Ersys Logo Ersys Name
Yancey County – Colleges/Universities 2023-2024

Picture of valves

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.
 
Daoist Traditions College of Chinese Medical Arts
Galen Health Institutes-Asheville  
Warren Wilson College  
Montreat College  
Mars Hill University  
McDowell Technical Community College  
University of North Carolina Asheville  
Asheville-Buncombe Technical Community College  
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

1,407
4,890

6,297
71
5
2
14
0
1
3
4
1

6,297
30
40
29
0

0

14

2,632
2,632
2,832
2,882


NA
NA
NA

22,032
22,032
28,176

10,032
10,032
16,176

726
NA
NA
NA
NA
NA

296
0
0
4
63
85
11
27
30
0
24
4
57
13
2
616
94
12

2,544
381

2,925
74
5
1
9
0
0
5
3
2

2,907
2
82
15
1

18

11

7,244
7,319
7,380
7,461


22,279
22,279
39,627

22,279
22,279
39,627

11,261
11,261
28,609

0
667
0
0
0
0

240
6
0
5
30
45
42
45
73
1
84
0
97
35
2
705
NA
NA

224
979

1,203
66
4
1
12
0
0
10
7
0

1,203
40
34
25
0

0

12

1,926
1,926
1,958
1,958


NA
NA
NA

21,593
21,593
26,201

9,650
9,650
14,258

183
NA
NA
NA
NA
NA

81
1
0
2
35
6
5
4
3
0
8
0
5
5
0
155
78
29

978
71

1,049
63
18
1
10
0
1
1
2
5

1,002
1
90
9
0

47

10

35,052
35,655
36,557
37,270


50,498
50,498
50,498

49,726
49,726
49,726

39,270
39,270
39,270

0
193
28
0
0
0

98
0
0
7
7
17
7
3
57
8
10
1
14
0
0
229
66
14

822
110

932
59
13
1
1
2
2
1
20
1

759
1
84
15
1

173

12

28,750
29,462
30,525
33,860


47,290
47,290
47,290

48,560
48,560
48,560

41,560
41,560
41,560

5
149
52
0
0
0

87
0
0
3
49
7
12
11
39
1
3
1
12
0
0
225
78
27

780
17

797
76
5
2
7
0
0
4
2
4

742
2
91
7
0

55

11

38,350
38,450
38,450
40,290


56,980
56,980
56,980

61,575
61,575
61,575

50,575
50,575
50,575

0
116
42
0
0
0

68
0
0
2
4
54
3
8
19
1
11
0
12
4
2
188
NA
NA

90
93

183
56
22
0
5
1
0
3
14
0

183
0
16
84
0

0

12

NA
NA
66,120
16,400


NA
NA
NA

37,109
37,109
37,109

21,449
21,449
21,449

0
0
0
0
0
0

10
0
0
0
2
5
0
1
0
0
1
0
4
0
0
23
NA
NA

86
5

91
71
3
9
3
1
0
8
4
0

0
NA
NA
NA
NA

91

NA

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

0
0
18
0
0
24

10
0
0
1
1
6
2
0
0
0
0
0
7
0
0
27


Sources: STI: PopStats and STI: Colossus