Kennesaw State’s economic impact broadens as university grows in stature

Campus Green Generic Image of Kennesaw Hall

  University pumps $701 million into local economyin fiscal year 2009   KENNESAW, Ga. (…

Georgia (Jul 8, 2010) —  

University pumps $701 million into local economyin fiscal year 2009
 
KENNESAW, Ga. (July 8, 2010)  —  Keeping pace with the university’s rising prominence and burgeoning growth, Kennesaw State University’s economic impact on the Atlanta metropolitan region rose 6.2 percent to $701 million in fiscal year 2009,  according to a report released today by the Board of Regents of the University System of Georgia.
 
KSU also generated 6,000 full-time and part-time jobs on and off campus during the same fiscal year.
 
“It is tremendously important that the university’s impact on the local economy is expanding,” President Daniel S. Papp said. “As Kennesaw State continues to grow in size and stature, we take great pride in the positive economic implications we are having on the region and communities we serve.”
 
The Selig Center for Economic Growth in the University of Georgia’s Terry College of Business analyzed data collected between July 1, 2008 and June 30, 2009, to calculate the University System’s FY2009 economic impact. Kennesaw State’s $701 million economic impact – up from $660 million in FY2008 – contributed to an overall $12.7 billion economic impact on the state’s economy contributed by the USG’s 35 public colleges and universities.
 
 “A college or university improves the skills of its graduates, which increases their lifetime earnings. Local businesses benefit from easy access to a large pool of part-time and full-time workers,” said study author Jeffrey M. Humphreys, director of economic forecasting for the Selig Center. “In addition, for each job created on a campus, there are 1.6 jobs that exist off campus because of spending related to the college or university. In these ways, and many more, the University System plays a critical role in Georgia’s economic recovery.”
 
Most of KSU’s $701 million in total economic impact was attributed to initial spending by the university on salaries and fringe benefits, operating supplies and expenses, and other budgeted expenditures, as well as spending by the students who attended the university in FY2009.
 
Initial spending by KSU equaled $458 million, while the remaining $243 million in economic impact was created by re-spending – the multiplier effect of those dollars as they are spent again in the region. For every dollar of initial spending in a community by a University System institution, researchers found that, on average, an additional 51 cents was generated for the local economy hosting a college or university.
 
Kennesaw State, now in its 47th year of existence, presently enrolls more than 22,300 students. The university is presently in the midst of an impressive trajectory that has expanded the campus’ land holdings, physical plant and facilities. The university also has added several new academic offerings, and continues to attract top students, faculty and staff. 
 
In addition to offering a comprehensive array of undergraduate and graduate-level programs, the university now offers five doctoral programs, including two Ed.D. degrees, a doctorate in business administration, a doctorate in nursing science and a new Ph.D. in international conflict management.
 
“Kennesaw State has rapidly become the third-largest university in the state of Georgia,” Papp stated. “We also are a major employer, and the impact of our employees’ and students’ earnings, spending and output is contributing strongly to our regional economy – which is especially vital during these challenging economic times.”
 
The Selig Center’s research has its limitations – it neither quantifies the many long-term benefits that a higher-education institution and its outreach and service units impart to its host community’s economic development nor does it measure intangible benefits, such as cultural opportunities, intellectual stimulation and volunteer work, to local residents. Spending by USG retirees who still live in the host communities and by visitors to USG institutions (such as those attending conferences or athletic events) is not measured, nor are additional sources of income for USG employees, such as consulting work, personal business activities and inheritances.
 
To download the full report, go to: Selig Center’s FY2009 report.
 
 
                                                               ###
 

Kennesaw State University is the third-largest university in Georgia, offering more than 70 graduate and undergraduate degrees, including new doctorates in education, business and nursing, and a new Ph.D. in international conflict management. A member of the 35-unit University System of Georgia, Kennesaw State is a comprehensive, residential institution with a growing population of more than 22,300 students from 142 countries.

 




A leader in innovative teaching and learning, Kennesaw State University offers more than 150 undergraduate, graduate and doctoral degrees to its more than 35,000 students. With 13 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia and the third-largest university in the state. The university's vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the region and from 92 countries across the globe. A Carnegie-designated doctoral institution, it is one of the 50 largest public institutions in the country. For more information, visit kennesaw.edu.

©