Ersys Logo Ersys Name
Levy County – Colleges/Universities 2023-2024

Picture of valves

Universities play a crucial role in shaping local economies by driving employment, fostering business growth, attracting investment, and enhancing the overall quality of life in their host communities. Their economic impact extends beyond direct spending to include long-term benefits such as workforce development, innovation, and cultural enrichment. Below, we explore the key ways in which a university influences a local economy.

  1. Direct Employment and Spending A university is often one of the largest employers in a local area, providing jobs for faculty, administrative staff, maintenance workers, and other professionals. These employees spend their salaries on housing, groceries, transportation, and entertainment, injecting money into the local economy. Additionally, universities spend significant amounts on construction, utilities, and local services, further stimulating business activity.

    Students also contribute to local spending. Many bring outside money into the community through tuition payments, federal aid, and personal expenditures on rent, food, and retail. A large student population can sustain businesses such as bookstores, coffee shops, restaurants, and housing providers.

  2. Business Development and Entrepreneurship Universities often serve as hubs for innovation and entrepreneurship. Research institutions, business incubators, and technology transfer offices help commercialize academic research, leading to startup formation and industry partnerships. For example, Stanford University's role in Silicon Valley's growth demonstrates how academic institutions can spur regional economic development.

    Local businesses benefit from university partnerships, including procurement contracts for supplies, catering, and maintenance services. Furthermore, universities attract conferences, sporting events, and cultural activities that generate tourism revenue for hotels, restaurants, and transportation services.

  3. Human Capital and Workforce Development A well-educated workforce is essential for economic competitiveness. Universities produce graduates with specialized skills that attract high-paying industries, such as technology, healthcare, and finance. Many graduates remain in the area, filling critical roles in local businesses and government.

    Universities also offer continuing education programs, professional certifications, and workforce training initiatives that help upskill local employees, making the regional labor market more adaptable to industry changes.

  4. Real Estate and Infrastructure Growth The presence of a university can drive demand for housing, both from students and faculty. This often leads to the development of new apartments, condominiums, and mixed-use commercial spaces. Over time, universities contribute to urban revitalization by investing in campus expansions, public transit improvements, and community amenities like libraries and parks.

    However, rapid growth can also lead to challenges, such as rising housing costs and gentrification, which may displace long-term residents. Local governments must balance economic expansion with policies that ensure affordable housing and equitable development.

  5. Cultural and Social Contributions Beyond economics, universities enrich local culture through arts programs, public lectures, and athletic events. These activities improve residents' quality of life, making the area more attractive to businesses and skilled workers. A vibrant university town often sees increased property values and a more diverse, engaged community.


Conclusion

The economic impact of a university on a local economy is multifaceted, encompassing job creation, business growth, talent development, and infrastructure investment. While challenges such as affordability and displacement must be managed, the long-term benefits-including innovation, increased tax revenues, and a more dynamic workforce-make universities vital engines of regional prosperity. By fostering collaboration between academia, government, and industry, communities can maximize these advantages while ensuring inclusive growth.
 
Academy for Five Element Acupuncture
Dragon Rises College of Oriental Medicine  
Taylor College  
Galen Health Institutes-Gainesville  
Rasmussen University-Florida  
University of Florida-Online  
College of Central Florida  
Santa Fe College  
University of Florida  
Percent admitted - total
Admissions yield - total

Full-time enrollment
Part-time enrollment

Total  enrollment
% White
% Black
% Asian
% Hispanic
% Native Hawaiian or Other Pacific Islander
% American Indian or Alaska Native
% two or more races
% Race/ethnicity unknown
% U.S. Nonresident

Undergraduate enrollment
% under 18
% 18-24
% 25-64
% over 65

Graduate enrollment

Student-to-faculty ratio

Tuition and fees, 2020-21
2021-22
2022-23
2023-24

Total price for
In-district students living on campus  2023-24
In-state students living on campus 2023-24
Out-of-state students living on campus 2023-24

