Loyola pumps $160.4 million into local and state economies
Loyola press release - December 10, 2012
Loyola University New Orleans continues as a major economic engine for New Orleans, leaving a $160.4 million economic footprint over the region during its 2011-2012 academic year. The majority of those dollars went directly into the Greater New Orleans and Louisiana economies, according to a report prepared by the university’s College of Business.
“Throughout its 100-year history, Loyola University has been an economic driver for the New Orleans region. And now, as the entire nation faces an unsecure economy, this fact remains: Loyola provides significant economic value to New Orleans by employing its residents, attracting talent to the city, preparing students to enter its work force, and directly pumping money into its markets,” said Loyola President Kevin Wm. Wildes, S.J., Ph.D.
The university is a major job creator in New Orleans, directly employing a full- and part-time work force of 1,203, and indirectly employing more than 200 contracted workers. Loyola contributed $65.2 million to the economy in employment, including $51.8 million in after-tax payroll, $12.7 million in fringe benefit disbursements and $730,000 in state income tax revenue.
Last year, the university’s operations and expenditures contributed $70.5 million to the economy, including $28.4 million on utilities, insurance, debt service and miscellaneous costs, and $17.9 million on similar expenses from grants and restricted funds. The remaining $24.2 million was spent on construction projects, such as renovations to Monroe Hall, the university’s largest and most diverse teaching and research facility, and Cabra Hall, a five-story residence hall on the Broadway campus.
Loyola also brings a significant economic boon to the city by attracting out-of-state students and campus visitors on an annual basis. The 2011-2012 student body hit record levels with 5,178 total students, and of the $24.6 million spent by out-of-state students, approximately $6.3 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. In 2011-2012, a record 754 students completed 920 service learning experiences, clocking in an astounding 23,253 hours of service which benefitted 56 different community partners for an in-kind value of $443,202.
“The work of our students and university community exemplifies what St. Ignatius taught us – to be men and women with and for others. This is integral to our culture here at Loyola and our commitment to that mission greatly benefits our community and beyond,” said Wildes. “We are proud to serve New Orleans and its people and seek to help shape their social, spiritual and intellectual lives through our works.”
For more information, please contact Meredith Hartley, director of Loyola’s Office of Public Affairs, at 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.