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Augusta 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.
 
Future Generations University
Southern Virginia University  
Eastern Mennonite University  
Bridgewater College  
Virginia Military Institute  
Mary Baldwin University  
Washington and Lee University  
Blue Ridge Community College  
Piedmont Virginia Community College  
James Madison University  
University of Virginia-Main Campus  
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
17
42

23,325
2,599

25,924
51
7
16
7
0
0
5
4
9

17,612
3
94
3
0

8,312

15

18,960
19,244
20,342
20,986


39,926
39,926
76,954

39,926
39,926
76,954

25,466
25,466
62,494

0
4,426
2,463
421
445
0

2,577
491
0
131
170
1,529
1,122
1,676
478
170
708
18
820
654
131
10,675
76
18

20,409
2,349

22,758
74
5
5
8
0
0
5
2
1

21,006
2
95
3
0

1,752

17

12,330
12,638
13,092
13,576


31,974
31,974
49,188

31,974
31,974
49,188

19,390
19,390
36,604

0
4,467
739
40
0
0

1,168
0
0
59
75
400
151
279
288
50
385
3
422
139
52
3,471
NA
NA

1,076
4,098

5,174
60
12
5
11
0
0
5
5
1

5,174
37
39
23
0

0

20

4,790
4,790
4,790
4,928


NA
NA
NA

21,244
21,244
27,247

12,028
12,028
18,031

478
NA
NA
NA
NA
NA

128
0
0
1
35
61
3
9
8
0
6
0
25
4
0
280
NA
NA

1,065
2,653

3,718
65
6
3
15
0
0
4
5
2

3,718
25
53
22
0

0

21

5,364
5,364
5,364
5,502


NA
NA
NA

28,947
28,947
34,950

19,581
19,581
25,584

395
NA
NA
NA
NA
NA

99
0
0
1
17
56
11
12
4
4
5
0
24
4
0
237
17
42

2,266
11

2,277
68
5
5
8
0
0
4
3
6

1,898
1
99
1
0

379

8

57,285
59,380
61,750
64,525


87,000
87,000
87,000

NA
NA
NA

NA
NA
NA

0
453
0
0
107
0

283
0
0
21
2
65
69
58
138
13
188
9
113
44
0
1,003
NA
NA

1,392
400

1,792
56
21
3
7
0
1
5
6
1

1,217
3
75
22
0

575

14

31,110
31,115
32,036
33,157


46,817
46,817
46,817

48,167
48,167
48,167

38,617
38,617
38,617

0
302
228
0
63
0

150
0
0
2
19
42
16
12
48
2
41
0
19
7
0
358
82
49

1,560
0

1,560
72
7
5
9
1
0
4
0
2

1,560
0
99
1
0

0

10

19,210
19,670
19,914
20,484


34,824
34,824
65,526

NA
NA
NA

NA
NA
NA

0
347
0
0
0
0

155
0
1
10
5
67
32
38
49
18
61
8
81
42
35
602
91
12

1,422
14

1,436
66
12
1
8
0
0
5
4
3

1,391
1
99
0
0

45

12

37,720
38,460
39,800
41,350


60,045
60,045
60,045

58,869
58,869
58,869

46,894
46,894
46,894

0
328
26
0
0
0

108
0
0
5
10
37
19
15
59
6
21
0
26
9
0
315
100
16

878
414

1,292
64
10
2
9
0
0
3
5
6

863
7
88
5
0

429

10

39,220
39,990
40,990
41,860


58,500
58,500
58,500

56,500
56,500
56,500

46,500
46,500
46,500

2
230
90
0
0
0

116
0
0
3
20
33
22
10
31
4
17
1
39
6
0
302
100
27

931
36

967
76
5
1
7
3
1
5
0
2

967
1
93
6
0

0

17

17,696
17,960
19,358
20,040


34,416
34,416
34,416

32,040
32,040
32,040

25,040
25,040
25,040

0
204
0
0
0
0

53
0
0
3
16
25
11
9
63
4
0
0
7
0
0
191
NA
NA

2
42

44
43
2
0
0
2
0
2
50
0

0
NA
NA
NA
NA

44

NA

NA
NA
NA
NA


NA
NA
NA

NA
NA
NA

NA
NA
NA

0
0
9
0
0
0

3
9
0
0
4
2
1
0
2
0
2
0
3
0
0
26


Sources: STI: PopStats and STI: Colossus