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Fayette 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.
 
Lexington Theological Seminary
Transylvania University  
Georgetown College  
Berea College  
Asbury Theological Seminary  
Midway University  
Frontier Nursing University  
Eastern Kentucky University  
University of Kentucky  
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
92
25

28,626
4,077

32,703
74
7
4
6
0
0
4
2
4

23,930
3
92
5
0

8,773

17

12,484
12,610
12,860
13,212


35,098
35,098
55,292

35,098
35,098
55,292

23,012
23,012
43,206

0
5,238
1,918
326
717
0

1,876
336
857
110
236
798
834
1,863
735
292
692
1
1,982
531
55
11,198
78
21

10,653
4,355

15,008
80
6
1
5
0
0
5
1
1

12,726
0
0
99
1

2,282

15

9,876
9,752
9,844
10,130


24,665
24,665
35,355

26,165
26,165
36,855

14,430
14,430
25,120

120
2,264
737
0
52
10

661
0
0
31
236
275
188
99
110
13
72
0
136
80
24
1,925
NA
NA

1,754
794

2,548
67
18
3
4
0
0
4
3
0

0
NA
NA
NA
NA

2,548

NA

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

0
0
665
0
179
0

150
0
0
5
25
25
9
10
0
0
8
0
30
4
0
266
95
25

1,235
710

1,945
54
8
1
5
0
0
3
24
5

1,687
25
58
16
0

258

15

24,850
24,850
25,050
26,080


49,280
49,280
49,280

53,080
53,080
53,080

39,780
39,780
39,780

50
219
108
0
0
0

74
0
0
2
6
16
8
5
29
0
7
0
9
6
1
163
NA
NA

470
1,245

1,715
53
8
4
11
0
1
4
3
17

0
NA
NA
NA
NA

1,715

NA

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

0
0
274
75
0
0

48
0
0
6
0
36
1
10
8
0
26
0
63
0
0
198
33
61

1,471
16

1,487
44
19
4
16
0
0
8
1
8

1,487
3
94
3
0

0

9

45,092
43,612
45,026
49,326


60,718
60,718
60,718

60,718
60,718
60,718

52,826
52,826
52,826

0
313
0
0
0
0

153
0
0
16
25
143
65
22
35
4
52
0
58
37
1
611
74
23

1,176
287

1,463
77
9
1
6
0
0
3
2
3

1,200
3
96
1
0

263

15

40,800
41,200
41,600
42,010


57,101
57,101
57,101

57,462
57,462
57,462

46,788
46,788
46,788

0
177
119
0
0
0

86
0
0
0
6
22
9
9
33
0
13
0
10
0
3
191
85
17

999
23

1,022
79
5
3
5
0
0
6
1
1

1,022
2
98
0
0

0

10

41,610
42,520
43,670
44,980


62,715
62,715
62,715

62,715
62,715
62,715

49,420
49,420
49,420

0
188
0
0
0
0

96
0
0
6
4
27
13
10
59
1
28
0
29
8
0
281
NA
NA

15
78

93
82
14
0
3
0
0
1
0
0

0
NA
NA
NA
NA

93

NA

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

0
0
5
0
4
0

15
0
0
2
1
7
1
1
0
0
0
0
2
0
0
29


Sources: STI: PopStats and STI: Colossus