EDITORS/PRODUCERS: The executive summary of the economic impact study may be viewed at the following link: Economic Impact Executive Summary

TROY – Troy University’s economic impact on the State of Alabama reached $336 million for the 2005-06 academic year, according to a study released by the University’s Center for International Business and Economic Development.

The study is the first of its kind for TROY since 1991 and the first to gauge the total economic impact of all four Alabama campuses in Troy, Dothan, Montgomery and Phenix City. The study collected information gathered from surveys of students, faculty and staff members and budget figures supplied by the University’s Vice Chancellor for Financial Affairs.

Dr. Jack Hawkins, Jr., chancellor, said the economic impact study illustrates the value of Troy University beyond the classroom.

“We are first and foremost an institution dedicated to academic achievement, but service to our region is a central part of our mission,” Dr. Hawkins said. “This study helps quantify Troy University’s contribution to the economic well-being of our region.”

 The study found that Troy University was responsible for 5,160 in-state jobs with a combined payroll of $139.8 million and contributed $10.6 million to small business proprietors’ incomes. The value of purchases and other expenditures by students, faculty and staff is conservatively estimated at $225.6 million statewide.

Dr. Judson Edwards, director of the Center for International Business and Economic Development, said a “conservative” approach was used in compiling the study.

“From my experience, many economic impact studies are too optimistic,” Dr. Edwards said. “For Troy University’s study, we only considered the dollars that we could directly trace to verifiable data. For example, the study does not include estimated expenditures by visitors to Troy University campuses for events such as football games and conferences.”

Dr. Mac Holmes, who conducted the study, said it also reflects the University’s value as a way to attract citizens to the region and state.

“A large majority of student respondents indicated, during the study, that they might not even be in the study area, or even Alabama, were it not for the opportunity to get a university education at Troy University,” Dr. Holmes said.

This study is the first installment of a three-step process of examining the University’s economic impact. The next installment, scheduled to begin this spring, will examine the economic impact of Troy University on Alabama’s workforce development, specifically the contribution of TROY alumni. The third part of the study will review the economic impact of extracurricular activities at Troy University, including athletics and University conference services.

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