Loyola makes $164 million economic impact to area economy
Loyola press release - November 8, 2011
During the 2010–2011 academic year, Loyola University New Orleans made a $163.9 million economic impact, most of which went into the Greater New Orleans and Louisiana economies, according to a report prepared by the College of Business. The university’s financial impact on the Greater New Orleans area results from expenditures to local companies, employment of local personnel, and attracting students and employees from out of state who work and spend in the area.
In the past year, Loyola has increased productivity on capital projects that provide revenue and job stimulation to local firms. It has hired new employees, including 38 new faculty members, who by and large reinvest their salaries in the local and regional economies. Loyola also attracted and enrolled a record number of students last year who contribute economically in many important ways, particularly to New Orleans’ housing sector.
“The city of New Orleans is experiencing one of the greatest urban revivals of our lifetime, one in which Loyola University New Orleans plays an important role,” said Loyola President Kevin Wm. Wildes, S.J., Ph.D. “Loyola has remained firmly engaged with New Orleans throughout the university’s 100-year history and is in a position of strength as we approach our centennial. We are making improvements to our physical campus and academic programs and we are working to generate an unprecedented level of support from the Loyola community.”
Last year, the university's operations and expenditures contributed $74.8 million to the economy, including $44 million on utilities, insurance, debt service and miscellaneous costs. The remaining $30.8 million was spent on construction projects, such as upgrades to infrastructure and renovations to Thomas Hall and the College of Law Broadway Building.
Additionally, the university contributed $64 million to the economy in employment activities, including $50.4 million in after-tax payroll, $11.8 million in fringe benefit disbursements and $1.8 million in state income tax revenue. Loyola is a major employer in New Orleans with 1,148 full- and part-time employees.
All together, Loyola's enrollment and community engagement activities contributed $25.1 million to the economy. The university’s enrollment activities attract out-of-state students and campus visitors to the city on an annual basis. Last year, out-of-state students enrolled at Loyola contributed $24.7 million to the economy. The 2010-2011 student body hit record levels with 5,178 total students, and of the $24.7 million spent by out-of-state students, approximately $6.1 million went to off-campus housing.
Some aspects of Loyola’s economic impact are harder to pinpoint, such as student, faculty and staff involvement in countless programs that benefit the Greater New Orleans community. Though much of what Loyola contributes in this area is unquantifiable, Loyola’s Carnegie Committee on Community Engagement found that more than 700 students documented 21,132 hours of service learning, benefitting 62 different community partners for an in-kind value of $395,379.
“Our interactions with the broader community clearly help shape the city’s civic, social, spiritual and intellectual lives,” said Wildes. “As we begin our second century, Loyola looks forward to taking an enhanced role in the citywide effort to make New Orleans a better place.”
For more information, please contact Meredith Hartley, director of Loyola’s Office of Public Affairs, at firstname.lastname@example.org or 504-861-5883.
LoyNews is an e-newswire produced by the Loyola University New Orleans Office of Public Affairs. LoyNews is distributed weekly to local, regional and national news media outlets, communicating the latest news and accomplishments of the university and its community.