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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Sherman College of Chiropractic |
Spartanburg Methodist College |
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Converse University |
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Isothermal Community College |
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Wofford College |
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Strayer University-South Carolina |
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North Greenville University |
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Blue Ridge Community College |
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Bob Jones University |
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University of South Carolina-Upstate |
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Spartanburg Community College |
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Greenville Technical College |
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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
|
NA
NA
4,008
6,653
10,661
57
17
3
15
0
0
4
3
0
10,661
21
51
28
0
0
15
4,778
4,778
5,402
5,639
NA
NA
NA
30,148
30,744
35,166
9,900
10,496
14,918
1,193
8
0
0
0
0
428
0
0
5
36
67
69
29
60
4
42
1
59
22
2
824 |
NA
NA
2,427
3,903
6,330
56
23
3
12
0
0
5
2
0
6,330
18
49
33
0
0
16
4,902
4,902
4,902
5,046
NA
NA
NA
13,901
15,053
18,965
9,807
10,959
14,871
675
NA
NA
NA
NA
NA
237
0
0
5
19
38
29
19
47
4
30
0
44
13
0
485 |
70
27
3,601
1,345
4,946
50
29
3
8
0
0
4
4
2
4,471
10
73
17
0
475
15
11,583
11,583
11,583
11,583
26,860
26,860
37,822
28,648
28,648
39,610
17,848
17,848
28,810
0
1,058
109
0
0
0
262
0
0
19
21
69
14
16
74
4
54
0
66
19
0
618 |
NA
NA
2,224
669
2,893
70
2
3
7
0
0
1
8
8
2,477
11
85
4
0
416
13
20,890
20,950
21,890
23,400
38,250
38,250
38,250
41,600
41,600
41,600
28,350
28,350
28,350
45
544
94
3
0
0
205
1
0
4
70
40
27
31
126
3
86
7
93
18
6
717 |
NA
NA
647
2,175
2,822
72
4
2
15
0
1
0
5
1
2,822
31
41
28
0
0
13
2,651
2,651
2,648
2,660
NA
NA
NA
19,087
19,087
25,231
9,261
9,261
15,405
364
NA
NA
NA
NA
NA
130
0
0
4
32
61
10
15
15
3
13
0
36
11
1
331 |
63
22
1,870
349
2,219
67
10
1
5
0
0
3
13
2
1,944
11
79
10
0
275
13
22,110
22,560
23,690
24,650
43,330
43,330
43,330
43,650
43,650
43,650
31,830
31,830
31,830
0
328
101
12
0
0
149
0
0
8
20
30
31
13
76
1
20
0
27
32
1
408 |
NA
NA
171
1,890
2,061
25
67
0
3
0
1
3
2
0
1,830
0
12
88
0
231
39
13,515
13,515
13,515
13,920
NA
NA
NA
25,158
25,158
25,158
15,720
15,720
15,720
114
200
78
0
0
0
16
0
0
0
14
14
3
0
0
0
0
9
1
0
0
57 |
59
21
1,867
6
1,873
80
6
2
5
0
0
3
0
2
1,873
0
99
0
0
0
12
47,650
49,550
51,530
54,100
72,858
72,858
72,858
66,746
66,746
66,746
58,562
58,562
58,562
0
425
0
0
0
0
155
0
0
11
13
37
42
21
73
2
79
0
35
14
0
482 |
NA
NA
687
1,123
1,810
72
9
1
10
0
0
5
3
0
1,810
38
36
25
0
0
12
1,994
1,994
2,030
2,030
NA
NA
NA
30,967
30,967
35,575
11,465
11,465
16,073
356
NA
NA
NA
NA
NA
94
2
2
3
34
30
8
6
9
0
17
3
22
4
1
235 |
64
13
920
421
1,341
58
12
2
9
0
1
3
8
6
852
1
94
6
0
489
12
19,850
19,850
21,410
23,096
41,170
41,170
41,170
42,370
42,370
42,370
28,946
28,946
28,946
0
130
87
16
0
0
82
0
0
4
0
17
12
6
43
0
33
0
39
0
0
236 |
81
28
993
36
1,029
44
32
1
16
0
0
6
0
1
1,029
1
93
6
0
0
17
17,540
18,000
19,350
19,350
35,132
35,132
35,132
33,314
33,314
33,314
23,984
23,984
23,984
197
38
0
0
0
0
55
0
0
3
11
32
7
7
22
0
34
0
5
0
0
176 |
NA
NA
381
0
381
73
4
2
16
0
0
0
3
1
0
NA
NA
NA
NA
381
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0
0
0
0
97
0
39
1
0
2
6
4
5
5
3
0
1
9
26
0
0
101 |
Sources: STI: PopStats and STI: Colossus
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