Anew studyreleased today (April 28) measures the enormous economic impact West Virginia University at Parkersburg has on West Virginia. The study reveals that WVU at Parkersburgis generating $84.7 million annually in economic impact to the state.
The study was commissioned by the University and released by the Bureau of Business and Economic Research in the WVU College of Business and Economics. The study authors were Tom Witt, bureau director and professor of economics, and bureau economists Amy Higginbotham and Randall Childs. The focus of the study is to quantify the directly measurable benefits associated with WVU at Parkersburgs operation on the West Virginia economy. Among the economic impacts estimated in the study are business volume, employment, employee compensation, output, value added and assorted state taxes.
West Virginia University at Parkersburg is able to generate $10 in economic activity from each one dollar appropriated by the West Virginia Legislature,said Witt.This is a significant impact but is overshadowed by the role WVU -P plays in enhancing the Ohio Valleys human capital and educational attainment levels, which are the cornerstone to sustained economic growth and higher standards of living.
According to the study, people are among the driving forces behind WVU at Parkersburgs statewide economic impact. Based on the studys findings, WVU at Parkersburg accounted for $18.3 million of employee compensation and 1,000 jobs in the state. WVU at Parkersburgs activities also generated an estimated $1.0 million of tax revenue for the state through consumer sales and use tax, personal income tax, corporate net income tax and business franchise tax.
WVU at Parkersburg is a community college that serves as a higher education center offering a blend of certificate and associate programs as well as select bachelors degrees. WVU at Parkersburg provides not only high quality programs of instruction, but also provides teaching, work force development education and training, service and resources to the state and regions government, communities, businesses and general public. WVU at Parkersburgs primary service area consists of seven counties in west-central West Virginia: Jackson, Pleasants, Ritchie, Roane, Tyler, Wirt and Wood.
Highlights of the fiscal year 2007 total economic impacts of WVU at Parkersburg include:
- Total number of jobs created was 1,000.
- Total business volume generated was $84.7 million.
- Total output generated was $44.6 million.
- Total employee compensation was $18.3 million.
- Total value added created was $68.3 million.
- Total assorted state taxes (consumer sales and use, personal income, corporate net income and business franchise) resulting from WVU at Parkersburg was $1.0 million.
To download a copy of the economic impact study, go tohttp://www.be.wvu.edu/bber/.