Aug. 15, 2013
For Immediate Release
|Campbellsville University Photo by Ye Wei “Vicky”|
By Joan C. McKinney, news and publications coordinator
CAMPBELLSVILLE, Ky. – Campbellsville University has a total economic impact from its operations of $101 million in Taylor County, according to a new study recently completed by Younger and Associates of Jackson, Tenn.
The $101 million is a measure of the total dollar value that flows through the Campbellsville-Taylor County economy because of the operations of Campbellsville University.
The new study shows CU supports a total of 1,453 jobs by all related Campbellsville University operations. CU operations directly employ and support over 13.5 percent of all jobs in Taylor County. Wages paid to the jobs supported by university operations accounts for 15.7 percent of the wages paid to Taylor County residents.
The growth of economic impact from 2007 is up 18 percent from the 2007 amount of $76.1 million. The increase in the economic impact in the past ten years (from 2003 to 2013) has been 75.6 percent. In total dollars, the increase has risen from $57 million to $101 million over the past decade.
Dr. Michael V. Carter, who just began his 15th year as president of the private institution in south central Kentucky, said CU contributes more than $1.3 million in local taxes generated for city and county governments, school systems and certain special districts.
“Over the past decade, the economic impact generated by CU has increased from $58 million to $101 million,” Carter said. “And with Vision 2025, our long-term blueprint for the future, we anticipate continued growth and resulting economic impact increases.”
Carter said CU is “very fortunate to be located in a community where education, including postsecondary education, is valued.”
He said, “We are all aware that there is a direct correlation between the educational attainment of a community and the economic health and competitiveness of a community. CU remains dedicated to providing affordable and excellent higher education, and we are working with local officials, our school districts, Chamber of Commerce and Economic Development Authority, and others to provide additional postsecondary educational opportunities for more citizens.”
Carter said CU is “grateful for the excellent relations we have with this community and region, and we seek to serve the larger community as we move forward in our goal to become a national premier Christian university.”
The study shows an increase from the $93.3 million total impact in 2010-11, when the last study was done. Nearly 200 more jobs have been created this year than two years ago – 1,453 versus 1,258.
The study is based on a model of the local economy using data for annual average wage rates, tax rates, commuting patterns and tax collection ratios. Factors used in the study include U.S. Bureau of Economic Analysis economic multipliers as well as specific data from CU.
Younger Associates has completed hundreds of economic impact studies across the United States for over 20 years. The firm’s methodology is recognized by the International Economic Development Council and used in courses taught at the Economic Development Institute.
The purpose of the study is to quantify the economic impact of the Campbellsville University on the local economy. It looks at the impact generated by all operations of the University in 2012-2013 academic year.
The impact comes from CU’s ongoing operations, capital investment and study spending in the local economy as well as spending by visitors to CU events and the operation of contractors that perform work solely for CU.
The value of a college education is included. The economic impact of a typical KY college graduate’s earnings over a 25-year career is $6.9 million while the impact of a typical high school graduate’s earnings over the same period is $3.6 million – a 90.5% higher economic impact over 25 years. Thus, the long-term economic impact of CU is a significant boost to the local economy beyond the impact created by current operations and capital investment.
Campbellsville University is anticipating a strong enrollment of 3,500-3,600 students when night classes begin Monday, Aug. 26 and day classes begin Tuesday, Aug. 27.
Campbellsville University is a widely acclaimed Kentucky-based Christian university with more than 3,600 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.