William Peace University Found to Have $30.7 Million Impact on Local Economy
William Peace University is proud to announce the results of a recent study conducted through North Carolina Independent Colleges and Universities (NCICU), which found the University to have a total economic impact of $30.7 million on Wake County during the 2012-2013 fiscal year. Specifically, the study showed that visitors to WPU contributed $562,400, while Alumni and students contributed a combined $14.7 million to the local economy. The study was commissioned by the University of North Carolina system, the North Carolina Community College System and North Carolina Independent Colleges and Universities (NCICU), and conducted by Economic Modeling Specialists International (EMSI). It is the first-ever multi-sector analysis of higher education’s impact on the state’s economy, and one of the most comprehensive reports of its kind ever done for a single state.
“Data like this shows how critical higher education is to this area, especially among private institutions, and we’re proud to have a hand in that.”
Overall, the public and private colleges and universities had an impact of $63.5 billion in state, including payroll, operations, the purchase of goods and services, start-up companies, and spending generated by students and alumni. The 36 campuses of NCICU, which together enroll almost 90,000 students from around the world, generated a combined $14.2 billion in added state income. This includes more than $4 billion on payroll and benefits for 66,309 full-time and part-time employees and $6.8 billion on goods and services to carry out their day-to-day operations, research, and clinical activities. The rest comes from construction and the spending of their students, visitors, start-up companies, and alumni, which in turn creates more spending and employment across the state. The added state income, or additional Gross State Product, of $14.2 billion created by NCICU’s institutions is equal to approximately 3.2% of the total Gross State Product of North Carolina, and is equivalent to creating 219,590 new jobs.
Data was based on 2012-2013 academic and financial reports from WPU (along with many other institutions), industry and employment data from the U.S. Bureau of Labor Statistics and the U.S. Census Bureau, and additional sources.
“The UNC system is a treasure this state has built over many generations, and it has allowed North Carolina to prosper by producing great talent and attracting new businesses needed to build a strong economy and a better quality of life,” said UNC President Thomas W. Ross. “As confirmed by this study, it continues to deliver a solid and dependable return on investment for students, North Carolina communities, and the taxpayers. We are working more closely than ever before with the community colleges and the state’s private colleges and universities to leverage our respective strengths and resources for the benefit of students and the state.”
“Data like this shows how critical higher education is to this area, especially among private institutions, and we’re proud to have a hand in that,” said Debra M. Townsley, Ph.D., President of William Peace University. “Our students, faculty and staff, Alumni, and parents are simply great. It’s because of them we were able to achieve such a great impact like this.”
To view the full report, click here.
For more University news, please visit: www.peace.edu/news.