KSU’s economic impact in Cobb County rises 12.8 percent in fiscal year 2008

University pumps $660 million into local economy‚ creates nearly 6‚000 jobs

Georgia (Apr 6, 2009) — KSU’s economic impact in Cobb County rises 12.8 percent in fiscal year 2008

Jennifer Hafer

Abstract


Director of University Relations
Frances Weyand Harrison
770−423−6203
fharris4@kennesaw.edu

Contact: Jennifer Hafer‚ 770−423−6711 or jhafer@kennesaw.edu

KSU’s economic impact in Cobb County rises 12.8 percent in fiscal year 2008
University pumps $660 million into local economy‚ creates nearly 6‚000 jobs

KENNESAW‚ Ga. (April 2‚ 2009)
— Kennesaw State University continues to be a key economic engine in Cobb County‚ pumping $660 million into the local economy and generating nearly 6‚000 jobs on and off−campus during fiscal year 2008‚ according to a report released this week by the Board of Regents of the University System of Georgia.

The economic impact of KSU on the local economy was up 12.8 percent over fiscal year 2007‚ when the university contributed $585 million.

KSU’s 2‚661 employees generated an additional 3‚219 jobs in the community during fiscal year 2008. Initial spending of $432 million by the university in personnel services and operating expenses‚ as well as money spent by students‚ resulted in the $660 million economic impact‚ according to the report.

"As one of the ten largest employers in Cobb County‚ we are pleased to have such a positive impact on the economy‚ especially during these tough economic times‚" KSU President Daniel S. Papp said. "Kennesaw State is also proud of its many other contributions as a leader in higher education and as a partner in the cultural‚ intellectual and economic life of the county."

The study was commissioned by the Board of Regents and conducted by the Selig Center for Economic Growth in the University of Georgia’s Terry College of Business. The Selig Center analyzed data collected between July 1‚ 2007 and June 30‚ 2008‚ to calculate the impact of the USG’s 35 institutions on the state’s economy. Together‚ the universities generated an economic impact of $12.1 billion during fiscal 2008‚ up from $11 billion during fiscal year 2007.

“While our research has consistently shown the important economic contributions public colleges and universities make to communities and the state‚ this latest study supports the argument that the University System can play an important role in helping Georgia’s economy recover‚” said Jeffrey M. Humphreys‚ author of the study and director of economic forecasting for the Selig Center. “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.”

For each job created on a campus‚ Selig explained‚ there are 1.6 jobs that exist off−campus because of spending related to the college or university.

At Kennesaw State‚ which boasts 21‚500 students‚ explosive growth in enrollment over the past few years has fueled student spending –– accounting for $328 million in economic impact‚ an increase of 9.3 percent over fiscal year 2007.

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 is especially timely now‚ in this period of economic distress‚” said Terry Durden‚ interim assistant vice chancellor of the USG’s Office of Economic Development. “In addition to what USG colleges and universities contribute to Georgia’s communities through a more educated society‚ cultural opportunities and other activities‚ our campuses have a powerful ‘bottom−line’ economic impact on Georgians across the state.”

To download the full report‚ go to: www.icapp.org/pubs/usg_impact_fy2008.pdf

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Kennesaw State University is the third−largest university in Georgia‚ offering more than 65 graduate and undergraduate degrees‚ including new doctorates in education and business. A member of the 35−unit University System of Georgia‚ Kennesaw State is a comprehensive‚ residential institution with a growing student population of more than 21‚000 from 142 countries.



 

A leader in innovative teaching and learning, Kennesaw State University offers more than 150 undergraduate, graduate and doctoral degrees to its approximately 41,000 students. With 11 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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