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Economic impact of CU main campus nearly $175M
By Joan C. McKinney
Campbellsville, KY - Campbellsville University's main campus economic impact for the 2020-21 academic year is $174,604,264, according to a study recently completed by Younger Associates of Jackson, TN. In the Commonwealth of Kentucky, Campbellsville University's total sum of operations has an economic impact of $295,607,604.
Dr. H Keith Spears, president of Campbellsville University, said, "This independent study not only shows the remarkable growth of Campbellsville University, but clearly demonstrate the positive impact on the livelihoods of our Commonwealth family.
"Campbellsville University is an educational avenue and an economic engine for our region."
The study analyzes economic activity measured in terms of dollars flowing through the local economy, jobs, wages and tax revenues generated as a result of all business activities related to the operations of Campbellsville University.
The research shows that the university supports a total of 1,866 jobs in Campbellsville and Taylor County. The annual wages for these jobs totals $85,818,093.
Campbellsville University's main campus paid $2,064,876 in local taxes and paid a combined $7,363,194 in local and state taxes. The total projected tax revenues generated from all CU operations are over $11 million.
The impact of capital improvement and investment on main campus for this year is $14,213,075.
Younger Associates has completed hundreds of economic impact studies across the United States for the past 30 years. The firm's methodology is recognized by, and utilized in, courses at the Economic Development Institute of the International Economic Development Council.
"The study shows Campbellsville University plays an important role in the City of Campbellsville," Campbellsville Mayor Diane Ford-Benningfield said. "Campbellsville University has strengthened our local economy and enhanced the quality of life in the City of Campbellsville."
The purpose of the study is to quantify the economic impact of Campbellsville University on the local economy. It looks at the impact generated by all operations of the University in the 2020-21 academic year.
"Campbellsville University continues to make significant contributions to the local economy that have allowed Taylor County to thrive and succeed," Taylor County Judge/Executive Barry Smith said. "Taylor County would not be in the strong position it is economically without Campbellsville University."
The impact comes from CU's ongoing operations, related activities and investments in capital improvement projects and generated by student and visitor spending in the local economy.
This story was posted on 2021-12-18 08:22:19
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