Economic Impact of UMO Shows it is a Transformative Force for Region
Economic Impact of UMO Shows it is a Transformative Force for Region
MOUNT OLIVE – A comprehensive analysis of the economic impact of higher education in North Carolina has found that the University of Mount Olive created $136.5 million of added economic value during the 2012-13 fiscal year.
Overall, the public and private colleges and universities had an impact of $63.5 billion in state, including payroll, operations, the purchase of goods and services, start-up companies, and spending generated by students and alumni.
University of Mount Olive President Philip P. Kerstetter said, “This study verifies what we have known for some time: the University of Mount Olive has a huge economic impact on our state’s economy, which the study has determined to be $136.5 million annually. This really should not be surprising, though, as UMO serves nearly 3,500 students at its seven locations throughout this state and online, has an annual budget of $38 million, and employs more than 900 full-time and part-time individuals. UMO enriches the lives of students by giving them the tools through which they can build a strong future for themselves, their families, and their communities. But that’s not all. The University positively affects the larger community by holding concerts, plays, and art exhibits, by hosting sporting events, by sponsoring educational conferences, and by opening its facilities to other local groups and organizations for their activities. The University of Mount Olive has been, and will continue to be, truly a transformative force for this region.”
The study was commissioned by the University of North Carolina system, the North Carolina Community College System and North Carolina Independent Colleges and Universities (NCICU), and conducted by Economic Modeling Specialists International (EMSI). It is the first-ever multi-sector analysis of higher education’s impact on the state’s economy, and one of the most comprehensive reports of its kind ever done for a single state. Data and assumptions used are based on 2012-13 academic and financial reports from the higher education institutions, industry and employment data from the U.S. Bureau of Labor Statistics and the U.S. Census Bureau, and additional sources.
The 36 campuses of NCICU, which together enroll almost 90,000 students from around the world, generated a combined $14.2 billion in added state income. This includes more than $4 billion on payroll and benefits for 66,309 full-time and part-time employees and $6.8 billion on goods and services to carry out their day-to-day operations, research, and clinical activities. The rest comes from construction and the spending of their students, visitors, start-up companies, and alumni, which in turn creates more spending and employment across the state. The added state income, or additional Gross State Product, of $14.2 billion created by NCICU’s institutions is equal to approximately 3.2% of the total Gross State Product of North Carolina, and is equivalent to creating 219,590 new jobs.
The full report and NCICU sector report are available at: https://ncicu.org. The study was funded by the North Carolina Business Higher Ed Foundation, the NC Community Colleges Foundation, the University of North Carolina system, and NCICU campuses, including the University of Mount Olive.
The University of Mount Olive is a private institution rooted in the liberal arts tradition with defining Christian values. The University, sponsored by the Convention of Original Free Will Baptists, has locations in Mount Olive, New Bern, Wilmington, Seymour Johnson Air Force Base, Research Triangle Park, Washington, Jacksonville, and in Smithfield at Johnston Community College. For more information, visit old.umo.edu.