Shepherd ranks 3rd in regional economic impact
Shepherd University has the third highest economic impact on its region among the state’s four and two year colleges according to a study commissioned by the West Virginia Higher Education Policy Commission (HEPC). The study, titled “The Economic Impact of Public Institutions of Higher Education in West Virginia,” shows that Shepherd’s economic impact on Berkeley and Jefferson counties is $91.1 million.
The study, conducted by the West Virginia University Bureau of Business and Economic Research, examined the economic impact of direct university expenditures like supplies and utilities, university payroll and out-of-state student expenditures. It shows that in fiscal year 2014, Shepherd had a total budget of $60.8 million and spent about $32.6 million on salaries and benefits for its 647 employees.
Enrollment in the fall of 2013 was 4,041 students: 1,679 of those students were out-of-state residents who created approximately $15.1 million in business volume that supported 138 jobs with employee compensation of about $3.4 million.
The study estimates about 1,012 workers were either employed directly by Shepherd or supported through economic impact generated by the university.
It says earnings by these employees were $43.4 million and generated about $1.8 million in state tax revenue.
“West Virginia’s higher education system serves as a strong economic backbone for communities across the state,” said Dr. Paul Hill, HEPC Chancellor. “Investments in higher education yield multifaceted returns, from attracting new employers to driving the research and innovation needed to create a robust private-sector economy.
Perhaps most importantly, our colleges and universities play a crucial role in keeping our young people working and living here at home.”
The study looked at the economic impact created by West Virginia’s 12 four-year and nine two-year public institution.