schedule to open in the fall, with the help of 5 million dollars in state money announced Thursday. Governor Deval Patrick made the announcement inside the university’s 26-thousand square foot downtown classroom and office space, which is still under construction. Patrick says investing in higher education is part of the state’s economic strategy.

“There are within — what are we, hour and fifteen minutes from downtown Boston? — 300 universities, colleges, research institutions, teaching hospitals. It’s arguably the largest concentration of brain power in the world,” he says. “And brain power is as important to our economy as oil is to Texas or corn is to Iowa. We have to cultivate it.”

While in Springfield, Patrick also announced a 1.3 million dollar grant to develop recreational space in the city’s North Riverfront Park.