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Campus has a $36.7 million economic impact on region

Posted Feb. 17, 2010

Study finds Ashtabula Campus has a $36.7 million economic impact on region

According to a comprehensive study commissioned by Kent State University, the Ashtabula Campus has a significant economic impact on the region. Kent State University at Ashtabula promotes economic growth and contributes to the vitality of both the local and state economies with a total economic impact of $36.7 million.

Kent State at Ashtabula Dean and Chief Administrative Officer Susan Stocker said the vision of the campus is to be a valued partner in changing lives. "I firmly believe that education drives economic development and I've seen first-hand the difference our campus is making in the community," Stocker said.

Other key findings specific to the Ashtabula Campus that are in the report include:

  • Kent State at Ashtabula stimulates economies. The largest and most important impact of the Ashtabula Campus is the $30.4 million that stemmed from the productivity effects of alumni who live and work in Ashtabula County.
  • Kent State at Ashtabula is a leading business enterprise. In Fiscal Year 2007–08, the Ashtabula County economy received approximately $6.3 million in impacts due to Ashtabula Campus operations.
  • Kent State at Ashtabula helps communities reduce social costs. As a result of educational attainment by students at Kent State at Ashtabula, the state of Ohio benefits from improved health and reduced welfare, unemployment and crime, saving the public an average of $554,400 per year.
  • "Graduates of our programs are working in our local hospitals and other businesses and industries," Stocker said. "In turn these graduates are putting money back into the local economy at the same time their quality of life has been greatly improved," she said.

    To commemorate the university's 2010 Centennial, Kent State University commissioned a comprehensive study to quantify the economic contribution of Kent State and to detail the role that the university plays in promoting economic development, enhancing students' careers and improving quality of life in Northeast Ohio and the individual regions served by its eight-campus system.

    The report, titled "Prosperity By Degrees: The Economic Impact of Kent State University on Northeast Ohio," examines Kent State as an investment and engine of growth and prosperity. The study reports that the university's eight-campus system generates $1.96 billion in added income to the Northeast Ohio economy. This includes $1.6 billion attributed to raising the educational attainment and productivity of the workforce; $292 million in added income due to Kent State's business, employment and research operations; and $64 million generated from Kent State attracting nonlocal students and visitors to the region.

    "Kent State takes great pride in our 196,000 alumni," said Kent State President Lester A. Lefton. "Our graduates leave the institution and enter the workforce armed with employer-valued skills, making immediate contributions and leading successful careers. They also are assets to the region and individually make significant contributions to the quality of life we enjoy in Northeast Ohio."

    The report, conducted by Economic Modeling Specialists Inc. (EMSI), also documents Kent State's research efforts, which make Kent State a major source of start-up companies and technology transfer. Kent State is ranked among the nation's top 77 public research universities by the Carnegie Foundation. The university's research activity generates jobs and economic innovation in Northeast Ohio while securing the university's role as a national cultural and educational center.