Welcome to the Loyola University Newsroom

Print this page

Loyola pumps $170.2 million into area economy

Loyola press release - November 18, 2014

Loyola University New Orleans continues to have a major impact on the New Orleans economy, pumping more than $170.2 million into the area during the 2013-14 fiscal year through its employment and expenditures, according to a report prepared by Loyola's College of Business. The university has made a cumulative impact of approximately $685 million since 2010, the report says.

Loyola is a major employer in the area with more than 2,256 employed as faculty, staff, contract and construction workers. In addition, the university totaled more than $89 million in spending to local businesses as well as major improvement projects to campus. For example, over the last year, Loyola generated a $39 million impact in construction-related benefits to local builders and architects.

Loyola is a magnet for talent and entrepreneurs from across the nation and around the globe. During the 2013-14 academic year, an estimated 1,799 of Loyola's 4,864 students came to the university from outside of Louisiana and actively stimulated the local economy. Many of these students became valuable members of the local work force, but they also contributed greatly to the local economy through consumption spending in the city. Out-of-state students spent approximately $13.9 million last year, with an estimated $6.3 million of that amount going toward rent and other housing expenses.

More difficult to estimate is the non-monetary impact Loyola's students have made on the community through countless service hours and volunteerism. An estimated 564 Loyola students documented 16,359 service hours, which roughly translates into an in-kind value of $413,536 to the community.

"The purpose and value of Loyola's educational enterprise is not only to fill our students with knowledge, but also to make them men and women for others who will help create a better and economically stable world," said Loyola President Kevin Wm. Wildes, S.J., Ph.D. "Loyola is steadfast in granting individuals from all corners of the world the opportunity to use their impressive talents and skills to better the knowledge and experience of our students. Loyola is dedicated to not only infusing money into the city, but also to living the Jesuit traditions through our service learning programs and cultural activities with local organizations."