BOCA RATON, FL (BocaNewsNow.com) — Florida Atlantic University brings more than $6-Billion to Palm Beach County and the surrounding area each year, according to a new study just released.
While the study admittedly was conducted by a former FAU professor, it does appear to based on solid numbers. Read the report for yourself:
Florida Atlantic University has an estimated economic impact of more than $6.3 billion annually in its six-county service region, according to a recently released project report led by Khi Thai, Ph.D., FAU professor of public administration, and designed by William B. Stronge, Ph.D., FAU professor emeritus of economics.
“FAU clearly fulfills the responsibility of servicing and engaging in the lives of the communities within its six-county region on many different levels,” said FAU President Mary Jane Saunders. “This University is dedicated to economic development, research and community engagement and will continue to expand upon these areas in the years to come.”
The purpose of this study is to measure the tangible economic contribution of FAU to the state of Florida’s economy. Since its dedication ceremony in 1964, FAU has been a leading center of higher education with a commitment to the economic development of South Florida and the Treasure Coast, as well as the entire state.
According to the report, FAU is a major economic driver as a purchaser of goods and services from private business and an employer of 3,543 men and women who spend their income in the local market. FAU graduates and students also hold jobs in the region, and alumni, students and visitors alike purchase goods and services in the local economy.
Highlights of the study include:
· FAU contributed $2.5 billion to direct spending in Florida for the 2010-11 fiscal year.
· FAU activities are responsible for more than 60,450 in-state jobs.
· The FAU presence in the state generates a $4.1 billion increase in Florida’s gross domestic product and a $6.3 billion increase in gross sales.
· In 2009-10, FAU graduates contributed more than $2.3 billion more in direct economic impacts than high school graduates in Florida.
· FAU students spend more than $509.9 million annually in Florida over and above tuition, fees, and University-supplied room and board.
