Study: HPU economic impact up 190 percent to $464 million
HIGH POINT, N.C. — A new study shows the growth at High Point University is up 190 percent when compared to the same data in 2005.
According to a press release from the school, the growth includes thousands of visitors brought to campus each year for numerous events, hundreds of new jobs created, facility construction and more, has a $464.5 million annual economic impact on the state of North Carolina.
Regionally, the university has a $394.6 million annual impact on the Piedmont Triad – a 197 percent increase since 2005.
“High Point University’s strategic plan continues to enhance our great city,” says HPU President Nido Qubein. “We are focused on supporting the local and regional economy through our growth. The city of High Point and the entire Triad have so much to offer.”
According to the study, the two largest economic effects include the HPU operating budget and construction of new campus facilities. Other economic effects include student expenditures, visitor expenditures, athletic and cultural events, university retirees, and the increased earnings potential of HPU graduates as they enter the workplace in their first year following graduation.
The study was prepared by Dr. Gerald Fox, associate professor of economics at HPU. The analysis was based on a methodology used in other studies regarding the economic impact of private universities in North Carolina. The analysis also took into account recommendations from an independent consultant.
In addition, more than 97,000 visitors were attracted to campus in the 2011-2012 academic year through numerous admissions, athletic, cultural, family and community events, including plays, concerts, Big South Conference tournaments, prospective student tours, Alumni and Family Weekends and more.
Construction is ongoing at the university with the new School of Education slated to open this fall with LEED-certification and more than 31,000 square feet of state-of-the-art classrooms, faculty office space and a library.
The Centennial Square Townhomes will also open in August and house approximately 349 students.