Troy University Generates Millions

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A recently-released Troy University study shows the college generates about $336 million dollars each year for the local and state economy.

This is the first time in over 15 years a study like this has been performed.

How does that play into the future growth of the communities the university serves?

University leaders say this study will draw not only more people to the area, but also more industries.

Troy University leaders say their impact reaches far beyond the classroom.

According to a recent survey released by the university's Center for International Business and Economic Development, Troy has a great economic impact on its surrounding areas, which includes up to 18 Alabama counties.

"Basically, it's like Troy telling people that Troy University is important for more than one reason because of education or athletics, but also it's a business operation. Just like any other business, it has impacts on the economy," says Dr. Mac Holmes, Research Professor of Economics and Business.

Troy University leaders say over $109 million dollars are spent in providing jobs; $10.6 million pays to small business revenues, and almost $216 million dollars are put back into the local economy by the student, faculty and staff expenditures.

Officials say this study includes all of Troy’s Alabama campuses.

"I think that it'll give market exposure not only for Troy, but all of our campuses. That's important to know. It's not just a Troy impact. It's a Troy, Dothan, Phoenix City, Montgomery impact," says Dr. Judson Edwards, Associate Professor of Economics.

This is the first of three phases in this study.

Officials are now working to determine how much income is provided through Troy alumni and how much is generated through sporting events. That figure should be released by spring 2008.

University leaders say since this study does not include any money spent in the cities by visitors to the campus for tours or sporting events. This is the most accurate data.

The system used for gathering the economic impact information comes from data collected from four areas: the total employment, employee compensation, small business proprietors' incomes and value-added output.

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