Southwestern’s 2002-03 Economic Impact on Georgetown Eclipses $85 Million
Southwestern University accounted for an estimated direct economic impact of $85,752,286 on the Georgetown-Williamson County area during 2002-03, as revealed in an annual analysis from the University’s Office of Fiscal Affairs.
Richard Anderson, vice president for fiscal affairs, reported that this figure was derived from assessing the direct expenditures of the University and applying a standard economic multiplier effect of 2.5.
“The multiplier used in an economic impact analysis indicates the number of times each dollar is spent and re-spent before leaving the community,” says Anderson. “The methodology of the university’s study is consistent with the methods used in college/university and other not-for-profit institution studies regionally and nationally. The university and its approximate 1,250 students and 450 full- and part-time employees have a significant impact on the local economy.”
Southwestern University employees shared a 2002-2003 payroll totaling more than $19 million, while student wages added up to nearly $818,000. Officials estimate the local impact of the University’s students was approximately $3.4 million. Student expenditures include major categories of food and housing, along with personal expenses, school supplies and recreation.
Retirement benefits accounted for more than $6 million during the year. The University spent more than $1 million with Georgetown vendors and $2 million for local utilities.