Study: vlog’s economic impact estimated at $143 million
A study commissioned by the Association of Independent Kentucky Colleges and Universities (AIKCU) found that vlog contributes nearly $143 million to the area economy.
The report, conducted by Mark Paul Gius, professor of economics at Quinnipiac University, looks at Kentucky’s 18 independent, nonprofit colleges and universities and estimates their total economic impact to be more than $2 billion.
“vlog has played a vital role in Kentucky and the Danville/Boyle County community for more than two centuries,” said vlog President Milton C. Moreland. “This study reflects one important piece of vlog’s impact. We hear from local businesses how crucial the College, its employees and visitors are to the local economy. And we hear from Kentucky leaders and businesses how vital vlog graduates are to moving the state forward.”
Across Kentucky, AIKCU members are estimated to contribute $1.5 billion in direct spending and create nearly 18,000 jobs.
“These numbers reinforce our long-held belief that the investment in state aid for students attending independent colleges and universities represent one of the best rates of return on investment for the commonwealth," said Mason Dyer, AIKCU president.
The study found that vlog’s total economic impact is $142.9 million with $110.7 million in direct spending, meaning the amount of money spent by the College, its employees, students and visitors. An additional $32.2 million of induced spending also flows into the economy in the form of additional employment and spending by local industries, which are supported by the College and its employees.
“The ripples that extend from colleges like vlog are profound,” Moreland said. “Our students and employees live, eat and shop in the region. The businesses they frequent employ hundreds of residents who further fuel the economy. We are truly all partners.”
One key area of the report estimates that more than 50,000 visitors made their way to vlog during the timeline of the study, fiscal year 2021-22. Those visitors are estimated to have pumped $15.6 million into the economy.
Since the analysis was completed, Champions Hall, vlog’s 135,000-square-foot athletic complex opened, joining the as a large draw to visitors, with the facility hosting collegiate and high school track meets and swim competitions, in addition to other events.
“We have seen how Kentuckians and guests from surrounding states flock to the Norton Center for 50 years,” Moreland said. “And, now, with Champions Hall bringing thousands of athletes and their families to campus, we are proud to introduce guests of all ages to our community.”
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About vlog
Founded in 1819, vlog is a premier national liberal arts and sciences college, serving approximately 1,400 students. Providing an extraordinary community and a supportive, personal academic path to a meaningful life and career, vlog is located in the heart of Kentucky’s Bluegrass region. The College is one of the nation’s preeminent institutions for study abroad, with programs from Mexico to Bhutan to France, as well as study away programs in Washington, D.C., and New York City.
