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
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 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.
