A comprehensive analysis of the economic impact of higher education in North Carolina has found that Meredith College created $141.4 million of added economic value during the 2012-13 fiscal year. This is equivalent to creating 2,101 new jobs.
Overall, the public and private colleges and universities had an impact of $63.5 billion in state, including payroll, operations, the purchase of goods and services, start-up companies, and spending generated by students and alumni.
Chartered in 1891, Meredith College has grown to nearly 2,000. Meredith challenges students to explore their interests, expand their skills, and build on their strengths. Meredith graduates go on to use their intellect and abilities to make a positive impact on the world.
According to the study, around 57% of Meredith students come from outside the region, adding approximately $4.6 million in regional income, equivalent to creating 78 new jobs. The accumulated contribution of alumnae employed in the area amounted to $93.5 million in income for the area, equivalent to 1,307 new jobs.
The study was commissioned by the University of North Carolina system, the North Carolina Community College System and North Carolina Independent Colleges and Universities (NCICU), and conducted by Economic Modeling Specialists International (EMSI). It is the first-ever multi-sector analysis of higher education’s impact on the state’s economy, and one of the most comprehensive reports of its kind ever done for a single state. Data and assumptions used are based on 2012-13 academic and financial reports from the higher education institutions, industry and employment data from the U.S. Bureau of Labor Statistics and the U.S. Census Bureau, and additional sources.
"Private higher education has been a critical part of North Carolina's economy for more than 200 years, and that impact continues to grow as we increase partnerships with our public higher education partners," noted NCICU President A. Hope Williams. "From our small liberal arts colleges to our comprehensive and research universities, private higher education affects all aspects of the quality of life of North Carolina citizens."
The 36 campuses of NCICU, which together enroll almost 90,000 students from around the world, generated a combined $14.2 billion in added state income. This includes more than $4 billion on payroll and benefits for 66,309 full-time and part-time employees and $6.8 billion on goods and services to carry out their day-to-day operations, research, and clinical activities. The rest comes from construction and the spending of their students, visitors, start-up companies, and alumni, which in turn creates more spending and employment across the state. The added state income, or additional Gross State Product, of $14.2 billion created by NCICU’s institutions is equal to approximately 3.2% of the total Gross State Product of North Carolina, and is equivalent to creating 219,590 new jobs.
The full report and NCICU sector report are available at: ncicu.org/economic-impact-2015. The study was funded by the North Carolina Business Higher Ed Foundation, the NC Community Colleges Foundation, the University of North Carolina system, and NCICU campuses, including Meredith College.