Independent Colleges of Indiana releases 2019 Economic Impact Study
Oakland City University accounts for a $44.4 million economic impact of the nearly $5.4 billion impact to the Indiana economy by ICI institutions.
INDIANAPOLIS (October 1, 2019) ─ Independent Colleges of Indiana (ICI), the membership association of Indiana’s 30 private non-profit colleges and universities, released an economic impact study showing some $5.4 billion annual impact on Indiana’s economy. ICI’s member institutions employ over 22,000 workers making the sector the 7th largest employer in the state and enroll more than 91,000 students, with a ripple effect throughout the Indiana economy resulting in 50,000 jobs.
Oakland City University accounted for $44,437,276 of the overall $5.4 billion economic impact. The $44.4 million economic impact included $8,228,420 produced in tax revenue from faculty, staff, and students and $25,126,091 in direct institutional expenditures. President Ron D. Dempsey commented, “OCU is committed to serving our students and providing them a top-quality educational experience in a Christian environment, but we also are proud to call Indiana home and of the economic impact our university has on our state and our SW Indiana region.” The report indicates that the current students at Oakland City pump almost $5 million into the local economy each year and that the estimated 6000+ OCU alumni who live in Indiana produce an additional $464,150,634 in direct expenditures for the state.
The ICI campuses also draw over 3.5 million visitors a year leading to some $530 million in purchases annually at Indiana restaurants, hotels, sports venues, art galleries, and other establishments. Spending on capital projects reached $2.1 billion over the 5-year period of 2012-2017, supporting Indiana construction. ICI colleges are also a top producer of talent for the state’s workforce. They annually produce 30 percent of Indiana bachelor’s degrees and do it cost-effectively as ICI students receive only 3.6 percent of the state’s higher education expenditures.
“ICI is proud of the impact its 30 private colleges and universities have on Indiana’s economy,” says David W. Wantz, president & CEO of Independent Colleges of Indiana. “These institutions play an important role in generating jobs and boosting businesses across the state. They are vital to the economic health of their communities and a smart investment for the state of Indiana.”
The full study, conducted by Royal Dawson, an independent economic impact consultant and director of institutional research at the Keck Graduate Institute of the Claremont Colleges, may be found here online. The data for the study was collected from the U.S. Department of Education’s Integrated Postsecondary Education Data System (IPEDS) and supplemental institutional surveys. The purpose of the study is a better understanding of how Indiana’s economy benefits overall and community by community from ICI member institutions’ expenditures, construction projects, alumni spending, visitor activity, and the resulting tax revenue.
About Oakland City University
OCU is a faith-based university that offers high quality, career-focused degree programs in a Christ-centered, campus secure environment. The University is committed to the pursuit of knowledge and academic excellence but equally committed to providing students with a conducive environment for personal spiritual growth. Our Christ-centered values and relationships create a supportive environment that encourages students to live a life of Christian service in their chosen careers. Our talented faculty equip our students with the knowledge and expertise they need to lead healthy, productive lives and successful, fulfilling careers. Founded by the General Association of General Baptists in 1885, U.S. News and World Report has recognized Oakland City University as one of the top universities in the Midwest. In addition, OCU has been voted as one of the safest colleges and universities in the state of Indiana. The school holds the distinction of being accredited by the Higher Learning Commission (HLC) of the North Central Association of Colleges and Schools (NCA).
About Independent Colleges of Indiana
Independent Colleges of Indiana serves as the collective voice for the state’s 30 private, non-profit colleges and universities. ICI institutions employ over 22,000 Hoosiers and generate a total local economic impact of over $5 billion annually. Students at ICI colleges have Indiana’s highest four-year, on-time graduation rates, and ICI institutions produce 30 percent of Indiana’s bachelor’s degrees while enrolling 20 percent of its undergraduates. More information about ICI is available at icindiana.org.