Kansas Independent College Association (KICA) today released the results of a study that estimates the impact of Friends University on the statewide economy to be $76.9 million and 682 jobs.
Dr. Amy Bragg Carey, president of Friends University said, “Friends University gives students the skills to think broadly and experience a thoughtful and caring environment. Students can deepen their spiritual core, develop their potential and make an impact in our community and economy.”
The study was commissioned by KICA and conducted by Parker Philips, a nationally recognized consulting firm specializing in economic impact analysis. Nichole Parker, a principal partner at Parker Philips, said, “Economic impact is an objective way to measure the significance of an organization in the regional economy. Friends University clearly is a major contributor to the regional economy.”
In the analysis, the study considered the direct spending on operations, pay, benefits, and capital projects by Friends University and the estimated increase in demand for goods and services in industry sectors that supply or support the university. The study also measured the effect of student spending and the induced effect of increased household income.
According to the study, a key result of this activity is that Friends University supports and sustains 682 jobs including direct employment by the university as well as indirect and induced jobs created by supply and equipment vendors, contractors, and laborers for the construction and renovation of facilities, and jobs created in the community at hotels, restaurants, and retail stores in support of the university’s faculty, staff, students, and visitors.
The study also calculated tax revenues generated by this level of economic activity, including sales, property, personal income, and corporate income taxes. The study concluded that Friends University generates about $5.5 million in tax revenues for state and local government.
The study further estimated the value of the increase in productivity based on a degree awarded by Friends University will yield throughout the careers of the graduates. Assuming a 40-year work life, the education received by these graduates will yield additional state income of $284.9 million (future value, discounted and adjusted to account for such factors as foregone income while attending school and outmigration). Said Dr. Carey, “Friends University makes a long-term contribution to the regional economy with every graduating class because the productivity improvements from higher education last for the worker’s entire career.”
Statewide, all private, nonprofit colleges and universities, including all 20 members, plus the spending of its faculty, staff, and students, had a total statewide economic impact of $1.1 billion. This activity generated an estimated 8,271 jobs in the state.
The economic impact report for Friends University is available here.
Friends University, a Christian University of Quaker heritage, equips students to honor God and serve others by integrating their intellectual, spiritual and professional lives.
Original source can be found here.
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