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.

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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 more than 150 undergraduate, graduate and doctoral degrees to its approximately 38,000 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. 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, and one of the 50 largest public institutions in the country. For more information, visit kennesaw.edu.

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