JACKSON, Tenn. – Nov. 28, 2005– Union University has an annual economic impact of $107.7 million on Madison County and supports 1,599 jobs, according to an economic impact analysis commissioned by the university.
Those numbers are significantly higher than figures from a similar study completed in 2002. Since the 2002 study, the number of jobs that Union supports has increased from 855 to 1,599 – an increase of 87 percent. The economic impact increased 32 percent, from $81.5 million to the current $107.7 million.
“It’s a real success story,” said Sharon Younger, president of Younger Associates who performed the study. “I can’t think of anything that’s had that kind of lasting growth effect in the Madison County economy. It might be one thing for a business to have a growth spike, but this has been a continuous and sustained growth, and that’s very important.”
Union continues to add employees and students to the area, directly employing 597 people and enrolling 2,521 full-time equivalent students.
With the addition of the LifeWay bookstore and ARAMARK, a food services contractor, both auxiliary services to the University, the total number of jobs supported increases to 1,696 and the total economic impact increases to $113.6 million.
Local government receives $2.1 million annually in tax revenues that are generated by this local impact.
“The recent economic impact study demonstrates the significant contribution that Union University continues to make in our region,” Union President David Dockery said. “The university has seen amazing growth in every area of our work over the past decade and this study underscores the significance of that growth beyond the campus.”
Dockery said Union’s economic impact on the region has increased more than 150 percent over the past decade, an indicator that is good for both Union and for West Tennessee.
“We are certainly thankful for the support that we receive on a daily basis from people and organizations in Madison County and beyond, and we are grateful for the opportunity to be a partner in the exciting future of this region,” he said.
Some of the study’s other findings: