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STEUBENVILLE, OH—A ̽������ economics professor released his latest study on the economic impact of the University on the local economy. Consistent with previous studies in 2005, 2010, and 2015, this 2021-22 study demonstrates how the University’s presence in the Ohio Valley accounts for thousands of jobs and hundreds of millions of dollars circulating in the local economy.

“Directly and indirectly, we estimate the economic impact of ̽������ on the local economy to be $422 million and the employment of nearly 8,000 persons throughout the Ohio Valley,” said study author Dr. Michael Welker, professor of economics at Franciscan since 1994.

“Our research also shows that the University offers a strong foundation for the Ohio Valley’s economic growth due to future personal income, added jobs, and wealth accumulation in the region,” said Welker. “This study indicates an 8.8 percent increase in total economic impact over the past decade, which more than doubles the impact recorded in the 2010-11 study.”

Welker also said ̽������ accounts for over $103 million in direct spending in the region each year. “When we consider the ‘multiplier effect’ of this money being spent and re-spent, the University’s economic impact in the region grows to over $422 million per year.”

“It has been 75 years since ̽������ found a warm welcome and a new home in the Ohio Valley,” said ̽������ President Father Dave Pivonka, TOR. “We are deeply grateful for the many blessings revealed in this study, and for the ways we’ve been able to give back to the community that has given us so much for so many years.”

“We pray the Lord allows us to continue having a positive and growing impact on our students and on the entire local community we’re proud to call home,” Father Pivonka added.

Other key findings of Welker’s study include:

• One of the major sources of economic benefit to the region includes over $15 million per year in direct student spending on rent, clothes, food, car repairs and gas, entertainment, and so on. In addition, over $20 million is spent annually by over 32,889 visitors to Franciscan, such as parents, conference attendees, and athletic teams.
• Of the 4,843 alumni who live in Ohio, 2,680 live within 30 miles of Steubenville and contribute to the local economy.
• The University provided almost 120,000 hours of volunteer service to the local community in 2020-2021, which includes over 52,479 hours provided by students. The value of the contributed time was estimated at $4.1 million.
• Since 1982, the University’s annual budget has grown from $5.2 million to $68.1 million. This reflects the 340 percent rise in student enrollment from 1,003 in 1980 to 3,650 in 2022.

Welker also pointed to the other “value added” benefits of having a nationally recognized university in Jefferson County. These include an increase in tax revenue, students from all 50 states spending at local retailers, and graduates who start small businesses or work in existing businesses, all of which benefits the local economy.

You can view the report at franciscan.edu/economic-impact or contact the ̽������ Community Relations Office at 740-283-6406 for a printed copy.