Operations Spending Impact

• NCWU employed 244 full-time and part-time faculty and staff. Payroll amounted to $16.3 million, much of which was spent in the region for groceries, mortgage and rent payments, dining out, and other household expenses. The university spent another $15.0 million on its expenses related to facilities, supplies, and professional services.
• The net economic impact of the university’s operations spending added $28.9 million in income to the regional economy in FY 2022-23.

Spin-off Company Impact

• NCWU creates an exceptional environment that fosters innovation and entrepreneurship, evidenced by the number of spin-off companies created as a result of the university.
• In FY 2022-23, NCWU’s the economic impact of spin-off companies, which include MBM Corporation, FullSTEAM, and Stroud Company CPA, generated $18.1 million in added income for the Central and Eastern NC economy.

Visitor Spending Impact

• Out-of-region visitors attracted to the Central and Eastern NC for activities at NCWU brought new dollars to the economy through their spending at restaurants, gas stations, and other regional businesses.
• Visitor spending added approximately $413.1 thousand in income to the Central and Eastern NC economy.

Student Spending Impact

• Around 47% of students attending NCWU originated from outside the region. Some of these students relocated to the Central and Eastern NC. In addition, some in-region students, referred to as retained students, would have left the Central and Eastern NC for other educational opportunities if not for NCWU. These relocated and retained students spent money on groceries, mortgage and rent payments, and other living expenses at regional businesses.
• The expenditures of relocated and retained students in FY 2022-23 added
  $4.9 million in income to the Central and Eastern NC economy.

Volunteerism Impact

• The work of NCWU’s student and employee volunteers allows businesses and organizations to grow, increasing their output and impacting the economy at large. Using the value per volunteer hour for North Carolina, the work of NCWU student and employee volunteers is equivalent to $112.2 thousand in earnings.
• In terms of actual impact to the regional economy, NCWU student and employee volunteers generated an impact of $114.7 thousand in added income in FY 2022-23.

Alumni Impact

• Over the years, students have studied at NCWU and entered or re-entered the workforce with newly acquired knowledge and skills. Today, thousands of these former students are employed in the Central and Eastern NC.
• The net impact of NCWU’s former students and alumni currently employed in the regional workforce amounted to $156.8 million in added income in FY 2022-23.

Student Perspective

• NCWU’s FY 2022-23 students paid a present value of $13.4 million to cover the cost of tuition, fees, supplies, and interest on student loans. They also incurred a value of $15.1 million in opportunity cost.
• In return for their investment, students will receive a cumulative present value of $138.5 million in increased earnings over their working lives. This translates to a return of $4.90 in higher future earnings for every dollar students invest in their education. Students’ average annual rate of return is 21.8%.

Taxpayer Perspective

• NCWU is a private university and receives very little state government funding, yet North Carolina taxpayers still receive a substantial amount of benefits from the university. They will benefit from added tax revenue stemming from students’ higher lifetime earnings and increased business output, amounting to $37.7 million. A reduced demand for government-funded services in North Carolina will add another $10.8 million in benefits to taxpayers.
• In total, North Carolina taxpayers will receive $48.5 million, the present value sum of the added tax revenue and public sector savings over the course of NCWU students’ careers.

Social perspective

• In FY 2022-23, NCWU and its students invested $49.2 million in higher education. This includes the university’s expenditures, student expenses, and student opportunity costs, which together represent social costs. In turn, the North Carolina economy will grow by $461.1 million over the course of students’ working lives. Society will also benefit from $38.4 million of public and private sector savings.
• For every dollar invested in NCWU in FY 2022-23, people in North Carolina will receive $10.20 in return, for as long as NCWU’s FY 2022-23 students remain active in the state workforce.