Sept. 9, 2011
For Immediate Release
By Joan C. McKinney, news and publications coordinator
CAMPBELLSVILLE, Ky. – Campbellsville University has a total economic impact from its operations over $93 million in Taylor County and total local tax revenues generated by CU operations of over $1.3 million according to a new study recently completed by Younger Associates of Jackson, Tenn., a national research firm.
The economic impact of Campbellsville University and all the related operations is a measure of the total number of dollars that flow through the Taylor County economy each year because of the university.
The new study shows CU supports a total of 1,258 jobs by all related Campbellsville University operations.
The growth of economic impact from 2011 is up 3.6 percent from the 2009 amount of $90,033,155 which is an increase and is even more significant in a recessionary period when the economy otherwise decreases, according to Dr. Michael V. Carter, president.
Carter said, “As Campbellsville University moves forward in her second century of providing quality Christian
higher education in this community and region, we are pleased to announce the results of the economic impact study for fiscal year 2010-2011 ending June 30, 2011.”
“The study reveals that CU has a total economic impact from its operations of over $93.2 million. This is a measure of the total number of dollars that flow through the Taylor County economy because of the operations of Campbellsville University.”
The 1,258 jobs (457 direct and 801 indirect) result in more than $42 million in wages in the local economy.
In local taxes, CU paid $1,360,509 with a total capital spending impact of $6,171,379. Local tax revenues include the direct city school utility tax, occupational taxes from employment and indirect property tax.
One out of every 10 jobs in Taylor County is supported by CU-related operations. The university accounts for 14.2 percent of total expenditures in Taylor County each year, according to the economic impact study.
Each year the staff, faculty, coaches, students, contractors, service providers and other vendors of Campbellsville University spend over $32.9 million with local businesses. Students spend over $17 million in the local economy.
“Campbellsville University plays a vital role in the stability of the county’s economy,” Carter said. “We are proud to partner with the various businesses in Taylor County.”
CU’s impact on the local economy is further illustrated by the earnings of a typical college graduate, which averages $6.7 million over a 25-year-career; the total for a high school graduate over the same period is $3.9 million. As noted in the study, the overall impact of CU’s higher education operation cannot be measured totally in terms of dollar impact.
There are quality of life factors for which there are no definitive measures, Carter said.
“Certainly, a major factor in our community’s continuing economic growth and development is the availability of skilled workers and the availability of life-long learning opportunities via the undergraduate and graduate degree options offered by CU and the numerous options available through the Technology Training Center.
“The quality of life is further enhanced by the cultural, social, recreational and educational impacts provided by CU.
We deeply appreciate the support Campbellsville University receives from the people and organizations of this great community.”
Carter said, “From the City of Campbellsville and Taylor County governments to the Chamber of Commerce and Team Taylor County to the churches and community organizations in Campbellsville, we are very fortunate to be a part of Campbellsville/Taylor County.”
Campbellsville University is anticipating a 23rd semester of record enrollment with a projected total enrollment of 3,500.
Final numbers will be announced in the near future.
Carter completed his 12th year of service at CU during which significant growth has occurred in student enrollment and number and quality of academic programs, fundraising success and enhanced campus facilities and aesthetics.
Campbellsville University is a widely acclaimed Kentucky-based Christian university with over 3,000 students offering 63 undergraduate options, 17 master’s degrees, five postgraduate areas and eight pre-professional programs. The website for complete information is campbellsville.edu.
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Posted on Fri, September 9, 2011
by Christina Kern