MC adds $136 million to area economy annually
Study shows MC adds $136 million to area economy annually
March 19, 2019
Twelve counties in East Tennessee would be poorer without Maryville College – at least $136 million a year poorer, according to a recent economic impact study.
The College recently hired Dr. Fred Martin, a local educational consultant, to run the numbers. Looking at a five-year period (2013 to 2018), he estimated that the College contributed more than $682 million to the region’s economy – an average of more than $136 million a year.
The study focused on three major areas of the College’s economic impact: local business volume generated by College expenditures ($327 million); local full-time jobs created by Maryville College’s presence (22,486 in five years, including the College’s own 1,463 full-time jobs counted over the five-year period); and individual income generated by College expenditures ($355 million).
The primary counties affected were Blount, Knox, Sevier, Anderson, Roane, Loudon, Monroe, McMinn, Union, Grainger, Jefferson and Cocke counties, with approximately 80 percent of the College’s expenditures being made, on the average, in those counties.
Martin said his analysis was based on the Caffrey model, which was developed in 1968 and considered a standard by the American Council on Education. The Caffrey model is considered more sophisticated and more reliable than other models that simply apply a single economic impact multiplier, Martin explained.
Also worth noting is what the study doesn’t include, Martin added. “We didn’t factor in the value that results from the improved productivity and quality of life achieved through increased education, nor did we include the direct impact of having citizens, leaders and educated persons available for employees and organizations,” he said. “That sort of indirect economic impact cannot be forgotten. Companies simply wouldn’t locate here if they couldn’t find the human resources they needed or the opportunities for personal growth that the College offers this region.”
Maryville College President Dr. Tom Bogart agreed, citing the College’s Maryville College Works program, which has helped students and graduates better prepare for the workforce and provide value to employers at hiring. Bogart, who holds bachelor’s, master’s and doctoral degrees in economics, also added that the College adds to the area’s quality of life, which some economists look to as an indication of financial health.
“Maryville College aspires to be an asset for the region, and this study provides evidence of how this aspiration is being met and exceeded,” he said. “We are proud to partner with others throughout the area to not only build the economy but also to offer cultural and recreational opportunities that benefit everyone.”
Maryville College is ideally situated in Maryville, Tenn., between the Great Smoky Mountains National Park and Knoxville, the state's third largest city. Founded in 1819, it is the 12th oldest institution of higher learning in the South and maintains an affiliation with the Presbyterian Church (USA). Known for offering its students a rigorous and highly personal experience that includes an undergraduate research requirement, Maryville College is a nationally ranked institution of higher learning that successfully joins the liberal arts and professional preparation. Total enrollment for the Fall 2018 semester is 1,154.