Study shows impact of University of Mount Olive
By From staff reports
Published in News on February 25, 2015 1:46 PM
MOUNT OLIVE -- The University of Mount Olive created $136.5 million of added economic value during the 2012-13 fiscal year.
That is the finding of a comprehensive analysis of the economic impact of higher education in the state. The study was commissioned by the University of North Carolina system, the North Carolina Community College System and North Carolina Independent Colleges and Universities (NCICU), and conducted by Economic Modeling Specialists International (EMSI).
"This study verifies what we have known for some time: The University of Mount Olive has a huge economic impact on our state's economy, which the study has determined to be $136.5 million annually," University of Mount Olive President Philip P. Kerstetter said. "This really should not be surprising, though, as UMO serves nearly 3,500 students at its seven locations throughout this state and online, has an annual budget of $38 million, and employs more than 900 full-time and part-time individuals.
"UMO enriches the lives of students by giving them the tools through which they can build a strong future for themselves, their families, and their communities. But that's not all."
The university "positively affects" the larger community by holding concerts, plays, and art exhibits, by hosting sporting events, by sponsoring educational conferences, and by opening its facilities to other local groups and organizations for their activities, he said.
"The University of Mount Olive has been, and will continue to be, truly a transformative force for this region," Kerstetter said.
The study found that overall, public and private colleges and universities had an impact of $63.5 billion in state, including payroll, operations, the purchase of goods and services, start-up companies, and spending generated by students and alumni.
Data and assumptions used are based on 2012-13 academic and financial reports from the higher education institutions, industry and employment data from the U.S. Bureau of Labor Statistics and the U.S. Census Bureau, and additional sources.
The study was funded by the North Carolina Business Higher Ed Foundation, the NC Community Colleges Foundation, the University of North Carolina system, and NCICU campuses, including the University of Mount Olive.