Southwestern University’s Economic Impact On Georgetown Tops $90 Million For 2004-2005
Southwestern University had an estimated direct economic impact of more than $90.5 million on the Georgetown-Williamson County area in 2004-05, according to figures released this month by the university’s Office of Fiscal Affairs.
This figure was derived by taking the direct expenditures of the university and applying a standard economic multiplier of 2.5, according to Richard Anderson, vice president for fiscal affairs. This multiplier indicates the number of times each dollar is spent and re-spent before leaving the community.
“These numbers indicate that Southwestern and its approximately 1,250 students and 425 full- and part-time employees have a significant impact on the local economy,” Anderson said.
The university’s employee payroll in 2004-05 was more than $21.3 million, and student wages totaled an additional $857,589.
Officials estimated the local impact of Southwestern students at more than $3.5 million. Student expenditures include outlays for food and housing, as well as school expenses, living costs and recreational spending.
Southwestern spent nearly $720,000 with Georgetown vendors and an additional $2 million for local utilities.
The figures covered the period from July 1, 2004 to June 30, 2005.