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Northeast Tennessee and Southwest Virginia would be poorer without King College -
about $50 million a year poorer, according to a recent economic impact study.
The College recently contracted with Dr. Fred Martin, an educational consultant, to
conduct the study. Looking at a five-year period (2005 to 2010), he estimated that
King College contributed more than $250 million to the region's economy - an average
of $50.1 million a year.
The study focused on three major areas of the College's economic impact: Local business
volume generated by College expenditures ($124 million); local full-time-equivalent
jobs created by King's presence (9,087 over five years, including the College's own
1,103 full-time jobs counted over the five-year period); and individual income generated
by College expenditures ($126.5 million).
The region most economically benefited by King College's operation includes the counties
of Northeast Tennessee and Southwest Virginia, with approximately 98 percent of the
College's expenditures being made in that area.
Martin said his analysis was based on the Caffrey model, which was developed in 1968
and considered a standard by the American Council of Education. The Caffrey model
is considered more sophisticated and more reliable than other models that simply apply
a single economic impact multiplier, Martin explained.
Also worth noting is what the study doesn't include, Martin added. We didn't factor
in the value that results from the improved productivity and quality of life achieved
through increased education, nor did we include the impact of having educated citizens
and leaders available for employees and organizations, he said. That sort of indirect
economic impact cannot be forgotten.
The past several years have been transformational for King, said Dr. Greg Jordan,
president of King College. King College has long recognized the varying workforce
issues in our region, and we have addressed those needs with expanded programs and
offerings throughout East Tennessee and Southwest Virginia. Providing educational
opportunities not only increases the individuals' potential, but it also has a positive
impact on the economic development of our region. Through collaborative engagement
of community leaders, King will not only enhance its ability to provide for an exceptional
education for students, but further improve economic development of the region.