Fine Arts · November 14LEARN MORE
Southwestern University’s 2003-04 Economic Impact on Georgetown Tops $90 Million
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 410 full- and part-time employees have a significant impact on the local economy.”
Southwestern University employees shared a 2003-04 payroll totaling more than $20 million, while student wages added up to nearly $888,000. Officials estimate the local impact of the University’s students was approximately $3.4 million. Student expenditures include outlays for food and housing, as well as school supply purchases and recreational spending.
The University spent more than $1.5 million with Georgetown vendors and $2 million for local utilities.