Study shows Maryville College adds

Study shows Maryville College adds $79 million to area economy annually Maryville College contributes at least $79 million to the East Tennessee area annually, a recent economic impact study found. According to Dr. Fred Martin, a local educational consultant hired to run the numbers, eight counties in particular would be poorer without the business operations of the four-year, liberal arts school. Looking at a five-year period (2001 to 2006), Martin estimated that the College contributed more than $395 million to the region’s economy – an average of more than $79 million a year. The study focused on three major areas of the College’s economic impact: Local business volume generated by College expenditures ($191.7 million); local full-time jobs created by Maryville’s presence (13,821 in five years, including the College’s own 1,498 full-time jobs counted over the five-year period); and individual income generated by College expenditures ($203.6 million). The counties most economically benefited by the College’s operation include Blount, Knox, Anderson, Hamblen, Loudon, McMinn, Roane and Sevier. Approximately 62 percent of the College’s expenditures are made in those counties, and more than 50 percent of the College’s student population comes from the Nine Counties One Vision region, as well. Martin said his analysis was based on the Caffrey model, which was developed in 1968 and considered a standard by the American Council on Education. Caffrey is considered more sophisticated and more reliable than other models that simply apply a single economic impact multiplier, Martin explained. Martin said he wasn’t surprised to find proof that the College is a major economic force in the region. “Colleges and universities often fuel the economy in the communities where they operate. This study is just an indicator of what kind of an economic engine Maryville College is in the region,” he said, adding that communities with institutions of higher learning often fare better in slower economic times because of their stability. “Education is always needed,” he said. “Colleges and universities are usually more economically stable because they’ll maintain a relatively constant enrollment. People are willing to sacrifice for education because they see it as paying off, long term.” Dr. Gerald W. Gibson, Maryville College president, said he regularly tells people that the College is an “appreciating asset” in the area in terms of graduates produced and services and facilities provided to the community, but he is pleased to have information to share about the College being a tremendous economic asset, as well. ---------- Located in Maryville, Tenn., Maryville College is ideally situated between the Great Smoky Mountains National Park and Knoxville, the state’s third largest city. Founded in 1819, it is the 12th oldest institution of higher learning in the South. With a focus on the liberal arts, College faculty and staff are dedicated to teaching the skills and providing the opportunities for students to be successful and make a difference in the world. Affiliated with the Presbyterian Church (USA), the College is recognized in the John Templeton Foundation’s Honor Roll for Character Building Colleges and its “Colleges that Encourage Character Development” guide. For 12 of the last 13 years, it has been ranked in the top 10 of U.S. News and World Report\'s listing of the best Southern liberal arts colleges. Total enrollment for the fall 2006 semester is 1,155 students. More information can be found at www.maryvillecollege.edu.