Economic Impact Study 2016
As a comprehensive institution of higher education within the Commonwealth of Virginia, Radford University is focused on fulfilling its primary mission of teaching, research and service. In servicing this mission, the University has had a profound impact on the surrounding communities as well as across Virginia.
In 2015, Radford University contributed $361 million to the statewide economy and, when combined with the induced impact of its alumni, contributed $1.056 billion statewide, all supporting an estimated total of 8,421 jobs in the Commonwealth. Regionally, Radford University contributed in excess of $313 million to the regional economy (New River and Roanoke valleys) and a total of $475.2 million, supporting an estimated total of 4,176 jobs, when combined with the induced impact of alumni in the region.
For each dollar of state support, the impacts represent a return on investment of $22 statewide and $10 regionally, based on an investment of $47.3 million received in general appropriations.
This economic impact study further details the valuable contributions the University makes to the regional and statewide economies. Serving the Commonwealth of Virginia has been fundamental to the University’s success, educating one of the highest concentration of in-state students relative to its size. For example, 93.2 percent of undergraduate students were in-state residents in academic year 2015-16.
Radford University takes great pride in the community in which it operates and values every stakeholder: students, alumni, faculty, staff and visitors alike. This community focus continues to expand beyond campus boundaries, inclusive of each stakeholder who shares in the Radford University experience. The impact of these relationships reflects a cohesive system yielding both financial and nonfinancial benefits.
Key Findings of the Economic Impact Study
- $1.056 billion statewide total direct, indirect and induced impact, supporting 8,421 jobs.
- Radford University supports 2,845 jobs in the region and 3,221 statewide based on direct and indirect spending.
- Alumni earnings total more than $232.3 million in 2016, which produces over $162 million in sales at local businesses and thus supporting 1,331 jobs in the region, and earning $787.8 million state-wide, producing $695 million in sales and supporting more than 5,200 jobs.
- $272 million was spent on construction and renovation projects, while Virginia businesses received over 80 percent of these contractual agreements since 2009.
- On average, 86 percent ($47.3 million) of student spending occurs in the region of impact, with slightly more than half of that occurring within the City of Radford.
- Visitors of the University bring an additional$4.5 million in spending to the region.
- Each $1 of state support equals impact of $22 statewide and $10 within the region of impact.
As previously indicated, Radford University provides a significant benefit to both the regional and state economies. The University has been named to the
“Best Colleges and Universities in the Southeast” list, according to the Princeton Review, for the past 14 years. With the University’s commitment to providing a well-rounded educational experience, the University is well positioned to remain a major economic driver.
View the complete Economic Impact Study 2016 [PDF]