According to a new study, Bethany College generates $15.4 million in new income each year for its region’s economy. The overall added income created by Bethany College and its students supports 396 job equivalents in its service area and visitors attending various Bethany events spent $1.3 million in the region.
The Bethany College economic impact study is part of a larger study, “Demonstrating the Economic Value of the Kansas Independent Colleges and Universities,” that specifically analyzed the contributions to the Kansas economy by the private colleges that would not otherwise occur if the colleges did not exist. The Kansas Independent Colleges Association released its statewide report last month.
“Bethany has always taken great pride in its positive contributions to the community and region,” President Edward F. Leonard III said, “But I think people will be very surprised when they see the actual impact that is detailed in this report.” Not only does Bethany make a positive impact on the regional economy, but the report also shows that it is a good investment for its students. According to the report, Bethany students receive $2.40 in higher future income for every $1 invested in their education. Other highlights of the study include:
- The net impact of college payroll and expenses in the Bethany service area was approximately $7.9 million in added regional income.
- The off-campus spending of Bethany’s out-of-region students was nearly $300,000 in income to the economy.
- The accumulated contribution of former Bethany students employed in the regional workforce amounted to nearly $6 million in added income during the analysis year.
- Society as a whole in Kansas will receive a present value of $32.3 million in added state income over the course of the Bethany students’ working lives.
“Of course as enrollment continues to grow, which requires us to hire more faculty and staff our economic impact will only grow substantially higher over the next few years,” President Leonard added. The report was commission by the Kansas Independent College Association (KICA) and the research was conducted by Economic Modeling Specialists International (EMSI). The statewide KICA report can be found at www.kscolleges.org/economic-impact.html.