STEUBENVILLE, OH—Two Franciscan University of Steubenville economics professors have released their newest study on the economic impact of the University in the local community. Like their previous reports in 2000 and 2005, the 2010 report shows that thousands of jobs and hundreds of millions of dollars are at work in the community because of the University’s presence.
Among the key findings of the study prepared by Professor Joseph Zoric and Dr. Michael Welker, Chair of the Business Department:
- Franciscan University accounts for over $71 million in direct spending in the region each year. Take into account the “multiplier effect” of this money being spent and re-spent, and the University’s economic impact in the region grows to over $279 million per year.
- Some of the major sources of economic benefit to the region include $8.4 million per year in direct student spending—rent, clothes, food, car repairs and gas, entertainment, etc.; as well as $5.3 million in spending by over 25,000 visitors, such as parents, conference attendees, athletic teams, etc.
- Putting $279 million to work in the local economy generates jobs for nearly 8,100 people in a wide range of trades and professions.
- Franciscan University provided over 80,000 hours of free help to the local community in 2009. This includes talks and service work by professors, staff, and other types of charitable service.
You can read the full report here, or contact the Community Relations Department at 740-283-6406 for a printed copy.
The 2009-2010 Economic Impact Study was prepared by Joseph Zoric, associate professor of economics, who has taught at Franciscan University since 1972, and Dr. Michael Welker, professor of economics and chair of the Department of Accounting, Business Administration, and Economics.