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Madison County – Colleges/Universities 2023-2024

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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.
 
Union Bible College
Anderson University  
Indiana Wesleyan University-Marion  
Taylor University  
Indiana Wesleyan University-National & Global  
Ball State University  
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
72
19

14,154
6,286

20,440
71
10
3
8
0
0
4
2
2

14,874
8
87
6
0

5,566

15

10,144
10,290
10,440
10,758


26,734
26,734
44,742

26,734
26,734
44,742

17,294
17,294
35,302

60
3,038
2,116
62
7
0

1,064
0
0
46
134
383
164
141
129
7
437
0
395
132
33
3,065
NA
NA

11,616
1,134

12,750
46
18
1
5
0
0
1
5
22

6,118
0
19
80
1

6,632

19

9,671
7,976
8,120
8,216


NA
NA
NA

22,992
22,992
22,992

12,800
12,800
12,800

422
971
1,323
25
18
67

250
0
0
6
56
112
16
25
24
5
31
2
55
13
1
596
76
36

1,872
526

2,398
80
3
4
5
0
0
3
2
4

2,372
15
84
1
0

26

14

36,535
36,570
37,476
39,104


53,492
53,492
53,492

51,846
51,846
51,846

42,604
42,604
42,604

2
422
19
0
0
0

153
0
0
4
5
34
29
21
46
3
38
0
82
10
0
425
82
20

2,000
207

2,207
81
5
3
5
0
0
3
3
1

2,079
7
92
1
0

128

12

28,184
28,960
29,684
31,168


45,190
45,190
45,190

42,284
42,284
42,284

38,036
38,036
38,036

14
524
12
0
15
0

249
0
0
6
56
112
15
25
24
5
30
2
55
12
0
591
53
10

1,033
222

1,255
72
11
1
6
0
0
6
1
2

1,095
2
91
7
0

160

10

32,100
33,640
34,080
35,640


52,590
52,590
52,590

48,640
48,640
48,640

40,340
40,340
40,340

3
242
50
5
0
0

114
0
0
2
11
33
18
8
49
4
8
1
35
0
0
283
87
93

88
76

164
48
2
24
24
0
0
1
0
1

164
16
62
21
1

0

14

6,380
6,230
6,230
6,230


15,700
15,700
15,700

21,552
21,552
21,552

10,810
10,810
10,810

2
3
0
0
0
0

7
0
0
1
0
0
2
1
1
0
6
1
14
0
0
33


Sources: STI: PopStats and STI: Colossus