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Kennebec 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.
 
Maine College of Health Professions
Thomas College  
Bates College  
University of Maine at Farmington  
Colby College  
Kennebec Valley Community College  
Central Maine Community College  
University of Maine at Augusta  
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
NA
NA

1,293
3,030

4,323
81
3
1
4
0
1
4
5
1

4,250
27
27
45
1

73

15

8,378
8,490
8,588
8,618


22,118
22,118
35,048

22,118
22,118
35,048

13,418
13,418
26,348

78
441
5
0
0
0

147
0
0
4
32
12
16
28
31
2
21
0
53
12
0
358
NA
NA

1,667
2,454

4,121
69
8
1
4
0
1
3
14
2

4,121
28
51
21
0

0

21

3,844
3,864
3,760
3,864


17,624
17,624
20,504

18,428
18,428
21,308

9,714
9,714
12,594

378
NA
NA
NA
NA
NA

105
0
0
1
18
20
5
7
9
0
10
0
5
7
0
187
NA
NA

601
1,780

2,381
87
1
1
4
0
1
3
3
0

2,381
31
40
29
0

0

15

3,882
3,865
3,687
3,562


NA
NA
NA

17,202
17,202
20,082

10,692
10,692
13,572

243
NA
NA
NA
NA
NA

74
0
0
1
9
20
2
6
2
0
8
0
7
2
0
131
7
50

2,282
2

2,284
54
5
11
8
0
0
7
4
11

2,284
1
99
0
0

0

9

59,430
61,220
63,520
66,600


85,420
85,420
85,420

74,400
74,400
74,400

68,300
68,300
68,300

0
542
0
0
0
0

256
0
0
34
71
110
54
52
86
6
80
3
74
22
15
863
98
18

1,046
904

1,950
83
1
1
4
0
0
3
7
0

1,605
25
67
8
0

345

12

9,572
9,590
9,890
10,989


26,363
26,363
38,453

26,363
26,363
38,453

15,393
15,393
27,483

0
280
65
0
0
0

96
0
0
2
21
15
14
3
32
3
43
1
40
14
0
284
13
43

1,753
0

1,753
61
4
7
9
0
0
8
1
10

1,753
1
99
0
0

0

10

57,353
59,062
61,066
63,478


83,532
83,532
83,532

NA
NA
NA

NA
NA
NA

0
439
0
0
0
0

180
0
0
25
51
81
54
38
38
12
147
7
60
26
8
727
97
23

742
927

1,669
81
4
2
2
0
1
5
3
2

1,581
52
47
1
0

88

23

28,430
29,152
29,996
30,896


48,274
48,274
48,274

44,696
44,696
44,696

35,696
35,696
35,696

10
147
100
0
0
0

45
0
0
3
14
26
2
4
23
4
13
5
16
7
0
162
33
100

122
106

228
86
5
1
0
0
1
2
5
0

228
0
33
66
0

0

13

13,905
14,911
16,238
17,827


NA
NA
NA

26,827
26,827
26,827

22,027
22,027
22,027

67
11
0
0
0
0

13
0
0
0
4
4
2
0
0
0
0
0
0
0
0
23


Sources: STI: PopStats and STI: Colossus