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Study: CU economic impact on Taylor Co. over $90 million a year Direct employment contributes over $16 million to Taylor Co. economy By Joan C. McKinney Campbellsville University story CAMPBELLSVILLE, KY - Campbellsville University has a total economic impact from its operations of $90 million in Taylor County and total local tax revenues generated by CU operations of almost $1 million according to a new study recently completed by Younger and Associates of Jackson, TN. The new study shows CU supports a total of 1,403 jobs by all related Campbellsville University operations. The growth of economic impact from 2007 is up 18 percent from the 2007 amount of $76.1 million. Dr. Michael V. Carter, President of CU, 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 an economic impact study recently completed by Younger and Associates of Jackson, TN." "The study reveals that CU has a total economic impact from its operations of $90 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." President Carter explained that multiple activities generate Campbellsville University's impact on the economy. These include: university operations of payroll, purchases and capital investments; university contractors of food services and other providers of services on campus; university events, consisting of special events housed, sponsored or coordinated by the university that generate visitor spending; and student spending that includes purchases made by students off campus. The total number of jobs in the local economy supported by CU operations is 1,403. This includes 397 CU employees; there are an additional 1,066 indirect jobs that are jobs that exist throughout the local economy because of the various activities of Campbellsville University. Direct employment accounts for $16,811,768 The total for direct employment at CU in salaries, wages and benefits is $16,811,768 up from $13,863,725 in 2007 with the total for all jobs at $42,584,339, making the total impact of $90,033,155. The total economic impact is the total dollars that flow through the local economy each year because of Campbellsville University. This reflects local university and student spending being re-spent by local businesses and households until it leaks out of the local economy. A total of almost $1 million ($983,805) is received as local tax revenues from Campbellsville University to Campbellsville and Taylor County. Local tax revenues include the direct city school utility tax and payroll taxes paid by CU employees plus the payroll and property tax revenues generated indirectly by employee spending, student spending and capital investments. Property taxes include amounts generated by CU economic impact for local city and county governments, city and county schools and other local taxing districts. These calculations, based on a conservative econometric model, do not include the amounts that CU pays for consumption of water, sewer, electricity and natural gas. Building, site work has multi-million dollar impact The four-year average of capital spending impact for building and site work and equipment purchase and set-up is $7,114,601. Each year, the staff, students, contractors, service providers and other vendors of Campbellsville University spend over $33,083,300 million with local businesses. The total, $33,083,300, is after savings and taxes of $9.5 million, which benefits local government operations and financial institutions, Dr/ Carter said. The $33 million includes the following businesses: transportation (vehicle, gas and maintenance), housing/shelter, personal insurance, utilities, groceries, healthcare, restaurants, entertainment, apparel, charity, household furnishings/equipment, housekeeping supplies/services, miscellaneous, education, personal care products/services and reading - in descending order. Impact study takes into account higher graduate earnings CU's impact is further illustrated by the earnings of a typical college graduate, which averages $1.7 million over a 25-year-career; the total for a high school graduate over the same period is $1.0 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, President 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 44 undergraduate degree options (up from 40 in 2007), and 15 masters' degree programs (up from 10 in 2007) offered by CU and the numerous options available through the Technology Training Center. "We deeply appreciate the support Campbellsville University receives from the people and organizations of this great community." President 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 19th semester of record enrollment when classes begin Monday, August 24, 2009. Dr. Carter completed his 10th 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. This story was posted on 2009-08-18 08:24:34
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