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.
- 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.
- 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.
- 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.
- 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.
- 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.
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Interactive College of Technology-Morrow |
Columbia Theological Seminary |
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Gupton Jones College of Funeral Service |
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DeVry University-Georgia |
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Interactive College of Technology-Chamblee |
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Luther Rice College & Seminary |
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Emory University-Oxford College |
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Agnes Scott College |
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Oglethorpe University |
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Strayer University-Georgia |
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Emory University |
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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
|
11
40
13,565
1,481
15,046
34
13
19
10
0
0
4
2
18
7,359
1
98
2
0
7,687
9
53,868
55,468
57,948
60,774
83,622
83,622
83,622
83,622
83,622
83,622
64,650
64,650
64,650
0
1,937
2,007
277
516
0
1,744
1,047
1,869
182
1,310
1,088
955
2,737
555
494
656
0
736
160
41
13,574 |
NA
NA
551
4,946
5,497
17
75
0
3
0
0
3
1
0
4,878
0
12
88
1
619
39
13,515
13,515
13,515
13,920
NA
NA
NA
25,158
25,158
25,158
15,720
15,720
15,720
270
514
218
0
0
0
45
0
0
1
40
38
7
0
0
0
0
25
3
0
0
159 |
60
23
1,427
95
1,522
31
20
4
27
0
0
4
11
3
1,499
5
91
4
0
23
14
41,160
42,754
44,060
45,806
65,056
65,056
65,056
66,306
66,306
66,306
51,006
51,006
51,006
0
234
0
0
0
0
101
1
0
6
7
39
6
5
51
3
20
0
10
10
0
259 |
67
19
1,043
34
1,077
38
34
5
13
0
0
6
1
3
911
1
99
1
0
166
10
44,250
44,250
45,786
48,150
64,812
64,812
64,812
54,058
54,058
54,058
51,558
51,558
51,558
0
199
18
0
0
0
107
0
0
9
22
25
26
6
34
2
11
0
36
0
1
279 |
17
15
973
0
973
29
8
32
12
0
0
3
2
15
973
3
97
0
0
0
10
53,868
55,468
57,948
60,774
83,622
83,622
83,622
83,622
83,622
83,622
64,650
64,650
64,650
615
NA
NA
NA
NA
NA
100
0
0
9
40
22
9
15
21
4
1
0
22
3
1
247 |
34
75
106
450
556
49
42
3
3
0
0
0
2
0
214
0
13
81
6
342
10
8,448
9,088
9,808
10,538
NA
NA
NA
31,650
31,650
31,650
16,514
16,514
16,514
0
27
103
10
0
0
26
0
0
3
3
2
3
3
0
0
0
0
2
0
0
42 |
NA
NA
483
46
529
15
48
15
22
0
0
0
0
0
529
0
24
75
1
0
23
10,250
10,650
11,090
11,330
NA
NA
NA
24,630
24,630
24,630
16,630
16,630
16,630
40
NA
NA
NA
NA
NA
12
0
0
0
0
4
9
0
0
0
0
5
9
2
0
41 |
81
92
329
158
487
18
65
1
6
0
0
2
5
3
472
0
13
86
0
15
11
17,712
17,488
17,488
17,488
NA
NA
NA
40,132
40,132
40,132
25,596
25,596
25,596
78
141
19
0
0
0
24
0
0
0
30
6
0
0
0
0
0
0
0
0
0
60 |
NA
NA
235
216
451
38
49
0
12
0
0
0
0
0
451
0
27
73
0
0
24
11,720
12,320
16,935
21,000
NA
NA
NA
38,875
38,875
38,875
27,575
27,575
27,575
55
NA
NA
NA
NA
NA
13
0
0
0
12
1
2
0
0
0
0
0
3
0
0
31 |
NA
NA
111
46
157
29
43
8
1
0
0
1
2
17
0
NA
NA
NA
NA
157
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
46
0
18
0
20
0
0
9
12
16
2
3
6
0
5
6
12
0
0
91 |
NA
NA
113
0
113
0
88
4
8
0
0
0
0
0
113
0
21
77
2
0
12
10,850
10,420
10,850
11,210
NA
NA
NA
24,390
24,390
24,390
16,390
16,390
16,390
3
NA
NA
NA
NA
NA
2
0
0
0
0
2
0
0
0
0
0
2
4
0
0
10 |
Sources: STI: PopStats and STI: Colossus
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