SVC Strong Contributor to Pa. Economy

by Public Relations | Dec 11, 2019

LATROBE, PA – An economic impact study released by the Association of Independent Colleges and Universities of Pennsylvania (AICUP) revealed that Saint Vincent College had a total statewide economic impact of $127.1 million in 2018.

The study was conducted by Parker Philips Inc., a consulting firm nationally recognized for specializing in economic impact analysis.

Saint Vincent College’s economic impact increased considerably since a previous AICUP study, released in 2016, revealed it at $85 million in 2014.

“We are proud that Saint Vincent continues to positively impact the economy locally, regionally and statewide,” said College president Father Paul R. Taylor, O.S.B. “To see our impact increase by more than $40 million over the past four years is representative of our commitment to continued growth. Like our fellow AICUP members, we take our role in the community, especially in Latrobe and the surrounding areas, very seriously. As we add new programs and more opportunities within our community, we remain committed to stewardship and extending the reach of Saint Vincent in a positive manner well beyond our campus.”

In the analysis, the study considered the direct spending on wages and benefits, operations and capital projects by Saint Vincent College and the estimated increase in demands for goods and services in industry sectors that supply or support the College. The study also examined the effect of student and visitor spending and the induced effect of increased household income.

The impact study revealed that Saint Vincent College supports and sustains 1,115 jobs, including 717 direct jobs sustained by the College; 119 indirect jobs created by supply/equipment vendors and contractors; and 279 induced jobs created in the community at hotels, restaurants, gas stations, medical offices and retail stores in support of SVC’s faculty, staff, students and visitors.

The study also calculated tax revenues generated by this economic activity including sales tax, property tax, personal income tax and corporate income taxes, concluding that Saint Vincent College generates $6.03 million in tax revenues annually for Pennsylvania and local governments.

Along with Saint Vincent College’s direct economic impact, it has also continued to serve the community through a variety of educational, service, entertainment and cultural programming and initiatives, such as:

In 2018, the 93 independent, nonprofit universities in Pennsylvania (AICUP schools) generated an economic impact of $24 billion throughout the state, including $12.5 billion direct and $11.5 billion indirect and induced. AICUP schools support a combined total of 195,525 jobs throughout the state, including nearly 94,000 on campus. The economic impact includes $3.4 billion in student spending and $1.1 billion generated in state and local tax.

Saint Vincent is one of 12 independent colleges and universities in the Metro Pittsburgh region that created a total economic impact of $5.2 billion in 2018. In addition to SVC, Metro Pittsburgh institutions include Carlow University, Carnegie Mellon University, Chatham University, Duquesne University, Geneva College, La Roche College, Point Park University, Robert Morris University, Seton Hill University, Washington & Jefferson College, Waynesburg University and Westminster College.

The complete AICUP report can be viewed as a PDF at this link.  

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PR2019-274

 

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