“The overall impact at each geographic level is the sum of four categories, each of which is a combination of direct spending by Cedarville University or caused by Cedarville University, and the multiplier effect of that spend circulating through the local/regional/state economy,” said Principal Lee Huang, of Econsult.
The breakdown from the study showed:
* $142 million benefiting the Village of Cedarville, described as the impact from the university’s own capital investments (the annual average across multiple years.)
* $58 million contributed to the Dayton region as the impact of spending from students and visitors. This excludes the amounts spent by university staff such as students paying for on-campus dorms or food, since those amounts are reflected in the operating numbers.
* $111 million in employee earnings and $8 million in tax revenue for the state from the supported 2,970 jobs in the region, which includes those directly on Cedarville’s payroll and the “pieces of jobs supported by the multiplier effects” of those who graduated from the university, according to Mark Weinstein, Cedarville’s executive director of public relations.
The $111 million is described as the impact from university alumni living and working in the area who are making more money as a result of the education and credentials they received from Cedarville, and who spend a portion of that additional household income back into the area economy.
* 295,000 hours of unpaid student volunteer service to the Dayton region each year.
“It’s important for Cedarville University to be an economic driver to our local and state economies,” said university President Thomas White. “We believe we are serving well in this area with high-quality and high-character students from nearly all 50 states, including 61% from outside Ohio, who support the local businesses.”
The university said its total economic impact is driven by the university’s 6,384 students, 132,000 annual campus visitors and 18,000 alumni living in Ohio.
Cedarville had a record-breaking freshman class of 1,176 students this year. Of the 6,384 total enrollment, 1,770 are dual-enrolled high school students, 4,024 are traditional undergraduate students, and 590 are graduate students.
“The impact Cedarville University has in our region, and for that matter, the state of Ohio, is significant,” said Dick Gould, president of the Greene County Board of Commissioners. “Cedarville is an economic engine for our economy. The high-quality students who graduate and remain in Ohio are employed in significant roles virtually everywhere in our region.”
Weinstein said this is the first economic impact study of this magnitude in his 15 years at the university. He said Econsult was selected “based on their expertise to determine accurate economic data and their strong connection with higher educational institutions nationwide.”
“Caring for our neighbors and serving our community in the name of Jesus is central to our mission,” White said. “The campus community regularly seeks ways to give back to our region through service, and this is reflected in the economic impact study.”
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