HIGH POINT, N.C., June 27, 2012 - A new study finds that the growth of High Point University, including thousands of visitors brought to campus each year for numerous events, hundreds of new jobs created, facility construction and more, has a $464.5 million annual economic impact on the state of North Carolina - a 190 percent increase compared to the same data in 2005.
Regionally, the university has a $394.6 million annual impact on the Piedmont Triad - a 197 percent increase since 2005.
"High Point University's strategic plan continues to enhance our great city," says HPU President Nido Qubein. "We are focused on supporting the local and regional economy through our growth. The city of High Point and the entire Triad have so much to offer."
According to the study, the two largest economic effects include the HPU operating budget and construction of new campus facilities. Other economic effects include student expenditures, visitor expenditures, athletic and cultural events, university retirees, and the increased earnings potential of HPU graduates as they enter the workplace in their first year following graduation.
In addition, more than 97,000 visitors were attracted to campus in the 2011-2012 academic year through numerous admissions, athletic, cultural, family and community events, including plays, concerts, Big South Conference tournaments, prospective student tours, Alumni and Family Weekends and more.
"The ever-growing positive economic impact of High Point University is most impressive," says Loren Hill, president of the High Point Economic Development Corp. "HPU serving as an important economic engine for High Point and the Piedmont Triad region is all the more dramatic when you consider that much of its economic impact growth occurred during the national economic downturn that so adversely impacted the country."
Construction is ongoing at the university with the new School of Education slated to open this fall with LEED-certification and more than 31,000 square feet of state-of-the- art classrooms, faculty office space and a library. The Centennial Square Townhomes will also open in August and house approximately 349 students.
While not a part of the economic impact, HPU students provided nearly 30,000 hours of volunteer community service. Additionally, the earnings of HPU alumni who reside in the Triad region are about $481 million, while the earnings of HPU alumni who live throughout North Carolina are approximately $493 million.
The study was prepared by Dr. Gerald Fox, associate professor of economics at HPU. The analysis was based on a methodology used in other studies regarding the economic impact of private universities in North Carolina. The analysis also took into account recommendations from an independent consultant.