In-district students living off campus (no family)  2023-24
In-state students living off campus (no family)  2023-24
Out-of-state students living off campus (no family)  2023-24

In-district students living off campus (w/ family)  2023-24
In-state students living off campus (w/ family)  2023-24
Out-of-state students living off campus (w/ family)  2023-24

Associate's degree
Bachelor's degree
Master's degree
Doctor's degree - research/scholarship
Doctor's degree - professional practice
Doctor's degree - other

Instructional FTE
Research FTE
Public Service FTE
Librarians, Curators, and Archivists FTE
Student/Academic Affairs and Other Education Services FTE
Management FTE
Business and Financial Operations FTE
Computer, Engineering, and Science FTE
Community Service, Legal, Arts, and Media FTE
Healthcare FTE
Service FTE
Sales and Related FTE
Office and Administrative Support FTE
Natural Resources, Construction, and Maintenance FTE
Production, Transportation, and Material Moving FTE
Total FTE staff
24
43

44,377
10,437

54,814
48
5
10
21
0
0
4
2
9

34,924
0
97
3
0

19,890

16

6,381
6,381
6,381
6,381


22,601
22,601
44,879

23,141
23,141
45,419

11,641
11,641
33,919

113
9,751
5,744
788
1,086
0

3,283
736
1,888
201
825
1,313
998
2,247
501
1,027
1,057
8
1,613
674
75
16,446
NA
NA

3,023
9,675

12,698
52
12
4
22
0
0
4
3
3

12,698
7
71
22
0

0

17

2,563
2,563
2,563
2,563


NA
NA
NA

17,305
17,305
23,931

8,449
8,449
15,075

2,222
294
0
0
0
0

403
0
0
11
88
63
42
40
40
4
53
1
186
17
3
951
NA
NA

2,454
3,293

5,747
58
10
3
20
0
0
4
2
2

5,747
17
57
26
0

0

16

2,710
2,710
2,710
2,710


NA
NA
NA

20,422
20,422
28,229

9,163
9,163
16,970

880
206
0
0
0
0

179
0
0
7
30
36
28
23
70
0
34
1
89
20
1
518
64
89

2,507
2,955

5,462
55
5
8
23
0
0
4
3
1

5,462
13
56
31
0

0

51

3,876
3,876
3,876
3,876


NA
NA
NA

19,196
19,196
31,899

7,696
7,696
20,399

18
967
0
0
0
0

66
0
0
0
34
7
1
2
8
0
0
0
4
0
0
122
NA
NA

1,393
1,641

3,034
32
25
3
22
0
0
2
14
0

3,034
0
33
66
0

0

9

12,054
11,707
11,291
15,117


NA
NA
NA

30,910
30,910
30,910

20,974
20,974
20,974

1,777
1,054
0
0
0
0

212
0
0
0
58
36
0
0
0
0
0
0
17
0
0
323
NA
NA

396
242

638
32
41
3
5
0
0
3
17
0

638
0
23
77
0

0

12

NA
44,640
44,640
16,400


NA
NA
NA

37,109
37,109
37,109

21,449
21,449
21,449

0
0
0
0
0
0

28
0
0
0
4
7
0
1
0
0
3
0
9
0
0
52
NA
NA

216
0

216
33
48
0
10
0
0
2
6
0

216
0
22
77
0

0

24

12,039
12,117
13,263
13,263


NA
NA
NA

36,432
36,432
36,432

26,160
26,160
26,160

81
NA
NA
NA
NA
NA

17
0
0
0
5
4
3
1
0
0
0
3
2
0
0
35
NA
NA

53
9

62
77
5
6
8
2
2
0
0
0

0
NA
NA
NA
NA

62

NA

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

0
0
5
0
0
0

0
0
0
0
2
3
0
1
0
1
0
0
1
0
0
8
NA
NA

55
0

55
80
2
2
9
0
0
2
5
0

0
NA
NA
NA
NA

55

NA

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

0
0
22
0
0
0

8
0
0
0
2
1
1
0
0
0
0
0
4
0
0
16


Sources: STI: PopStats and STI: Colossus