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West Virginia University at Parkersburg |
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NEWS |
West Virginia University at Parkersburg |
WVU Parkersburg impacts Mid-Ohio Valley's economy by more than $63 million.
CONTACT: Dr. Sy Sarkarat, chair of college Business and Economics Division, 304-424-8279.
FOR IMMEDIATE RELEASE
West Virginia University at Parkersburg impacts the Mid-Ohio Valley’s economy by more than $63 million, according to a study by the college's Business and Economics Division. The report analyzes the direct and indirect economic effect of the Parkersburg campus.
"This study was undertaken to provide a conservative estimate of the institution’s impact on its service region," said Sy Sarkarat, chair of WVU Parkersburg’s Business and Economics Division and report author.
Sarkarat calculates that WVU Parkersburg had a direct impact of approximately $38.5 million on the region’s economy with a total effect of more than $63.6 million during 2003-2004.
"The college plays a significant role as an economic catalyst for the Mid-Ohio Valley," noted Marie Foster Gnage, president of the Parkersburg campus. "This analysis demonstrates that sizeable impact."
The college’s operating expenditures totaled $16 million in 2003-2004, including $9.8 million in wages, salaries and fringe benefits for 323 employees, Sarkarat said. Total direct student spending during that time is estimated at $22.4 million for 4,666 full- and part-time WVU Parkersburg students.
WVU Parkersburg’s direct effect on the regional economy is reflected in the report's measurements, including the institution’s operating, capital, employee and student expenditures, as well as the indirect expenditures that are generated. WVU Parkersburg receives approximately $8 million in state revenue.
"For every state tax dollar received by the institution, WVU Parkersburg activities, through institutional and student spending, generate approximately $7.90 in income for the local economy," Sarkarat, an economics professor, said.
Colleges and universities play an important role in local economies, Sarkarat added.
"Almost all economic studies conclude that an institution's direct spending is spent and re-spent within the local economy and, in so doing, generates a multiplier effect on the local region, income and employment," he noted.
His analysis underestimates the impact of WVU Parkersburg on the local economy, Sarkarat said, since it excludes the impact of the institution on decisions of businesses to locate in the area and the number of income source activities at the college.
WVU Parkersburg is a regional campus of WVU and the only community college in West Virginia accredited to offer bachelor's degrees. The Parkersburg campus is the sixth largest college in the state.
The complete economic impact report is available on the college’s web site or from Sarkarat at 424-8279.
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For additional information, contact:
Connie Dziagwa
Executive Director, Communications and Public Relations
WVU Parkersburg
(304-424-8203)
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