In a recent article highlighting the economic dimension of town-gown relations, the Wall Street Journal used Emsi’s economic impact model to answer the question: “How would a college town’s economic activity change if the local university did not exist?” In this post, we take a deeper look at the impact analysis behind the story.
economic impact study
The University of Louisiana at Monroe wanted to help community and business leaders better understand the university’s role in driving prosperity for northern Louisiana. So, they commissioned an economic impact study from Emsi to provide expert, third-party analysis of the university’s role in the regional economy. See how they leveraged data from the impact study to launch an awareness campaign that helped shift public perception from “that university” to “our university.”
For many community colleges, articulating the full impact of their non-credit workforce development programs is a challenge. But now, through a research partnership with Emsi, Grand Rapids Community College has solid numbers backing up the notion that their non-credit programs are a powerful economic development engine, supplying the critical talent that many local employers are desperately looking for.
Ohio’s 14 public universities added $42 billion to the state economy in fiscal year 2016-2017, according to Emsi’s recent Economic Impact Study (EIS). That’s nearly 7% of the state’s total economy. Emsi economist Hannah Ruffridge, along with Sen. Randy Gardner and the presidents of all 14 public universities, presented the findings June 12 at the Ohio Statehouse.
In light of an ever-changing regulatory, economic, and competitive landscape, schools like Essex County College, which served over 20,000 credit and non-credit students last year at several locations in northeast New Jersey, are continuously evaluating the relevance of their programs – revamping some, scaling back others, and sometimes starting new programs from scratch. These are important decisions with far-reaching effects. And while anecdotes and intuition have their place, the administration at Essex also understands the value of data.
Colorado Community College System (CCCS) colleges recently released their economic impact study by Emsi, which shows that the 13 colleges “create a significant positive impact on the business community and generate a return on investment to their major stakeholder groups—students, taxpayers, and society.”