Urbana University Makes Major Impact on Local Economy
Results from recent SOCHE Report
URBANA, Ohio (September 26, 2012) - SOCHE, Southwestern Oho Council for Higher Education, recently released its Economic Impact Study conducted by the University of Cincinnati’s Economics Center. The study assessed spending by SOCHE’s member institutions on their respective operations and capital expansions, as well as through research funding, donations, and additional spending by outside visitors and students. The economic impact of these member institutions was $3.28 billion in fiscal year 2011; up from $2.95 billion in 2006.
SOCHE is a regional consortium founded 45 years ago to help area colleges and universities transform their communities and economies through education, employment, and student engagement. There are over twenty member institutions from a ten-county region.
The Economic Impact Report included both a collective impact as well as the individual impact of each institution. “The total economic impact of Urbana University on Champaign and Clark Counties was $31.3 million in the 2011 fiscal year. The University also accounted for 340 jobs with a total impact on area wages of $12.4 million.” As the enrollment grows, as it did for this current 2012 -13 academic year, the economic benefit to the local area will also increase.
Urbana University’s student body is comprised of roughly 47% from Champaign and Clark Counties and the other 53% from outside the local area. As mentioned in this report, the students coming into this community “bring new money into the region.” Along with contributions and other types of revenue from outside, this “new money” accounts for $8.2 million of the total economic impact of the $31.3 million. Again, from the report, “this new money is very important for its role in replenishing the local economy. In addition, the presence of non-local students in the University also brings family and friends from outside the region, which generate additional economic activity within the region.
The University is not only growing in the size of its student body and employees, but also in the number of partnerships it is forming with outside organizations and businesses to expand the academic offerings for the ever changing educational needs. The future is bright for Urbana University and its economic benefit to the City of Urbana and Champaign County.
To read the complete SOCHE Economic Impact Report for FY 2011, go to their website at www.soche.org .