A recent economic impact report released by Liberty University’s Office of Outreach and Business Engagement (OBE) highlights the positive leadership role that Liberty University plays within its community, state, and beyond.
During the 2016-17 academic year, Liberty students, visitors, and associated enterprises resulted in $712 million in direct spending in Virginia, with an economic impact of more than $1.3 billion. This impact included nearly $106 million in tax revenue, over $546 million in labor income, and more than 13,000 jobs in the state.
Liberty and its auxiliary enterprises are Lynchburg’s largest employer, providing jobs for 6,797 individuals in the Lynchburg MSA (Metropolitan Statistical Area) and more than 9,210 worldwide. In the Lynchburg MSA, Liberty’s regional spending was responsible for supporting nearly 12,000 jobs, with an estimated $434.3 million in labor income.
Liberty remains the largest private, nonprofit university in the nation and the largest university in Virginia. It is also Virginia’s most rapidly growing institution of higher learning; since 1992, fall enrollment has risen 783 percent. Over that same period, Virginia’s other four-year private, nonprofit colleges and universities grew by 42 percent, and Virginia’s four-year public colleges and universities grew by 34 percent.
Graduates pumped an estimated $50.5 million in economic value to the commonwealth through their jobs — an impact expected to be worth more than $786 million over the course of their employment.
The university’s contribution to the region also included nearly $3 million worth of volunteer service hours.
With its more than $1 billion in recent campus improvements, Liberty continues to invest in facilities and expanded program offerings that will drive additional economic growth in the years ahead. With a number of attractions and recreational facilities, many of which are open to the public, the report said Liberty “has enhanced the quality of life within the Lynchburg MSA.”
With more than 600 programs of study, Liberty makes a significant contribution to delivering much-needed marketplace talent across the globe. The report noted that in the Lynchburg MSA alone, Liberty trains the graduates needed in key growth areas, such as healthcare and education.
Liberty has also enhanced local economic revitalization efforts, most recently with its purchase and planned redesign of River Ridge Mall and numerous other commercial properties across the Lynchburg MSA.
The report was compiled by Mangum Economics of Richmond, Va.
