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Franklin 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.
 
Southeastern Free Will Baptist Bible College
Shepherds Theological Seminary  
Miller-Motte College-Raleigh  
Louisburg College  
William Peace University  
Saint Augustine's University  
Shaw University  
Halifax Community College  
North Carolina Wesleyan University  
Meredith College  
MyComputerCareer at Raleigh  
Nash Community College  
Vance-Granville Community College  
Southeastern Baptist Theological Seminary  
Johnston Community College  
Wake Technical Community College  
North Carolina State University at Raleigh  
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
40
36

31,842
5,481

37,323
61
6
8
8
0
0
4
2
10

27,323
2
93
4
0

10,000

15

9,101
9,131
9,128
8,895


26,604
26,604
49,476

26,604
26,604
49,476

18,608
18,608
41,480

89
6,397
2,994
552
94
0

2,020
1,197
246
99
937
329
736
946
514
200
714
5
1,251
438
51
9,683
NA
NA

7,433
15,330

22,763
46
20
7
17
0
0
4
3
2

22,763
15
59
26
0

0

17

2,432
2,346
2,198
2,336


NA
NA
NA

23,505
23,505
28,751

13,371
13,371
18,617

2,758
NA
NA
NA
NA
NA

717
0
0
23
228
252
64
93
108
0
26
4
264
18
3
1,800
NA
NA

1,547
3,133

4,680
60
14
1
20
0
1
3
2
0

4,680
25
56
19
0

0

13

2,657
2,657
2,657
2,657


NA
NA
NA

19,065
19,065
25,209

9,959
9,959
16,103

640
NA
NA
NA
NA
NA

196
0
0
4
75
37
14
17
26
0
37
1
51
7
1
466
77
81

1,298
1,628

2,926
78
3
5
9
0
1
0
4
0

758
37
36
26
0

2,168

11

9,562
10,072
10,234
10,646


22,632
22,632
22,632

28,323
28,323
28,323

15,163
15,163
15,163

10
96
351
33
0
34

52
2
0
20
23
40
6
5
12
0
2
0
50
27
0
239
NA
NA

925
1,916

2,841
43
34
1
12
0
1
3
6
0

2,841
38
33
29
0

0

16

1,948
1,944
1,944
1,956


NA
NA
NA

19,158
19,158
23,766

9,188
9,188
13,796

497
NA
NA
NA
NA
NA

124
0
0
3
38
37
8
8
6
0
36
0
19
3
0
282
NA
NA

511
1,914

2,425
46
33
1
13
0
1
2
3
0

2,425
32
46
22
0

0

20

2,666
2,834
2,834
2,883


NA
NA
NA

15,883
15,883
21,883

8,683
8,683
14,683

385
NA
NA
NA
NA
NA

155
0
0
2
15
26
5
7
15
0
17
1
28
9
1
281
NA
NA

1,617
0

1,617
25
54
1
13
0
1
5
1
0

1,617
0
18
81
1

0

31

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

2
NA
NA
NA
NA
NA

47
0
0
0
28
12
0
0
0
0
0
28
7
0
0
122
75
28

1,366
210

1,576
62
10
5
15
0
0
3
2
3

1,309
1
95
4
0

267

10

39,952
41,224
42,540
43,936


59,546
59,546
59,546

59,546
59,546
59,546

46,626
46,626
46,626

0
322
87
0
0
0

154
0
5
14
4
37
29
26
50
2
41
1
56
11
1
431
78
13

1,135
210

1,345
24
43
1
3
0
1
4
12
12

1,212
1
67
32
0

133

13

32,750
33,371
34,352
35,536


50,830
50,830
50,830

47,836
47,836
47,836

38,336
38,336
38,336

0
342
67
0
0
0

94
0
0
6
43
24
10
7
32
1
16
0
3
0
0
236
NA
NA

190
823

1,013
33
49
1
6
0
3
1
6
0

1,013
37
36
27
0

0

11

2,608
2,608
2,608
2,608


NA
NA
NA

22,158
22,158
28,302

9,108
9,108
15,252

191
NA
NA
NA
NA
NA

84
0
0
2
5
16
7
4
16
0
5
0
12
3
0
154
30
6

806
156

962
2
64
1
3
0
0
5
15
9

843
1
85
13
1

119

11

16,480
16,480
16,480
17,176


30,856
30,856
30,856

30,966
30,966
30,966

22,866
22,866
22,866

0
184
41
0
0
0

80
1
0
6
39
31
11
10
23
3
17
0
16
0
2
239
59
9

811
132

943
5
80
1
5
0
2
0
0
6

930
14
74
11
0

13

11

16,884
16,896
16,896
16,896


33,777
33,777
33,777

32,118
32,118
32,118

21,721
21,721
21,721

0
100
8
0
0
0

80
3
0
3
16
41
10
2
35
0
17
0
20
0
0
227
97
13

588
142

730
52
22
3
12
0
1
7
3
1

730
1
71
28
0

0

12

32,450
32,450
33,050
33,150


49,834
49,834
49,834

51,628
51,628
51,628

38,480
38,480
38,480

0
180
0
0
0
0

45
0
0
3
24
11
3
3
22
5
10
6
14
0
0
146
32
100

410
3

413
23
66
0
7
0
0
2
0
1

413
0
100
0
0

0

15

19,795
20,878
21,880
22,974


38,980
38,980
38,980

34,128
34,128
34,128

26,148
26,148
26,148

107
NA
NA
NA
NA
NA

12
0
0
2
13
12
3
2
22
2
3
0
7
4
0
82
NA
NA

210
4

214
11
67
0
14
0
0
5
1
0

214
0
37
63
0

0

13

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

15
NA
NA
NA
NA
NA

11
0
0
0
1
4
1
0
0
0
0
6
1
0
0
24
NA
NA

56
136

192
81
4
4
5
0
1
4
0
2

0
NA
NA
NA
NA

192

NA

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

0
0
34
0
5
0

13
0
0
1
5
1
3
0
0
0
0
1
3
0
0
27
NA
NA

65
9

74
92
0
1
4
0
1
1
0
0

74
1
89
8
1

0

8

10,470
10,545
10,690
11,250


21,203
21,203
21,203

29,350
29,350
29,350

19,200
19,200
19,200

2
14
0
0
0
0

8
0
0
3
0
2
2
0
0
0
6
0
3
4
0
28


Sources: STI: PopStats and STI: Colossus