Impacting Communities. Influencing Economies.
The Western New England College Economic Impact Study
The presence of a college campus has a unique impact on local and regional economies. Western New England College has compiled a comprehensive Economic Impact Study that evaluates its role as an economic force within the economies of Springfield, Hampden County, and more broadly, New England’s Knowledge Corridor. The Knowledge Corridor, so named for its inclusion of 26 colleges and universities, consists of Franklin, Hampshire, and Hampden Counties in Massachusetts and Hartford County in Connecticut.
A Powerful Economic Engine
This study, the first of its kind for Western New England College, utilizes data on direct spending in the form of salaries and benefits paid to employees as well as purchased goods and services and spending by students to form a picture of how the College directly contributes to these three economies.
Additionally, it applies the Bureau of Economic Analysis (BEA) RIMS-II model to estimate the indirect effects of Western New England spending. These indirect effects include the recirculation of dollars within the local and regional economies through increased economic output and both employment and earnings supported by College spending. For example, building of the $5.5 million wing at the Blake Law Center or the $40 million Academic Science Building currently in development create jobs in construction and its associated industries locally. People in these industries recirculate much of their earnings within the local and regional economies.
The study also describes the considerable contributions made by Western New England College staff and students through uncompensated volunteer activities such internships, externships, or consulting. It also details the College’s dedication to making its facilities accessible to the local community for programs and events. Although the actual monetary values to the local and regional economies are difficult to calculate, these activities represents contributions in-kind with value easily measured in the hundreds of thousands, if not in the millions of dollars annually.
Building Momentum for the Future
Even in these challenging economic times, ongoing construction projects at the College are adding an additional $60 million and more than 200 jobs to the region’s economy. In the longer term, implementation of the College’s Strategic Plan for 2009-2018 will permanently add more than $10 million annually to the combined economies of Hampden, Hampshire, Franklin, and Hartford counties.
We invite you to read the Western New England College Economic Impact Study in its entirety.
Our Economic Impact @ a Glance
Over 70 percent of the College’s annual purchases, or approximately $20.4 million, are made from businesses with offices located within the Knowledge Corridor while $17.2 million are purchased entirely within Hampden County, including many Springfield based businesses.
The College is one of the largest employers in the region, annually employing more than 900 individuals in permanent, part-time, and temporary positions with payroll of nearly $38.5 million.
The College annually awards more than $23 million in direct institutional grant aid, including tuition remission and exchange, to students attending the College. The total of all grant aid awarded by or through the College, coupled with student employment, was more than $28 million in Fiscal Year 2008.