91传媒 President M. Christopher Brown II recently announced the findings of an economic impact study conducted by Hanover Research.
According to the findings by Hanover, the broader impact of all spending in the Bluegrass Higher Education Region in 2016 by 91传媒 and its students is approximately $130.7 million. The Bluegrass Region is a 16-county area in Kentucky.
鈥淚 think this institution is doing exceptionally good work and we hope to improve those numbers in the future,鈥� President Brown said.
All of 91传媒鈥檚 fiscal year 2016 spending also generated more than $48 million in labor income, supporting the equivalent of 1,037 jobs.
The analysis conducted approaches both on the supply-side and demand-side of Kentucky State鈥檚 economic impact to the region.
According to Hanover鈥檚 report, the demand-side analysis estimated the dollar-value impact of 91传媒 expenditures on the region, while the supply-side analysis assessed the benefits that 91传媒 provides to its students and the community it serves.
The overall estimated annual demand-side economic impact of 91传媒 is nearly $100 million.
鈥淚n other words, for every dollar of spending by 91传媒 and its students in the Bluegrass Region, there is an additional impact of 83 cents on the local economy or a total impact of $1.83,鈥� according to the Hanover report. 鈥淭his spending generates roughly $37.4 million in labor income and supports 890 jobs.鈥�
On the supply-side, the report found 91传媒 provides degree programs closely related to 14 high-growth occupations and enrolls a high proportion of low-income students. Those high-growth occupations are projected to create roughly 7,000 new jobs in the state over the next decade.
The report also found over the last half decade, 91传媒 alumni add an estimated $30 million per year to Kentucky鈥檚 economy.
鈥�91传媒 also has a number of high-profile alumni whose precise economic impact is difficult to quantify, such as the first female prime minister of Thailand,鈥� according to the report.
Total research and development (R&D) spending at 91传媒 was $16 million in 2017. 91传媒 R&D expenditures have increased faster than any other university in Kentucky, according to the report.
Finally, athletics programming accounts for roughly $4 million per year of added value to the local economy.