Western Carolina University (WCU) is a catalyst for economic development in Western North Carolina and the state. The university employs over 2,000 people, spends approximately $323 million a year on operations and capital projects, and attracts some 204,000 visitors a year. The university’s 63,000 alumni living in North Carolina contribute to the state’s economy through increased earnings. For all of these reasons, higher education institutions such as WCU play a significant role in driving regional and state economies in terms of job creation and economic output.
A recent economic impact analysis completed by Creative EDC found that WCU contributes $1.5 billion to the state’s economy and nearly $900 million to the regional economy. We asked Julia Duvall, WCU Communications Manager, to share insights from the economic impact analysis.
Why did Western Carolina University want to measure its impact on the region and state?
Our goal was to quantify the university’s contributions to the regional and state economy by demonstrating our value to stakeholders, including legislators, community leaders, and taxpayers; support strategic planning and advocacy efforts; and highlight the university’s role as a driver of economic development, workforce preparation, and innovation in Western North Carolina.
What are the key findings that you will share with university stakeholders?
- $1.5 billion in total economic impact across North Carolina.
- $894 million of that impact is concentrated in the 16-county region.
- 10,627 jobs supported statewide due to WCU’s operations, student spending, and alumni productivity.
- $824 million in output from WCU alumni working in North Carolina.
- A return of $5.61 for every $1 invested by taxpayers in WCU.
Communicating a complex economic impact analysis can be challenging. What is your approach as Communications Manager to making the information relatable?
Storytelling is our number one priority. We tell stories using real-life examples of students, alumni, and community partnerships to humanize the data. Infographics and visuals are another way to break down complex numbers into digestible graphics. Localized messaging is another strong communications tactic to show specific impacts in different counties or communities. We are sharing these findings through press releases, highlighting the key findings in our upcoming WCU magazine that is coming out later this fall, and presentations with key stakeholders.
How will WCU use the findings as a guide for future university investments, partnerships, and policies?
- Elevate academic programs that yield strong economic returns.
- Strengthen partnerships with local governments, businesses, and nonprofits.
- Advocate for continued or increased public and private funding.
- Align academic offerings with regional workforce needs.
Beyond dollar figures, how does the university presence improve quality of life and innovation in the region and state?
- Quality education and career preparedness.
- Promoting social mobility.
- Improving access to healthcare and health outcomes.
- Research and innovation.
- Increased, local, regional, and statewide civic engagement.
- Embracing our role as a primary catalyst for economic growth and sustainability.
What are some current projects and initiatives the university is undertaking that will contribute to future economic impact in the region and the state?
Some initiatives include:
- Expansion of engineering and technology programs.
- Growth in healthcare-related degrees to meet regional demand.
- Continued participation in regional and statewide economic development partnerships.
- Committing to advocacy to have positive impacts on some of the region’s most significant economic challenges, including housing, childcare, broadband and technology adoption.
The economic impact of WCU drives the economy of Western North Carolina and ripples across the state. Whether your community has a large public university, like WCU, or small private college, quantifying the economic impact allows you to share with public and private stakeholders the importance of supporting investments in higher education.
A wide range of organizations can use the economic impact analysis methodology to evaluate public and private investment. In the last year, Creative EDC has modeled the impact of mixed use developments, large residential developments, a sports complex, and industrial developments. Contact our team to learn how an economic impact analysis can help you communicate the value of your next development project, initiative, or anchor asset.