Wednesday, April 1, 2009

Gordon College Pumps More Than $100 Million Into Local Economy

Gordon College pumped more than $100 million into the regional economy during fiscal year 2008, according to a report released Wednesday by the University System of Georgia.

In fiscal year 2008, which ran from July 2007 to June 2008, Gordon College also provided 902 jobs to the area, up from the 847 jobs provided during fiscal year 2007. Of those jobs, 256 were on-campus while 646 jobs existed due to institution-related spending.

The annual report was conducted on behalf of the USG by the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business.

“For each job created on a campus, there are 1.6 jobs that exist off-campus because of spending related to the college or university,” said Jeffrey M. Humphreys, director of economic forecasting for the Seilig Center.

The study also revealed that Gordon College provided the regional economy with:

· $102 million in sales, an increase of $10 million from FY 2007 figures. This also includes a $3 million increase in spending by students which totaled $55 million in FY 2008;
· $62 million in value added impact, up $6 million from FY 2007 figures;
· And $40 million in labor income impact, an increase of $4 million from the 2007 fiscal year.
“Despite the economic downturn that is being experienced throughout the country, Gordon College continues to provide not only a quality education to 3,800 students, but also continues to be a strong economic pillar within the regional community,” said Gordon College President Lawrence Weill.

Researchers found that, on average, for every dollar of initial spending in a community by a University System Institution, an additional 51 cents was generated for the local economy hosting a college or university.
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