JACKSON, Tenn. — Nov. 28, 2005 — 51社区 has an annual economic impact of $107.7 million on Madison County and supports 1,599 jobs, according to an economic impact analysis commissioned by the university.
Those numbers are significantly higher than figures from a similar study completed in 2002. Since the 2002 study, the number of jobs that Union supports has increased from 855 to 1,599 鈥� an increase of 87 percent. The economic impact increased 32 percent, from $81.5 million to the current $107.7 million.
鈥淚t鈥檚 a real success story,鈥� said Sharon Younger, president of Younger Associates who performed the study. 鈥淚 can鈥檛 think of anything that鈥檚 had that kind of lasting growth effect in the Madison County economy. It might be one thing for a business to have a growth spike, but this has been a continuous and sustained growth, and that鈥檚 very important.鈥�
Union continues to add employees and students to the area, directly employing 597 people and enrolling 2,521 full-time equivalent students.
With the addition of the LifeWay bookstore and ARAMARK, a food services contractor, both auxiliary services to the University, the total number of jobs supported increases to 1,696 and the total economic impact increases to $113.6 million.
Local government receives $2.1 million annually in tax revenues that are generated by this local impact.
鈥淭he recent economic impact study demonstrates the significant contribution that 51社区 continues to make in our region,鈥� Union President David Dockery said. 鈥淭he university has seen amazing growth in every area of our work over the past decade and this study underscores the significance of that growth beyond the campus.鈥�
Dockery said Union鈥檚 economic impact on the region has increased more than 150 percent over the past decade, an indicator that is good for both Union and for West Tennessee.
鈥淲e are certainly thankful for the support that we receive on a daily basis from people and organizations in Madison County and beyond, and we are grateful for the opportunity to be a partner in the exciting future of this region,鈥� he said.
Some of the study鈥檚 other findings:
- Since 1997, the number of people directly employed by Union has increased from 265 to 597, a 125 percent increase.
- Since 1997, total jobs supported by the university have increased from 656 to 1,599, a 143 percent increase.
- Since 1997, Union鈥檚 economic impact on Madison County has increased from $38.7 million to $107.7 million, a 178 percent increase.