Southwestern’s 2002-03 Economic Impact on Georgetown Eclipses $85 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 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.