Impact is Growing
growth of UNC Pembroke should be a top priority for everyone in this
region for a lot of reasons.
This is the conclusion
of a recently released publication on the present and future economic
impact of the university on the surrounding community.
In this fiscal year,
there are at least $55 million reasons why a university is a good thing
to have around. That is the estimated financial impact of The University
of North Carolina at Pembroke will have on the economy during the 1999-2000
C. Meadors recently commissioned the study and publication.
UNC Pembroke is an economic engine that pumps approximately $55.2 million
into the economy should surprise no one," Chancellor Meadors said.
"We have more than 500 staff and faculty members on the payroll,
and many more working for us under other enterprises, such as food service,
grants, construction and so on."
"I think it
is important to point out that in addition to what UNCP is doing for
the economy today, over the next eight years the contribution will far
exceed what we are doing today."
financial analysis projects that in 2008 a growing university could
be pumping almost $100 million annually into the economy.
"We have set
assertive goals for the growth of this university," Chancellor
Meadors said. "When we meet them, it will be because of the high
quality of services that we provide for students."
we meet our goal of doubling the enrollment of this university, there
will be a tremendous increase in our financial footprint in the area,"
analysis estimates an economic impact of $99.6 million in 2008. If enrollment
doubles as is Chancellor Meadors' plan, more than 800 faculty and staff
will be employed by the university.
The study uses no
inflation factor or so-called "multiplier effect" that says
money changes hands two-to-seven times in a local economy before leaving.
The study includes
nearly $100 million in construction costs over the next eight years
for new buildings, expanding existing facilities, infrastructure and
repairing aging structures.
Payroll will grow
from $23.5 million in 2000 to an estimated $37.6 million in 2008.
calculated at $5,000 a year per full-time student, will double to $26.2
million by 2008. Economists and a consultant for the university say
students spend that amount on food, gasoline, clothing, transportation,
entertainment, medical care and other necessities. Off-campus housing,
which should grow dramatically in the next eight years, is also part
of that total.
enrollment translates into a student housing increase on and off-campus,"
Chancellor Meadors said. "There will some excellent opportunities
in the future for housing development near campus."
we will never lose sight of the first mission of higher education in
enhancing of the value of our human capital," he said. "But
I believe it is also important to accurately predict both the financial
impact as well as the demands on all types of other resources that the
future will bring to us all."
A copy of the
"Economic Impact" brochure may be obtained by calling 910.521.6249.
to University Newswire