Study finds Villanova University has $51 million economic and community impact on Radnor Township
VILLANOVA, PA. – Villanova University contributes nearly $51 million annually to Radnor Township, according to a study by the Philadelphia-based Econsult Corporation, an organization specializing in high quality economic research and statistical & econometric analysis. “Villanova University: Economic and Community Impact 2011” reports an annual impact by the University in excess of $186 million to Delaware County, $666 million to the five-county Philadelphia regional economy, and $692 million throughout the Commonwealth of Pennsylvania. The Report analyzed fiscal year (FY) data over a five-year period, from 2006-2010.
“With 13,000 people living, learning and working on campus, Villanova is proud to be one of Delaware County’s largest employers and a contributing member of the Radnor community,” said The Rev. Peter M. Donohue, OSA, PhD, President of Villanova University. “This report helps illustrate the diverse impact of Villanova University’s educational enterprise from an academic, civic, social and fiscal perspective.”
Additional findings within the Report include:
- Villanova students and visitors inject more than $60 million combined spending into the regional economy each year, half of which occurs in Radnor Township.
- Between FY 2006 and FY 2010, the University made payments totaling nearly $9.1 million—an average annual direct payment of $1.82 million—to Radnor Township and the Radnor Township School District.
- The University’s average annual impact in Radnor Township totals $2.7 million, which includes tax payments made directly by Villanova, its employees and vendors, and tax and permit payments resulting from construction projects undertaken by the institution.
- From FY2006 to 2010, Villanova’s $131 million of direct construction activity is estimated to have a one-time impact totaling more than $282 million in the five-county metropolitan region. The indirect and induced expenditures generated by these construction activities led to over $2 million in additional local tax revenue during this time period.
- Villanova generates 9,709 jobs in Philadelphia’s five-county region, directly and indirectly, resulting in more than $347 million in wages and salaries.
Villanova’s capital investment includes a three-phased, three-year $22.5 million Transformation of the Campus Landscape initiative, launched in May 2011. The planned modifications aim to create a carefully designed campus core that is highly integrated, pedestrian-friendly and visually appealing. Other major university projects covered by the five-year study included the construction of the new Villanova University School of Law and College of Nursing.
“Despite the economic downturn and the volatility of the markets over the past several years, Villanova has remained a leading driver in the local and regional economies. The area’s higher education industry and non-profit sector have benefitted from both the University’s impact and its reach. Villanova is increasing its operating expenditures and has a solid capital investment program,” said Kenneth G. Valosky, Vice President for Administration and Finance.
The Economic Impact Report outlines Villanova’s qualitative impact along with its quantitative economic contributions. Notably, the University’s financial impact is complemented by its commitment to community service and partnerships, highlighted by the more than 220,000 hours of service performed by Villanovans each year. Click here to view Villanova University’s 2011 Economic and Community Impact Report.
About Villanova University: Since 1842, Villanova University’s Augustinian Catholic intellectual tradition has been the cornerstone of an academic community in which students learn to think critically, act compassionately and succeed while serving others. There are more than 10,000 undergraduate, graduate and law students in the University's five colleges – the College of Liberal Arts and Sciences, the Villanova School of Business, the College of Engineering, the College of Nursing and the Villanova University School of Law. As students grow intellectually, Villanova prepares them to become ethical leaders who create positive change everywhere life takes them.