Meredith College NC State University Peace College Saint Augustine's College Shaw University

CRC Office: Jenny Spiker, Director, c/o Meredith College, 3800 Hillsborough St., Raleigh, NC 27607

crc@meredith.edu, (O) 919-760-8538 (Cell) 919-673-5504

 

 

 

Study Shows Higher Education in Raleigh Makes Major Contribution to Area's Economy

 

FOR IMMEDIATE RELEASE -The five institutions of higher education in Raleigh account for 25 percent of all wage and salary income and 20 percent of total employment in Wake County. These significant numbers were measured in an economic impact study prepared for the campuses that make up Cooperating Raleigh Colleges (CRC): Meredith College, North Carolina State University, Peace College, Saint Augustine's College and Shaw University.

 

The five colleges contributed an estimated $5.5 billion to the Wake County economy in 2007. The study looked at the combined effects of what the institutions spent for faculty and staff salaries, campus operations and construction and also at spending by current students, alumni living in the area, and attendees at athletic and cultural events. The study was conducted by Dr. Michael L. Walden, the William Neal Reynolds Distinguished Professor and Extension Economist at NC State University, for the Board of Directors of CRC, a 40-year-old nonprofit consortium serving the five campuses and the community.

 

"We have a unique combination of colleges and universities in Wake County with an economic impact that goes beyond that of faculty and student spending," said Laura C. Bingham, president of Peace College and the current president of the CRC Board of Directors. She said that Raleigh is the only community in the country with the combination of a large, state research university, two historically black colleges and universities and two women's colleges. She said that special combination of educational institutions has had long-lasting impact-both economic and cultural-on the Wake County area. This study is one way to begin quantifying some of those effects, she explained.

 

"Perhaps the impact that is most often underestimated is the effect of the thousands of graduates of these institutions who come here for college and remain in the area as highly educated and contributing citizens," Bingham said. In fact, the study estimates that alumni spending accounts for approximately $4 billion per year of the total economic impact. An estimated 61,441 alumni of these five campuses held jobs in Wake County in 2007.

 

The colleges and universities spent $941.1 million in 2007 on faculty and staff salaries. Another $182.1 million went toward operational expenses-from food service and maintenance to office supplies and equipment of all kinds. In addition, campus construction accounted for another $50.6 million and athletic and cultural events for $26.6 million. Many students also work while in school. An estimated 7,457 students held off-campus jobs during the year.

 

See attached or below: 1) PDF copy of the Economic Impact Study 2) Summary of findings 3) Basic facts on the five institutions and contacts for further information

 

 

 

SUMMARY OF FINDINGS FROM CRC ECONOMIC IMPACT STUDY

The following apply to the combined economic impact in 2007 of the five institutions of higher education located in Wake County and making up Cooperating Raleigh Colleges (CRC): Meredith College, North Carolina State University, Peace College, Saint Augustine's College and Shaw University.

• The five CRC campuses contributed an estimated $5.5 billion to the Wake County economy.

 

• They accounted for 85,000 jobs for faculty, staff, students and alumni.

 

• The totals represent 25 percent of all wage and salary income in the local economy and20 percent of total employment.

 

• Total spending effects in separate categories:

1. Faculty and staff salaries--$941.1 million

2. Operations expenses (excluding salaries and financial aid)--$182.1 million

3. Spending by current students--$331.4 million

4. Spending by alumni living in the area--$4 billion

5. Spending on construction--$50.6 million

6. Spending on athletic and cultural events--$26.6 million

 

• Total employment effects in separate categories:

1. Faculty and staff jobs-12,628

2. Jobs in campus operations-2,100

3. Jobs in construction-1,581

4. Jobs held by alumni-61,441

5. Jobs held by students-7,457

6. Jobs related to athletic and cultural events-165

 

Cooperating Raleigh Colleges (CRC) Institutions of Higher Education Background

 

Key Contacts: On the creation of the CRC Economic Impact Study Itself: Dr. Michael L. Walden, William Neal Reynolds Distinguished Professor of Agricultural and Resource Economics, North Carolina State University, 919/515-4671, michael_walden@ncsu.edu On CRC: President of the CRC Board of Directors-Laura Bingham (contact through Sandy Briscar, see below at Peace College and Jenny Spiker, CRC Director, 919/760-8538 or cell-919/673-5504

 

Meredith College

www.meredith.edu

• Founded: 1891
• Total enrollment in fall 2007: 2,202
• Total full and part-time faculty members fall 2007: 292 (Total staff: 590)
• Total estimated alumni living in Wake County: 5,500
• Type of institution: Meredith College is the largest private women's college in the Southeast.
• President: Dr. Maureen Hartford
• Location: 3800 Hillsborough Street, 27607--west Raleigh
• Contact for further information: Melyssa Allen, Office of Marketing, allenme@meredith.edu, 919-760-8455

 

North Carolina State University

www.ncsu.edu

• Founded:1887
• Total enrollment in fall 2007: 31,802
• Total full and part-time faculty members fall 2007: 1,723
• Total estimated alumni living in Wake County: 41,495
• Type of institution: North Carolina State University is a comprehensive university known for its leadership in economic development, education and research and is one of the nation's leading land-grant institutions.
• Chancellor: Dr. James L. Oblinger
• Location: West Raleigh-main campus between Hillsborough St. and Western Boulevard and Centennial campus between Avent Ferry Road and Centennial Parkway (27695)
• Contact for further information: W. Matthew Shipman, News Services, 919-515-6386, (cell-804-413-1337) , matt_shipman@ncsu.edu

 

Peace College

www.peace.edu

• Founded: 1857
• Total enrollment in fall 2007: 692
• Total full and part-time faculty members fall 2007: 41
• Total estimated alumni living in Wake County: 1,800-2,000
• Type of institution: Located in downtown Raleigh, Peace is a four-year liberal arts and sciences college that challenges women to adventures in learning and life.
• President: Laura C. Bingham
• Location: 15 E. Peace Street, 27604, downtown Raleigh
• Contact for further information: Sandy Briscar, Vice President for Marketing and College Relations, 919-508-2320, sbriscar@peace.edu

 

Saint Augustine's College

www.st-aug.edu

• Founded: 1867
• Total enrollment in fall 2007: 1,284
• Total full and part-time faculty members fall 2007: 82
• Total estimated alumni living in Wake County: 3,000
• Type of institution: fully accredited, private, undergraduate, coeducational college
• President: Dr. Dianne Boardley Suber
• Location: 1315 Oakwood Avenue, 27610-east Raleigh
• Contact for further information: Katrina Dix, Director of Communications, 516-4608, kadix@st-aug.edu

 

Shaw University

www.shawu.edu

• Founded: 1865
• Total enrollment in fall 2007: 2,866
• Total full and part-time faculty members fall 2007: 116
• Total estimated alumni living in Wake County: 6,000
• Type of Institution: Shaw University, the first historically black college of the South, is a private, co-educational liberal arts university offering degrees at both the undergraduate and graduate levels.
• President: Dr. Clarence G. Newsome
• Location: 118 E. South Street, 27601-south end of downtown Raleigh
• Contacts for further information: Verna Collins Odoom, Director of Communications and Marketing, 546-8269, vodoom@shawu.edu