FLORENCE — How much is a university worth to its community? For the Shoals, the financial impact of the University of North Alabama adds up to $341 million per year.
Dr. Doug Barrett of the Institute for Innovation and Economic Development and Dr. Keith Malone, a professor in the Department of Finance, Economics, and Data Analytics in the College of Business and Technology at UNA, recently completed an in-depth economic analysis of Colbert and Lauderdale counties.
The purpose of the study was “to identify and estimate the economic benefits surrounding university operations within” the Florence-Muscle Shoals Metropolitan Statistical Area during the 2020-2021 academic year.
UNA President Ken Kitts said in a recent campus communication, “In my time as president, I’ve watched with pride as the dollar figure has grown from $270 million in 2015 to $317 million in 2018 and now to the new figure of $341 million. That’s a big and impressive number, and my hope is that local officials will acknowledge our impact and begin to see us as the best investment around. With their help, we can continue to grow and give back to our local communities.”
According to the analysis, the total impact of the university, direct and indirect, included 3,655 jobs, $443.55 million in local earnings, and $341.31 million total spending in the community. The full study can be viewed at this link.
“UNA’s economic impact upon the Shoals community, particularly the City of Florence, is profound and growing,” said Dr. Ross Alexander, provost and executive vice president for academic affairs. “Not only is UNA a first-choice university for all types of students, it is a first-choice institution for faculty and staff relocating to the Shoals to forge successful careers.”
The study evaluated job creation, payroll, housing, healthcare, banking, taxes, home football game revenue, community service hours, and other categories. And while $341 million is significant, Malone said it is a conservative estimate and that the full impact of the university extends beyond financial advantages.
“It is impossible to measure all economic activity generated by UNA operations in the region. We try to capture as much as we can through surveys,” he said. “Additionally, some items are non-monetary in nature and thus difficult to value on a person-to-person basis.”
Data were collected from university financial reports, expenditure records, and employment and enrollment reports provided by the Office of Business and Financial Affairs, as well as an online survey of UNA faculty, staff, and students.
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