A study released today shows Liberty University was responsible for contributing $217 million in direct spending to the Lynchburg area in 2009.
With 12,000 students on campus and more than 50,000 students taking courses online, Liberty remains the state’s largest and fastest growing university. In the region, Liberty is the second largest employer, with one out of every 10 jobs within the city either directly or indirectly attributable to Liberty University, the study says.
The study highlights other areas of growth in which the university has bolstered the region’s economy, such as tax revenue, tourism and revitalization projects. It also shows the university’s positive role in the community through students’ volunteer work, facilities that enhance the quality of life in the area, and by meeting the workforce demands by producing trained graduates in key growth areas, such as healthcare and education.
“This study validates Liberty University’s contribution to the Lynchburg community. Many have speculated about Liberty’s financial impact but this study conservatively and objectively quantifies exactly what that impact has been,” said Chancellor Jerry Falwell, Jr.
Among the study’s findings are:
“Liberty University last commissioned an economic impact study like this one about 10 years ago. This new study is based on fiscal year 2009 data (the most recent available). The university has grown considerably in the last year, continuing to enhance positively its impact on the local community,” Falwell said.
The study, “Analysis of the Economic Contribution that Liberty University makes to Region 2000 and Virginia,” was conducted by Mangum Economic Consulting, LLC of Richmond, Va.
* The study was based on enrollment numbers as of June 30, 2009, which included 35,000 online students. Current online enrollment is now more than 50,000.
View the full report here.