Capbellsville impact on Harrodsburg, Somerset, others almost $300 million: Study
Study looks at how Campbellsville University campuses contribute to local economies
CAMPBELLSVILLE, Ky. (WTVQ/CU Public Relations) – Campbellsville University has a total economic impact from its operations on the main campus and in her Louisville, Harrodsburg and Somerset regional centers of almost $300 million for the fiscal year ending June 30, 2020, according to a new study recently completed by Younger Associates of Jackson, Tenn.
The $295,607,604 is a measure of the total dollar value that flows through the operations of Campbellsville University and three of her regional centers across Kentucky.
Campbellsville University, and her regional centers, according to Dr. H. Keith Spears, interim president, operates economic impact from ongoing operations, related activities and investments in capital improvement projects. Economic impact is also generated by student and visitor spending in the local economy.
Spears said Campbellsville University is pleased to be a major contributor to city and county governments, school systems and certain special districts.
Spears said Campbellsville University is “very fortunate to be in communities where education, including postsecondary education, is valued.”
The survey includes information from Campbellsville University’s main campus and centers in Louisville, Harrodsburg and Somerset, Ky. Dr. John Chowning, executive assistant to the president, said, “The economic impact analysis for Campbellsville University’s fiscal year ending June 30, 2021, once again documents the tremendous economic impact that the university has on Campbellsville-Taylor County and the Commonwealth of Kentucky.
“The economic impact of our education centers in Somerset, Harrodsburg and Louisville, is growing with each year of operations in those communities.
“The total economic impact, number of jobs created, and generation of local and state taxes – these are all important measurements of how CU has become an important economic anchor in our local community and state.”
Chowning said it is “particularly significant to note the tremendous growth of the university’s economic impact during a time of economic and educational uncertainty resulting from the COVID-19 pandemic. We are very grateful for the strong support that we receive from our community and from the state at large.”
Spears 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. Campbellsville University 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.”
Spears said Campbellsville University’s commitment to student affordability is further evidenced by the more than $80 million in total financial aid provided by the university to all students enrolled during the past year.
Campbellsville University 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,” Spears said.
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, Spears said.
“A part of our stewardship is to have a positive and growing positive economic, faith, social and quality of life impact on students and our communities in which we have educational institutions,” Spears said.
The economic impact study is measured in terms of dollar value of total economic output, jobs, wages and local tax revenues generated as a result of the business activities related to the operations of Campbellsville University.
Younger Associates has completed hundreds of economic impact studies across the United States for the past 30 years.
Chowning said, “This study is a professional economic research study prepared by an experienced firm in preparing such studies in higher education and other economic sectors across the United States.
“Younger Associates utilizes economic research methodologies and official economic multipliers that are recognized by the federal government and economic researchers for such studies.”
The purpose of the study is to quantify the economic impact of the Campbellsville University on the local economy in Campbellsville, Louisville, Harrodsburg and Somerset. It looks at the impact generated by all operations of the University in the 2020-21 academic year.
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.