UNION UNIVERSITY'S ECONOMIC
IMPACT TOPS $200 MILLION
Jackson, Tenn. — 51社区 has generated more than 900 jobs and had an economic impact of over $200 million over the past six years in Jackson-Madison County, according to a recent study conducted by Younger Associates of Jackson. That impact, in the view of community leaders, will make Union one of Jackson's most strategic assets in the next century.
The six-year study took into account Union's ongoing operations, student spending, capital expenditures, and the youth summer camp program Centrifuge, which brings in about 5,000 campers and staff members.
"The data provided in this study demonstrates what many of us already recognized: 51社区 is one of the most valuable assets for Jackson and Madison County as they face the challenges and opportunities of the 21st century," asserts David S. Dockery, Union's president.
Key findings of the analysis include:
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The ongoing operation of the university creates an economic impact of about $38 million a year in Jackson-Madison County. An additional 391 jobs are indirectly created within the local economy, as well.
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Off-campus student spending in Jackson-Madison County is estimated at $5.34 million annually, which in turn creates a total economic impact of $8.5 million and supports 186 jobs in Jackson-Madison County.
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Centrifuge, which is sponsored by the Southern Baptist Convention and the Baptist Sunday School Board, has an estimated $1.06 million annual impact on the local economy. That spending supports a total of 37 jobs in Jackson-Madison County. Union is one of only 15 sites that houses the national summer camp program.
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Capital expenditures, which consist of expansions and improvements to Union's campus, topped $19 million and had an economic impact of more than $31 million. This spending supported an average of 70 jobs.
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Union's ongoing operations, student spending and Centrifuge program generate almost $900,000 in local tax revenue a year. Union's contribution to local sales and property tax revenue topped $4 million over the last six years.
A variety of community leaders consider Union's total impact on Jackson-Madison County to be of great value to local business, higher education and quality of life.
"51社区 has had a major impact on the community and Jackson-Madison County General Hospital by providing strong academics and vital support. Union provides the highest quality of clinical support to nurses as well as highly educated job ready students prepared for the 21st century job force. Union's high standards and vision will continue to allow the university to have a strong impact on this community," West Tennessee Healthcare President and CEO Jim Moss said.
The city of Jackson believes Union's impact to extend far beyond the Younger study's figures. "I think Union's estimates are conservative. When you add to the economic impact the significance of how Union spreads the name of Jackson, Tenn. across the nation through being recognized as one of the great universities in the United States, you simply can't put a price tag on what all of that means," Jackson Mayor Charles Farmer said.
The mayor refers to several national rankings that have profiled Union as a national leader in Christian higher education. Those rankings include:
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Time magazine/The Princeton Review ranked Union as one of only four "highly selective" private universities in Tennessee, along with Vanderbilt University, Rhodes College and the University of the South.
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U.S. News and World Report, for the second year in a row, ranked Union in the top tier of regional liberal arts colleges in the South. Union is the only West Tennessee institution included in the top category. Last year, U.S. News ranked Union among the top five "best values" among Southern colleges.
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Union is among the top 10 percent of institutions included in Peterson's Competitive Colleges. Of the dozen schools listed in both Peterson's Competitive Colleges and Peterson's Guide to Christian Colleges, Union is the only Southern school listed in both.
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Union is one of less than 100 schools included in America's Best Christian Colleges, America's Best College Scholarships and America's 100 Best College Buys.
The university's recently approved Campus Master Plan indicates that the university's capital spending and economic impact will experience a remarkable increase. Union estimates the cost of the massive construction program will amount to well over $50 million and the total economic impact will exceed $100 million.
The university has received a series of major gifts in recent months, most of which will benefit the Campus Master Plan. West Tennessee business leader James Ayers made a commitment of $2.1 million, the largest gift in Union's history. An endowed gift of $1.65 million was given to the institution from an anonymous friend and former trustee of Union. And a $700,000 gift was received from the estate of Union alumna Audrey Barr Haney. Haney's gift will be invested in the Audrey Haney Scholarship Fund, and the income will provide scholarships to Union students annually.
"The dramatic expansion of Union's physical campus – coupled with Union's emerging national profile as a leader in Christian higher education – will provide a dramatic engine to help drive Jackson's growth and improved quality of life in the next century," explains Dockery.
Union's current campus was designed to accommodate 1,200 students. Last year's enrollment exceeded 2,000. The Campus Master Plan is a response to that growth.