Hope College December 2011 Supplement : Page 2
SPENDING IMPACT HOPE’S PRESENCE GENERATES REVENUES. SPENDING IMPACT CATEGORY 2009-2010 College Spending $ 18,862,046 Hope College spent $23.4 million in the Faculty & Staff Spending 25,966,514 region during 2010 in addition to its $32.3 Student Spending 3,453,623 million payroll. Because most of Hope’s Visitor Spending 9,679,250 revenues (80.5%) are derived from students Secondary Spending 31,310,766 who reside outside the area, $44.8 million of Total $ 89,272,199 Hope’s spending and payroll is included in the total economic impact as it can be attributed The study shows these visitors spent almost to out-of-area revenue. $9.7 million in the region during their visits to the college. Students from outside the Holland region also stimulate the regional economy. Parents of All of this spending has a direct and indirect Hope students were surveyed regarding economic impact. The US Department of student spending habits. Data from this study Commerce assigns regional multipliers to showed that: determine this impact. In 2010, for every $1 of Hope spending there was an additional A typical Hope student spends an $0.54 spent in the region. This secondary spending by businesses and governments, the average of $1,391 per year in beneficiaries of the initial direct spending, accounts for over $31 million of economic the region at businesses other impact. than the college. This amount was applied to the 2,483 Hope students who come from outside the area to yield the total of approximately $3.5 million in Hope student spending. Each year, nearly 75,000 visitors come to Hope, including parents of students, alumni, prospective students, and those who come to campus for athletic contests, the arts, and conferences. PERCENT OF ECONOMIC IMPACT BY CATEGORY $213 million Direct Spending Social Benefits Secondary Spending Service & Local Gov’t Knowledge Impact ECONOMIC IMPACT 2
HOPE’S PRESENCE GENERATES REVENUES.
Read the full article at http://digital.ipcprintservices.com/article/SPENDING+IMPACT/891434/88889/article.html.