Kentucky’s 18 independent, nonprofit colleges and universities contributed $2.06 billion to the state and local economies, according to a report released by the Association of Independent Kentucky Colleges and Universities (AIKCU). Kentucky Wesleyan College’s economic impact was measured at $54.7 million according to the report. Brescia University’s economic impact was reported at $33 million. Together, contributing of $87.7 million in purchasing power.
AIKCU announced the results of a study of its member institutions for Fiscal Year 2021-22, the most recent period for which data was available at the time of completion. The total economic impact of a university can be measured in terms of the direct and induced economic impact of a university’s activity on the local economy.
“We are proud to be a part of Owensboro’s story, and we know that our impact is amplified by Brescia University,” said KWC President Dr. James Cousins. “The recent AIKCU report underscores this point. While KWC’s individual impact stands at $54.7 million, these numbers represent more than just dollars and cents. They reflect a shared commitment educating future leaders, inspiring innovation, and supporting the future of Owensboro and Daviss County.”
Likewise, Rev. Larry Hostetter, President of Brescia University, said “This study reinforces the significant economic contributions our institutions make to the community, with millions of dollars in direct and induced spending. Beyond the substantial financial impact, our universities play an immeasurable role in the economy as many of our graduates continue to live and work here. Our mission extends beyond preparing students for the workforce,” he said. “We also strive to enhance our communities and aid in the betterment of its people.”
More than 59,000 students attend AIKCU’s member institutions, which award one in five bachelor’s degrees in Kentucky. In addition to measuring the overall impact of the independent college and university sector in Kentucky, the report also drills down to estimate the local impact of each institution, which ranges from $19 million to more than $300 million.
“In addition to providing widespread access to higher education and helping develop Kentucky’s skilled workforce, AIKCU’s member colleges and universities are anchor institutions in communities throughout the commonwealth, said Mason Dyer, AIKCU president. “They serve as hubs for the arts, culture, athletics, and community engagement, and are uniquely positioned to enhance the quality of life in their regions.”
Dyer added, “While these institutions are widely recognized for contributing to the well-being of their communities, these numbers reinforce our long-held belief that the investment in state aid for students attending independent colleges and universities represent one of the best rates of return on investment for the commonwealth.”
You can find the complete report, which includes individual data on the 18 colleges and universities, at www.aikcu.org/economic-impact.
About AIKCU
The Association of Independent Kentucky Colleges and Universities advances the interests of Kentucky’s independent, nonprofit colleges and universities by promoting postsecondary affordability and student success through policy advocacy, strategic partnerships, and community engagement. Independent colleges play a critical role in the commonwealth’s postsecondary education system, serving more than 59,000 students and awarding 13,600 degrees annually. AIKCU’s 18 member colleges and universities are all accredited by the Southern Association of Colleges and Schools Commission on Colleges and licensed by the Kentucky Council on Postsecondary Education.