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STEUBENVILLE, OH— Two Franciscan University of Steubenville economics professors have released their newest study (available here) on the University’s economic impact on the local community. Like their previous reports, the 2014-2015 report shows that thousands of jobs and hundreds of millions of dollars are at work in the community because of the University’s presence.

“The University, along with the impact of the oil and gas industry, has been one of the bright spots on our economy,” says Professor Joseph Zoric, chair of the MBA Program and associate professor of economics at Franciscan University since 1972, who co-authored the study with Dr. Michael Welker, a professor of economics at Franciscan since 1994.

The new report shows a 15 percent increase in local economic activity by Franciscan University since the 2009-2010 study. Among the key findings:

• Franciscan University accounts for over $76 million in direct spending in the region each year. Take into account the “multiplier effect” of this money being spent and re-spent, and the University’s economic impact in the region grows to over $320 million per year. This accounts for nearly 19 percent of economic activity in the Steubenville metro area.
• Some of the major sources of economic benefit to the region include over $10 million per year in direct student spending – rent, clothes, food, car repairs and gas, entertainment, etc.; as well as nearly $7 million in spending by over 23,561 visitors, such as parents, conference attendees, athletic teams, etc.
• Putting $320 million to work in the local economy generates jobs for nearly 7,723 people in a wide range of trades and professions.
• Franciscan University provided 204,327 hours of volunteer help to the local community in 2014-2015. This includes talks and service work by students, professors, staff, and other types of charitable service. The value in contributed time was estimated at $3,873,045.
  Zoric and Welker call Franciscan University a “labor intensive industry” that has seen a 369-percent increase in full-time faculty and staff since 1983, and a budget that has nearly tripled since 1993.

The authors point to the “value added” benefits of having a nationally recognized University in Jefferson County. These include an increase in tax revenue, spending by students from all 50 states at local retailers, and graduates who start businesses or work in existing businesses, which adds to the dynamics of the local economy.

You can view the report here, or contact the Franciscan University Community Relations Office at 740-283-6406 for a printed copy.