09/14/2017 | News release | Distributed by Public on 09/14/2017 19:18
By Joan C. McKinney, news and publications coordinator
CAMPBELLSVILLE, Ky. - Campbellsville University has a total economic impact from its operations of more than $106 million in Taylor County, according to a new study recently completed by Younger Associates of Jackson, Tenn.
The $106 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 exact amount is $106,482,540.
The new study shows Campbellsville University supports a total of 1,509 jobs by all related Campbellsville University operations. The university's operations directly employ and support over 13.26 percent of all jobs in Taylor County. Campbellsville University paid $1,332,880 in local taxes including direct occupational taxes paid by Campbellsville University employees to the local and county governments in Taylor County, indirect property taxes created by CU economic activity and paid to local governmental bodies including local public school districts as well as school utility taxes.
In total dollars, the increase has risen from $57 million in 2003 to more than $106 million in 2016.
Dr. Michael V. Carter, who is in his 19th 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 $57 million to $106 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 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 Campbellsville University's commitment to the local community is further evidenced by the $7,570,755 million in financial aid provided by the university to the 619 Campbellsville-Taylor County students enrolled during the 2016-17 academic year.
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 also states that the 25-year economic impact of a college graduate is $7.3 million compared to $4 million for a high school graduate.
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, Carter said.
'We are very grateful to our local community and region for their continuing support as we continue the implementation of Vision 2025-Preparing Christian Servant Leaders, which is the long-range blueprint for the future growth and development of the university. A part of our stewardship is to have a positive and growing positive economic, faith, social, and quality of life impact on Campbellsville-Taylor County,' Carter said.
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 the 2016-2017 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.
Campbellsville University is a widely-acclaimed Kentucky-based Christian university with more than 5,000 students offering over 80 programs of study including 19 master's degrees, six postgraduate areas and seven pre-professional programs. The university has off-campus centers in Louisville, Harrodsburg, Somerset and Hodgenville with instructional sites in Elizabethtown, Owensboro and Summersville and a full complement of online programs. The website for complete information is campbellsville.edu.