DePauw Impacts Local Economy by $124 Million Annually, ICHE Study Finds
April 17, 2003
April 17, 2003, Greencastle, Ind. - A study conducted for the Indiana Conference of Higher Education finds that DePauw University's impact on the Putnam County economy exceeds $124 million annually, and that the University's activities provide more than 950 local jobs. The report, by Dr. Kevin T. McNamara, a regional economist and faculty member in Purdue University's Department of Agricultural Economics, is based on figures from the 2000-01 academic year. McNamara notes that DePauw “impacts individuals, households and communities as it fulfills it education mission.”
The study finds that DePauw spent $90.2 million to support its academic programs in 2000-01, which resulted in an additional $33.7 million in output or sales in the Putnam County community, so that “DePauw University's total expenditure or sales impact on Putnam County was an estimated $124,045,984.”
DePauw's total payroll was $26.6 million, and “the indirect and induced income impact (income paid by business supplying DePauw University or meeting household spending needs of DePauw University suppliers' employees) was an estimated $5,683,540,” McNamara writes, so that “the total local impact (sum of direct, indirect and induced impacts) associated with DePauw University's spending was $32,277,931.”
While DePauw employed 793 faculty and staff, the Purdue researcher determined that the University's activities created “an additional 166.4 jobs with input suppliers of the University and firms selling goods and/or services to households that earn income from either the University or input firms,” creating a total local employment impact of 959.4 jobs.
The report also notes that “DePauw University impacts local households by increasing cultural, educational and recreational activities to families in the region. While these impacts are not always easy to quantify, the resources brought to the community by the University and the people it employs and educates enrich the community by exposing community members to new ideas and opportunities, offering cultural and recreational events, and adding to local social and ethnic diversity.”Back