Kennesaw State an economic engine in Cobb‚ pumping $585 million into economy
Kennesaw State University is a key economic engine in Cobb County‚ creating 5‚244 jobs and pumping…
Georgia (Jun 5, 2008) — Kennesaw State an economic engine in Cobb‚ pumping $585 million into economy
Jennifer Hafer
Abstract
Contact: Director of University Relations
Frances Weyand Harrison
770−423−6203
fharris4@kennesaw.edu
Writer: Jennifer Hafer‚ 770−423−6711 or jhafer@kennesaw.edu
Kennesaw State an economic engine in Cobb‚ pumping $585 million into economy
Student spending at fast−growing university accounts for $301 million
KENNESAW‚ Ga. (June 5‚ 2008) — Kennesaw State University is a key economic engine
in Cobb County‚ creating 5‚244 jobs and pumping nearly $585 million into the local
economy‚ according to a recent study commissioned by the Board of Regents of the University System of Georgia.
The university’s 2‚306 employees created 2‚938 additional jobs in the community. Likewise‚
$382 million spent by the university in personnel services and operating expenses‚
as well as money spent by students‚ resulted in the $585 million economic impact.
“As the third−largest university in the state of Georgia‚ Kennesaw State is proud
to call Cobb County home‚ and to help fuel the region’s economy in such a significant
manner‚” said KSU President Daniel S. Papp. “It is important to quantify the extent
of our economic impact in such monetary terms – which is in addition to the increasing
impact we are having in producing college graduates‚ providing employment for local
citizens‚ and in stimulating intellectual enterprise.”
The Board of Regents of the University System of Georgia commissioned the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business to calculate the impact
of the USG’s 35 institutions on the state’s economy‚ based on data collected between
July 1‚ 2006 and June 30‚ 2007. Together‚ the 35 institutions generated an economic
impact totaling $11 billion during fiscal year 2007.
“Kennesaw State University is a tremendous asset to Cobb County‚” Cobb Commission
Chairman Sam Olens said. “The university generates a tremendous economic impact in
our community while clearly playing a critical role in educating our future workforce
for success.”
At Kennesaw State‚ which now boasts nearly 21‚000 students‚ explosive growth in enrollment
over the last several years has fueled student spending — accounting for $301 million
in economic impact — up by 157 percent‚ from $117 million in fiscal year 1999.
By contrast‚ KSU’s economic impact from personnel services and operating expenditures
combined rose from $157 million in fiscal year 1999 to $284 million in fiscal year
2007 — up 81 percent‚ said Dr. Jeffrey M. Humphreys‚ director of economic forecasting
for the Selig Center.
All 35 of the university system’s institutions are economic engines in their communities
and the state‚ Humphreys said.
“The benefits they provide permeate both the private and public sectors of the communities
that host the campuses‚” Humphreys stated. “For each job created on a campus‚ there
are 1.4 off−campus jobs that exist because of spending related to the college or university.
“These economic impacts demonstrate that continued emphasis on colleges and universities
as a pillar of the state’s economy translates into jobs‚ higher incomes and greater
production of goods and services for local households and businesses‚” he continued.
The Selig Center’s research has its limitations – it neither quantifies the many long−term
benefits that a higher−education institution imparts to its host community’s economic
development nor does it measure intangible benefits to local residents‚ such as cultural
opportunities‚ intellectual stimulation and volunteer work. 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.
“This Economic Impact Report continues to be an invaluable study‚” said Terry Durden‚
interim assistant vice chancellor of the university system’s office of economic development.
“It conclusively demonstrates that — beyond all the benefits colleges and universities
offer communities through a more education society‚ cultural opportunities and other
activities — our campuses have an ongoing and powerful economic impact on communities
large and small.”
To download the full report‚ go to: http://www.icapp.org/pubs/usg_impact_fy2007.pdf.
A member of the 35−unit University System of Georgia‚ Kennesaw State University is a comprehensive‚ residential institution with a growing student population of more than 20‚000 from 142 countries. The third−largest university in Georgia‚ Kennesaw State offers more than 65 graduate and undergraduate degrees‚ including new doctorates in education and business.
A leader in innovative teaching and learning, Kennesaw State University offers undergraduate, graduate and doctoral degrees to its more than 41,000 students. With 11 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia and the second-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 126 countries across the globe. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges and universities with an R1 or R2 status. For more information, visit kennesaw.edu.
