Loyola's annual economic impact on Greater New Orleans nearly $129 million
Loyola press release - October 15, 2010
Loyola University New Orleans continues to be a significant factor in the economic recovery of New Orleans and the Gulf Coast region, pumping $128.9 million into the local economy during the 2009 – 2010 academic year.
The university recently released its annual economic impact report showing that it spent more than $127 million on operating expenses, salaries and benefits for Loyola faculty and staff, debt reduction and capital improvements. Loyola directly employs more than 1,000 people and contributed $1.73 million in total state income taxes.
In addition, Loyola was issued a $35 million state bond for construction and renovation projects, which will create an estimated 140 additional jobs, directly impacting local architects, contractors, material suppliers and laborers. Of Loyola’s $54.4 million payroll, Loyola employees retained an estimated $39.8 million in disposable income after taxes, much of which was presumably spent in the Greater New Orleans area.
In addition to its financial impact, Loyola continues to serve the community through active service engagement and social justice programs. U.S. News & World Report recently recognized Loyola as one of the nation’s best service learning universities in its Best Colleges 2011 edition. It was one of only 29 schools named and the only Jesuit university on the list.
In 2009 – 2010, the university spent nearly $8.5 million on community engagement. This funding supported academic centers dedicated to social justice issues, student and faculty community outreach activities, legal clinics for low-income populations, and institutes to improve community learning. Classes across Loyola’s curriculum required students to volunteer hours for local companies and organizations, increasing the value for those and the clients they serve.
“It’s well known that Loyola positively contributes to the New Orleans community through its many service learning and social justice projects,” said Loyola President the Rev. Kevin Wm. Wildes, S.J., Ph.D. “What may be less obvious is the significant financial impact and commitment our university has made to the Greater New Orleans area. For nearly 100 years, this university has been engaged in the economies of New Orleans and the surrounding region, and we will continue to grow and thrive with this community.”