New study reveals Campbellsville University's economic impact in Taylor County of $105 million

CAMPBELLSVILLE, KY (08/31/2015)(readMedia)-- Campbellsville University has a total economic impact from its operations of $105 million in Taylor County, according to a new study recently completed by Younger Associates of Jackson, Tenn.

The $105 million is a measure of the total dollar value that flows through the Campbellsville-Taylor County economy because of the operations of Campbellsville University. The exact amount is $104,947,645.

The new study shows CU supports a total of 1,343 jobs by all related Campbellsville University operations. CU operations directly employ and support over 12.3 percent of all jobs in Taylor County.

Campbellsville University paid $1,357,340 in local taxes including direct occupational taxes paid by Campbellsville University employees to the local and county governments in Taylor County, indirect property taxes created by CU economic activity and paid to local governmental bodies including local public school districts as well as school utility taxes.

The increase in the economic impact in the past 12 years (from 2003 to 2013) has been 82.6 percent. In total dollars, the increase has risen from $57 million in 2003 to almost $105 million in 2015.

Dr. Michael V. Carter, who just began his 17th year as president of the private institution in south central Kentucky, said CU contributes more than $1.3 million in local taxes generated for city and county governments, school systems and certain special districts.

"Over the past decade, the economic impact generated by CU has increased from $57 million to $105 million," Carter said. "And with Vision 2025, our long-term blueprint for the future, we anticipate continued growth and resulting economic impact increases."

Carter said CU is "very fortunate to be located in a community where education, including postsecondary education, is valued."

He said, "We are all aware that there is a direct correlation between the educational attainment of a community and the economic health and competitiveness of a community. CU remains dedicated to providing affordable and excellent higher education, and we are working with local officials, our school districts, Chamber of Commerce and Economic Development Authority, and others to provide additional postsecondary educational opportunities for more citizens."

Carter said Campbellsville University's commitment to the local community is further evidenced by the over $7 million in financial aid provided by the university to the 619 Campbellsville-Taylor County students enrolled during the 2014-15 academic year.

Carter said CU is "grateful for the excellent relations we have with this community and region, and we seek to serve the larger community as we move forward in our goal to become a national premier Christian university."

The study shows an increase from the $101 million total impact in 2012-13 of a 3.8 percent increase, when the last study was done.

The study also states that the 25-year economic impact of a college graduate is $7.4 million compared to $4.1 million for a high school graduate.

Thus, the long-term economic impact of CU is a significant boost to the local economy beyond the impact created by current operations and capital investment.

The study is based on a model of the local economy using data for annual average wage rates, tax rates, commuting patterns and tax collection ratios. Factors used in the study include U.S. Bureau of Economic Analysis economic multipliers as well as specific data from CU.

Younger Associates has completed hundreds of economic impact studies across the United States for over 20 years. The firm's methodology is recognized by the International Economic Development Council and used in courses taught at the Economic Development Institute.

The purpose of the study is to quantify the economic impact of the Campbellsville University on the local economy. It looks at the impact generated by all operations of the University in 2014-2015 academic year.

The impact comes from CU's ongoing operations, capital investment and study spending in the local economy as well as spending by visitors to CU events and the operation of contractors that perform work solely for CU.

Campbellsville University is a widely acclaimed Kentucky-based Christian university with more than 3,500 students offering 63 undergraduate options, 17 master's degrees, five postgraduate areas and eight pre-professional programs. The website for complete information is campbellsville.edu.

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