Southwestern Continues To Have Major Impact On Local Economy
This was an increase of more than $3 million from the estimated 2004-2005 economic impact of $90.5 million, according to figures released last month by the university’s Office of Fiscal Affairs
“These numbers indicate that Southwestern continues to have a significant impact on the local economy,” said Rick McKelvey, vice president for university advancement.
The figures cover the period from July 1, 2005, to June 30, 2006. The total economic impact 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.
Salaries and utilities represented the majority of the increased expenditures from 2004-05 to 2005-06. The university’s employee payroll in 2005-06 was nearly $22.2 million (up from $21.3 million the year before), and student wages totaled an additional $851,282. The university spent more than $2.3 million for local utilities.
Officials estimated the local impact of Southwestern students at more than $3.6 million. Student expenditures include outlays for food and housing, as well as school expenses, living costs and recreational spending.
Southwestern has 1,277 students enrolled this fall, 120 full-time faculty members and 283 full-time staff members.