FRANKFORT, Ky. (WTVQ) – Kentucky State University provides a more than $130 million impact to the Bluegrass Region, according to a new study, which covers 16 counties.
KSU President M. Christopher Brown II says Hanover Research conducted the economic impact study. It found the impact of all spending in the Bluegrass Higher Education Region in 2016, by Kentucky State and its students, is approximately $130.7 million.
“I think this institution is doing exceptionally good work and we hope to improve those numbers in the future,” said President Brown.
According to the findings, all of Kentucky State’s fiscal year 2016 spending also generated more than $48 million in labor income, supporting the equivalent of 1,037 jobs.
The overall estimated annual demand-side economic impact of Kentucky State is nearly $100 million, according to the report.
“In other words, for every dollar of spending by Kentucky State and its students in the Bluegrass Region, there is an additional impact of 83 cents on the local economy or a total impact of $1.83,” according to the Hanover report. “This spending generates roughly $37.4 million in labor income and supports 890 jobs.”
On the supply-side, the report found Kentucky State provides degree programs closely related to 14 high-growth occupations and enrolls a high proportion of low-income students. Those high-growth occupations are projected to create roughly 7,000 new jobs in the state over the next decade.
The report also found over the last half decade, school alumni add an estimated $30 million per year to Kentucky’s economy.
Total research and development (R&D) spending at Kentucky State was $16 million in 2017. Kentucky State R&D expenditures have increased faster than any other university in Kentucky, according to the report.
Athletics programming accounts for roughly $4 million per year of added value to the local economy.